Post completion of a series of transactions, Max Life will become a 70:30 joint-venture between Max Financial Services and Axis Bank
The board of Axis Bank has approved purchase of an additional 29% stake in Max Life Insurance which will take the private lender's total stake in the insurer to 30%. Max Financial Services presently holds a 72.5% stake in Max Life and Mitsui Sumitomo Insurance (MSI) owns 25.5% stake. Axis Bank also has a minor stake in the life insurer. Axis Bank is the third largest private bank and Max Life is the fourth largest private life insurer in India.