Latest news with #AxisMaxLife
Fashion Value Chain
2 days ago
- Business
- Fashion Value Chain
Only 3 in 10 Gig Workers Own Term Insurance, Despite 9 in 10 Prioritizing Family Financial Goals – Axis Max Life IPQ 7.0
Axis Max Life Insurance Ltd. formerly known as Max Life Insurance Company Ltd ('Axis Max Life'/ 'Company'), in collaboration with Kantar, the world's leading marketing data and analytics company, has announced findings from the seventh edition of its India Protection Quotient (IPQ 7.0) survey, spotlighting a significant protection gap among gig workers compared to urban India. Only 3 in 10 Gig Workers Own Term Insurance, Despite 9 in 10 Prioritizing Family Financial Goals – Axis Max Life IPQ 7.0 Unveiling a stark contrast, the findings highlight that while urban India's Protection Quotient has reached an all-time high of 48, gig workers continue to trail with a score of 41. This reflects significant gaps in knowledge, security levels, and insurance ownership of the working community. As per IPQ 7.0, only 69% of gig workers own life insurance, considerably lower than the national urban average of 78%. This is despite 89% of them having strong family-oriented financial goals, surpassing the 81% urban India average, and a higher likelihood of adhering to healthy lifestyle practices. Prashant Tripathy, CEO & Managing Director, Axis Max Life Insurance, commented on the findings, stating, 'The findings from IPQ 7.0 uncover a critical insight: while nearly 90% of gig workers place high importance on securing their family's financial future, only 3 in 10 currently own term insurance. This highlights a significant protection gap within a rapidly expanding segment of India's workforce. As an industry, we must move beyond traditional distribution models and reimagine how protection is delivered – through deeper collaboration with digital platforms, policymakers, and ecosystem enablers. At Axis Max Life, we remain committed to shaping an inclusive insurance landscape that reflects the realities of modern work and ensures no segment is left behind.' Lower Financial Preparedness and Reactiveness in Planning The findings reveal that while gig workers are marginally more inclined to save upon receiving income, they are notably less proactive in financial planning, with nearly 40% admitting to not taking active steps towards securing their financial future. In comparison, less than 30% of urban Indians report such financial inertia. This limited reactiveness, coupled with relatively low life insurance ownership, leaves a large section of the gig workforce financially vulnerable. High Family Focus, Yet Inadequate Protection Despite their lower financial protection, gig workers exhibit a strong intent to provide for their families. However, one in three gig workers believe their family would have no financial support in the event of their untimely demise, 10 percentage points higher than the urban average. Though two in three gig workers acknowledge the importance of term insurance, only a third currently own one, and even among term insurance owners, less than half feel adequately protected. Call for Inclusive Protection Solutions These insights reflect a need for more inclusive and accessible protection solutions tailored to the gig economy, a sector that continues to expand rapidly yet remains outside the fold of traditional financial safety nets. As the nature of work evolves, so must the industry's approach to financial inclusion and long-term protection. About India Protection Quotient Instituted in 2019, India Protection Quotient is an annual Survey by Axis Max Life Insurance in association with Kantar aimed to understand the pulse of the Indian consumers in the financial protection space. Launched with the underlying objective to increase penetration of Term insurance as the most fundamental and economical form of life insurance, the survey aims to reveal the state of Urban Indians with regards to current financial security levels, changing savings & investment patterns, key anxieties & triggers of financial protection in a contemporary world. India Protection Quotient is a proprietary tool developed by Axis Max Life in partnership with Kantar to gauges the degree to which Indians feel protected from future uncertainties on a scale of 0 to 100. It is based on the attitudes, mental preparedness around future uncertainties, awareness, and ownership of life insurance product categories (Term, endowment and ULIP). Read more at – Disclaimer: The study is conducted in top 25 Urban metro, Tier 1 and Tier 2 cities; hence, its findings are representative of metro, Tier 1 and Tier 2 cities of Urban India only. Metro – Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Mumbai Tier 1 – Ludhiana, Jaipur, Lucknow, Patna, Bhubaneshwar, Vizag, Ahmedabad, Bhopal, Pune Tier 2 – Dehradun, Moradabad, Guwahati, Bokaro, Kolhapur, Jamnagar, Raipur, Ujjain, Hubli-Dharwad, Tiruchirappalli IPQ 7.0 vs IPQ 6.0 data comparison is amongst 25 markets only [6 metros, 9 Tier 1 and 10 Tier] The minimum sample to conclude any findings of the study is 270 with an error margin of +-5.964 The information collected through this survey and the results published are intended for general guidance and informational purposes only. Axis Max Life disclaims any liability for any loss, damage, or decisions arising from the use of this survey or the results provided. About Axis Max Life Insurance Limited Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited ('MFSL') and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2024-25, Axis Max Life has achieved a gross written premium of INR 33,223 Cr. For more information, please visit About Kantar Kantar is the world's leading marketing data and analytics business and an indispensable brand partner to the world's top companies. We combine the most meaningful attitudinal and behavioural data with deep expertise and advanced analytics to uncover how people think and act. We help clients understand what has happened and why and how to shape the marketing strategies that shape their future.
