Axis Max Life Insurance Ltd. appointed Sumit Madan as the managing director and chief executive office of the company, effective from Oct. 1.
Madan will serve as the MD and CEO of the company for a period of five years from Oct. 1, 2025, to Sept. 30, 2030, subject to the approval from the shareholders of the Axis Max Life, according to an exchange filing on Tuesday.
On May 28, the board of Axis Max Life approved the retirement of Prashant Tripathy as the MD and CEO of the insurance firm, applicable from the end of the day on Sept. 30.
Axis Max Life Insurance is a joint venture between Max Financial Services Ltd. and Axis Bank Ltd.
Shares of Max Financial Services closed 0.10% lower at Rs 1,522.90 apiece on the National Stock Exchange before the announcement, compared to benchmark Nifty that ended flat. The stock has risen 59.63% in the last 12 months.
Out of the 22 analysts tracking the company, 20 have a 'buy' rating on the stock, one recommends 'hold' and one suggests 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 4%
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