Latest news with #PrashantTripathy
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.
Yahoo
15-05-2025
- Business
- Yahoo
Max Financial Services Ltd (BOM:500271) Q4 2025 Earnings Call Highlights: Strong Revenue Growth ...
Consolidated Revenue (excluding investment income): INR32,620 crores, a growth of 12% in FY25. Consolidated PAT: INR403 crores. Renewal Premiums: Grew by 14% to INR21,049 crores. Gross Premiums: Grew by 13% to INR33,223 crores. Value of New Business (VNB): INR2,107 crores for FY25, with a growth of 7%. New Business Margin (NBM): 24%. Embedded Value (EV): INR25,192 crores as of March 31, 2025. Annualized Total Return on EV: 29%. Annualized Operating Return on EV (ROEV): 19.1%. Policyholder OpEx to GWP: 13.6%. Total Cost to GWP: 23.1%. Profit Before Tax (PBT): INR448 crores, a growth of 20% for FY25. Solvency Ratio: 201%, up from 172% last March. Assets Under Management (AUM): Approximately INR1.7 lakh crores, a growth of 16%. Warning! GuruFocus has detected 5 Warning Sign with BOM:500271. Release Date: May 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Max Financial Services Ltd (BOM:500271) reported a consolidated revenue growth of 12% in FY25, reaching INR32,620 crores. The company added 44 new partners across retail and group channels in FY25, enhancing its distribution network. Max Financial Services Ltd (BOM:500271) achieved a 35% growth in its protection business and a 31% increase in individual new business sum assured. The company launched innovative products like Star ULIP and Smart Term Plan Plus, contributing to product diversification and growth. Max Financial Services Ltd (BOM:500271) maintained a high customer satisfaction ranking, with a six-point increase in Net Promoter Scores, indicating strong customer engagement. Margins for the full year were 24%, a decrease of 250 basis points compared to the previous year, primarily due to a higher proportion of ULIPs. The growth in the bank assurance channel slowed in the fourth quarter, with Axis Bank's growth at 7%, reflecting broader industry trends. The company faces challenges from regulatory changes, particularly concerning surrender value guidelines, which impacted margins. Despite strong growth in e-commerce, the company acknowledges that the base effect may limit similar growth rates in the future. The reverse merger process is delayed, pending regulatory clarity, which could impact strategic initiatives. Q: What is driving Max Financial's impressive growth in April, and how do you see growth and margins in FY26? A: Prashant Tripathy, CEO, noted that April's growth of 24% was across all lines of business and channels. The company aims to maintain a growth rate 300-400 basis points above the private industry average, which is expected to be 13-14%. For margins, they aim for a range of 24-25%, balancing growth and profitability. Q: What is the company's stance on regulatory changes, particularly regarding bank assurance? A: Prashant Tripathy stated that there has been no formal communication about changes in bank assurance regulations. The company has not heard any official indications of upcoming changes and suggests not giving much heed to unverified sound bites. Q: Why has there been a recent success in attaching Riders, and what are the timelines for the reverse merger? A: Prashant Tripathy explained that the success in attaching Riders is due to industry evolution and execution capabilities. Regarding the reverse merger, the company is waiting for legislative clarity expected in the monsoon session, hoping to proceed by August or September. Q: Can you explain the growth expectations for the protection business and the performance of the bank assurance channel? A: Prashant Tripathy highlighted the under-penetration of protection products, with only 34% ownership in top cities, driving a 25% CAGR expectation. For bank assurance, Amrit Singh, CFO, noted a 7% growth in Q4, with Axis Bank contributing 48% to total sales. The company is optimistic about future growth in this channel. Q: How is the e-commerce channel performing, and what is its sustainability? A: Sumit Madan, Chief Distribution Officer, emphasized the channel's strong performance, driven by data integration and segment focus. The company leads in protection and is expanding in savings, though growth rates may moderate due to a larger base. Q: What is the impact of surrender value changes on margins, and how will it affect FY26? A: Amrit Singh stated that the impact of surrender value changes has been neutralized through product adjustments and is expected to have minimal effect on FY26 margins. Q: How is the company diversifying its bank assurance partnerships beyond Yes Bank? A: Sumit Madan noted successful diversification with new partnerships, achieving top counter shares in several banks, supported by strong distribution and training capabilities. Q: What is the dividend strategy, and how often does the persistency formula change? A: Prashant Tripathy confirmed that dividends are not planned until Axis Max Life is listed, as capital is needed for growth. Amrit Singh added that persistency formula changes are infrequent, with the last change in FY24. Q: Why has the ULIP case size declined, and what is the outlook for non-par savings policies? A: Amrit Singh attributed the ULIP decline to customer segment choices and channel focus. Prashant Tripathy expects an increase in non-par savings policies as the product mix evolves. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
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)