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Business Standard
28-05-2025
- Business
- Business Standard
Prashant Tripathy to step down as Axis Max Life MD & CEO in September
Axis Max Life Insurance on Wednesday said that its current managing director and chief executive officer (MD & CEO), Prashant Tripathy, has decided to take early retirement and will step down from his position at the end of the September quarter. Accordingly, the company's board will initiate the process to identify his successor, subject to the necessary regulatory approvals. In September 2023, Tripathy was reappointed as the MD & CEO of Axis Max Life for a period of five years, until December 2028. '…I hereby express my desire to retire early from my position as the MD & CEO of Axis Max Life to devote time to my personal pursuits and priorities,' Tripathy said in his letter to the board of directors seeking early retirement. The board has approved his request, Max Financial Services—the holding company of Axis Max Life Insurance—said in an exchange notification. Tripathy took over as MD & CEO of Axis Max Life Insurance (earlier known as Max Life Insurance) in January 2019, following the resignation of then MD & CEO Rajesh Sud in September 2018. Tripathy had joined the company in 2007 and served as its MD & CEO for the last six years. '…I would like to extend our deep appreciation to Prashant for his visionary leadership and the lasting impact he has made on the company over the years,' said Rajiv Anand, chairman, Axis Max Life Insurance. Axis Max Life Insurance is a joint venture between Axis Bank and Max Financial Services. Entities of Axis Bank hold a 19.02 per cent stake in the company, while Max Financial Services holds the remaining 80.98 per cent. In a recent interview with Business Standard, Tripathy shared his vision for the company to break into the top three private sector listed life insurance players in the country. He also mentioned that once the amendments to the Insurance Act are passed, the company would initiate the listing process for Axis Max Life Insurance, which is currently quasi-listed through its holding company, Max Financial Services.
Fashion Value Chain
23-05-2025
- Business
- Fashion Value Chain
Axis Max Life Achieves Highest-Ever Claims Paid Ratio of 99.70% in FY25; Surpasses 99% Benchmark for Sixth Consecutive Year
Axis Max Life Insurance Ltd. formerly known as Max Life Insurance Company Ltd ('Axis Max Life'/ 'Company'), has settled 20,170 individual death claims worth â¹1,430.80 Cr. in FY 2024-25, achieving its highest-ever individual death claims paid ratio of 99.70%. This marks a consistent rise from 99.22% in FY20, reinforcing 99.70% as the Company's new benchmark for trust – India Ke Bharose Ka Number™*. Axis Max Life Achieves Highest-Ever Claims Paid Ratio of 99.70% in FY25; Surpasses 99% Benchmark for Sixth Consecutive Year Since inception, Axis Max Life has disbursed â¹10,109.85 Cr. in death claims across 2.23 lakh policies. With initiatives like InstaClaim™ and 3-Hours claims promise, Axis Max Life is reiterating its commitment to customer-centricity in everyday interactions. Axis Max Life – Individual Death Claims Paid Ratio (%) (Consistent improvement over the last 5 years) FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 99.35%1 99.34%2 99.51%3 99.65%4 99.70%5 Prashant Tripathy, CEO and Managing Director, Axis Max Life, 'Axis Max Life has achieved its highest-ever individual death claims paid ratio of 99.70% in FY25 – a powerful validation of the deep trust our customers place in us, and our steady commitment to honour that trust when it matters most. In an industry where the moment of truth lies in claim settlement, we continue to lead with purpose, precision, and empathy.' 'Anchored in the promise of 'Bharosa', Axis Max Life is deepening its customer-centricity by putting customers at the heart of every interaction. From achieving highest-ever 13th-month persistency to 3-Hours claims promise, we are redefining customer experience at scale. Our AI-led underwriting, intelligent servicing platforms, and same-day payouts are not just process enhancements – they are fundamental shifts in how we serve our customers with speed, transparency, and care.' Reinforcing its customer-first approach, Axis Max Life has strengthened its underwriting mettle with predictive analytics and enhanced fraud controls through digital forensic tools. This has enabled the Company to consistently deliver superior customer experience, reiterated by its securing the No. 2 rank among Indian life insurers for the third consecutive year in Hansa Research's Life Insurance CuES 2025 study with a steady improvement in its Net Promoter Score (NPS) from 59 to 64 over three years. Demonstrating strong customer retention, Axis Max Life has reported a 13th-month persistency of 87.6% (Premium basis), and a 61st-month persistency of 59.3% (Cumulative, Premium basis) in FY25 – both up by 100 bps year-on-year. For more information, please log on to About Axis Max Life Insurance Limited Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited ('MFSL') and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2024-25, Axis Max Life has achieved a gross written premium of INR 33,223 Cr. 1Basis IRDAI Annual Report 2020-21 2Basis IRDAI Annual Report 2021-22 3Basis IRDAI Annual Report 2022-23 4Basis Audited Annual Financials 2023-24 5Basis Audited Annual Financials 2024-25 *India Ke Bharose Ka Number is Axis Max Life's Brand Campaign on the Claims Paid Ratio. Claims Paid Ratio is a ratio of the death claims paid against the number of death claims received in a Financial Year.
Mint
20-05-2025
- Business
- Mint
Axis Max Life Nifty 500 Multifactor 50 Index Fund: A Multifactor Investment Approach
Global markets continue to experience periods of heightened volatility and uncertainty. This is due to a range of economic and geopolitical factors and investors are looking for new ways to navigate their investments. This unpredictability likely to persist for the foreseeable future. So, relying on a single factor to guide investment decisions may not be the most effective strategy for achieving long-term financial goals. To address the risks associated with relying on a single factor, Axis Max Life Insurance is introducing the Axis Max Life Nifty 500 Multifactor 50 Fund. This is a passively managed multifactor equity fund that is designed to build a diversified stocks portfolio. New and existing policyholders can invest in the fund through various Axis Max Life ULIPs. Let's examine how this index fund works and whether it might be suitable investment for you. What is the Axis Max Life Nifty 500 Multifactor 50 Index Fund? The Axis Max Life Nifty 500 Multifactor 50 Index Fund is a multi-factor passively managed equity fund that mirrors the Nifty 500 Multifactor MQVLv 50 Index. The fund will invest in a basket of 50 stocks drawn from the Nifty 500 Index universe selected based on 4 key factors – momentum, quality, value and low volatility. The stock-picking methodology used by the scheme is transparent and follows the methodology prescribed by the National Stock Exchange (NSE) which manages the underlying index. The new fund does not currently have its own historical returns.. However, the underlying Index that the fund mirrors has shown outperformance compared tothe broader Nifty 500 Index over various time periods. The table below compares the returns of the Nifty 500 Multifactor MQVLv 50 Index versus the Nifty 500 Index over various time periods as of December 31, 2025: Note: Returns data as of April 24, 2025.. The 3-year, 5-year, 10-year, and since inception returns data are CAGR returns of the TRI variant of the respective indices. Past returns are not indicative of future performance. As shown above, back-tested data indicates that the Nifty 500 Multifactor MQVLv 50 Index has outperformed the Nifty 500 Index over various time periods. While this outperformance is not guaranteed in the future, it suggests the potential of this multifactor index to perform favorably compared to the broader index across different market conditions. What is the Nifty 500 Multifactor MQVLv 50 Index? The Nifty 500 Multifactor MQVLv 50 Index is a multi-factor index comprising a basket of 50 stocks selected from the Nifty 500 stock universe. This multifactor index incorporates 4 different factor scores – momentum, quality, value and low volatility – into its stock selection methodology. The potential benefits of stock selection based on each of these factors is mentioned below: Momentum: Stocks with high momentum scores have shown outperformance in the recent past and may offer investors growth opportunities. Quality: Stocks with high quality scores may indicate strong fundamentals and can be better positioned to withstand market downturns. High stocks can thus help in providing significant downside protection during market drawdowns. Value: Stocks that are priced lower than their intrinsic value have the potential to offer long-term growth opportunities. Stocks that have high value scores are typically available at a low valuation but may experience price increases as the market price aligns with the stock's intrinsic value. Low Volatility: Equity investments are prone to volatility due to market movements, especially in the short-term. However low volatility stocks tend to witness smaller price fluctuations. The inclusion of low volatility stocks can thus help reduce the overall volatility risk of the investor's portfolio. Nifty 500 Multifactor MQVLv 50 Index uses a composite score based on all factors to select its stocks. Therefore, the overall portfolio of the index is designed to potentially optimise returns during market uptrends while mitigating losses during market downturns. So, an index fund like the Axis Max Life Nifty 500 Multifactor 50 Index Fund which mirrors this index could provide investors with similar benefits aimed at balancing returns and investment risk. What will the Axis Max Life Nifty 500 Multifactor 50 Index Fund Invest in? Since the Axis Max Life Nifty 500 Multifactor 50 Index Fund mirrors the Nifty 500 Multifactor MQVLv 50 Index, the 50 stocks included in the index will also be included in the fund portfolio with their respective weights. Below is a list of top 5 stocks featured in the index and their individual weights on the index as of April 24, 2025: Company Name Weight (%) Bharat Petroleum Corporation Ltd. 2.95 SBI Cards and Payment Services Ltd. 2.84 Indian Oil Corporation Ltd. 2.83 MRF Ltd. 2.73 Divi's Laboratories Ltd. 2.71 The presence of a diversified basket of stocks across different market capitalisation categories, as shown above, reduces the potential concentration risk for the investor. This can contribute to an investment portfolio that may be less affected by the performance of any single stock. To understand the potential sectoral diversification offered by the Axis Max Life Nifty 500 Multifactor 50 Index Fund, it's helpful to examine the top 5 sectors that featured in the index as of April 24, 2025: Sector Weight (%) Financial Services 24.85 Oil, Gas & Consumable Fuels 14.78 Fast Moving Consumer Goods 13.54 Healthcare 11.51 Automobile and Auto Components 8.81 As shown above, the financial services sector had the highest weight in the index followed by oil & gas and FMCG sectors. While the top 3 sectors represent over 50% of the index weight, the index fund will also have exposure to a number of other sectors. This aims to ensure that the fund's returns are not disproportionately influenced by the performance of any single sector. Reasons to Consider Investing in the Axis Max Life Nifty 500 Multifactor 50 Index Fund Implementing a multi-factor strategy for stock selection has the potential to offer different returns than a single-factor strategy. However, it's important to remember that the Axis Max Life Nifty 500 Multifactor 50 Index Fund is an equity fund and involves risks associated with equity investments. This multi-factor index fund may align with your investment needs if: You intend to invest for the long term (i.e., 5 years or more) to pursue long-term financial goals You want to diversify your portfolio by including factor-based investments You have a high degree of risk tolerance and are prepared for short-term volatility to potentially achieve long-term returns. You seek to reduce the impact of fund manager bias through passive fund management You prefer a focused investment approach aimed at selecting a smaller basket of stocks with the potential to outperform the broader index over the long-term This list is illustrative, and other situations may also lead you to consider this investment option. How to Invest in the Axis Max Life Nifty 500 Multifactor 50 Index Fund The Axis Max Life Nifty 500 Multifactor 50 Index Fund will be available to Axis Max Life policyholders through various ULIP offerings from the company. These products include life insurance benefits providing policyholders with both life insurance and investment options. Some of the Axis Max Life ULIP plans that will offer access to this passive index fund include: Axis Max Life Online Savings Plan (OSP) Axis Max Life Flexi Wealth Advantage Plan (FWAP) Axis Max Life Smart Term with Additional Returns (STAR) ULIP and others. This list is illustrative, and other Axis Max Life ULIP solutions may also provide current and new policyholders access to this multi-factor fund. Snapshot of the Axis Max Life Nifty 500 Multifactor 50 Index Fund Benchmark Index: Nifty 500 Multifactor MQVLv 50 Index Stock Universe: Nifty 500 Index Asset Allocation of Fund: Investment Objective: To invest in stocks from NSE's Nifty 500 Multifactor MQVLv 50 Index based on momentum, quality, value and low volatility factors. The fund aims to invest in companies with weights similar to the index and generate returns that closely align with the index, subject to tracking error. To invest in stocks from NSE's Nifty 500 Multifactor MQVLv 50 Index based on momentum, quality, value and low volatility factors. The fund aims to invest in companies with weights similar to the index and generate returns that closely align with the index, subject to tracking error. NFO Period @ Rs. 10 per unit from May 20, 2025 to June 3, 2025 Additional Options to Diversify Your Portfolio with Axis Max Life Index Funds Axis Max Life Insurance currently offers other factor-based index funds through ULIP offerings. Some of the popular ones include: Nifty Momentum Quality 50 Fund The Axis Max Life Nifty Momentum Quality 50 Fund is a passively managed fund that mirrors the portfolio and performance of the Nifty 500 Multicap Momentum Quality 50 Index. This multicap fund invests in stocks from the Nifty 500 Index selected by momentum and quality scores. Midcap Momentum Index Fund The Axis Max Life Midcap Momentum Index Fund tracks the Nifty Midcap 150 Momentum 50 Index i to replicate its performance within tracking error margins. This fund primarily invests in mid-capitalisation stocks that have the potential for long-term returns. Stock selection is based on the momentum scores of midcap stocks in the Nifty Midcap 150 Index. Nifty Smallcap Quality Index Fund The Axis Max Life Nifty Smallcap Quality Index Fund is a passively managed scheme that mirrors the Nifty Smallcap 250 Quality 50 Index. The fund's portfolio includes small cap stocks from the Nifty Smallcap 250 Index chosen by their quality scores. This fund aims to invest in quality small cap stocks that may offer investors access to emerging sectors not readily available through other investment options. Note to the Reader: This article has been produced on behalf of the brand by HT Brand Studio and does not have journalistic/editorial involvement of Mint.
Economic Times
15-05-2025
- Business
- Economic Times
Axis Max Life Insurance plans to list its stock directly
Mumbai: Axis Max Life Insurance plans to list its stock directly as soon as federal lawmakers pass the relevant amendment bill, managing director Prashant Tripathy said, as doing so would simplify the ownership structure and boost transparency. "We are very optimistic," Tripathy said in an interview. "All stakeholders, regulators, shareholders, promoters and management are aligned. Once the bill is cleared, hopefully in the monsoon session, we will act immediately." ADVERTISEMENT Axis Max Life, currently owned jointly by Axis Bank and Max Financial Services, operates under a quasi-listed structure, where the parent companies are publicly traded but the insurance business is not directly listed. Tripathy said the structure is "suboptimal" and that collapsing it into a single listed entity would create better visibility and investor confidence. The move comes amid a regulatory push to bring more insurers to the public markets to improve governance and deepen investor participation. The Insurance Laws (Amendment) Bill, once approved, is expected to ease listing norms for companies like Axis Max Life. While preparing for its public debut, Axis Max Life is focusing on growth well above the industry average. For FY25, the company reported a 20% increase in total new business, compared with 15% for the private life insurance insurer has delivered 18% compound annual growth over the past two years, double the industry average, Tripathy said."We aim to grow 300 to 400 basis points ahead of the private sector this year as well," he added. In April, the insurer posted a 24% rise in new business, compared to 2% for the rest of the private industry. ADVERTISEMENT One basis point is a hundredth of a percentage point. The company's proprietary distribution channels grew 30% in the last fiscal year, while bank-led channels expanded 13%. Axis Max Life's market share in the private life space now stands at 9.8%, up 37 basis points. Axis Bank entities, which own close to 19.99% in the insurance company, have seen contribution to the business income fall to 10-11%. Tripathy said, the insurer is expecting it to pick up to 14-15%. ADVERTISEMENT Axis Max Life is targeting value of new business (VNB) margins in the range of 24-25%, balancing profitability with growth. "Our stated position has always been to work with target margins and then drive growth. We're not trying to be a 27-28% margin company. Our margin corridor is between 24-25%, and then we focus on growth. We landed at 24%. Hopefully, if we do better margins, our VNB growth will be more than the sales growth. About 24-25% is the corridor," Tripathy insurer has implemented deferred commission structures to increase persistence following regulatory changes around agent incentives, avoiding clawbacks. ADVERTISEMENT The approach, Tripathy said, has been tailored by agent performance and is consistent across individual and corporate agencies. The non-PAR segment, which slowed down last year, is expected to pick up. "My expectation is that non-PAR will also be start to grow, especially from our side. We sold more ULIPs last year, and of the total mix of about 46% were ULIPs. This year, non-par should increase by 3-4% and par should increase," he said. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
