New Delhi: Axis Max Life Insurance Ltd has appointed Sumit Madan as the new Managing Director & Chief Executive Officer (MD & CEO), effective 1 October, subject to regulatory approvals.
Madan, currently Senior Director & Chief Distribution Officer (CDO), will succeed Prashant Tripathy following his early retirement. Tripathy, who has been associated with Axis Max Life since 2007, expressed his desire to retire from his position as MD & CEO, effective 30 September, to devote time to personal pursuits and priorities.
Madan brings over 25 years of extensive experience in establishing and scaling businesses with strategic clarity, people-centric leadership and operational rigour in high-growth and turnaround environments. He has held various leadership roles at premier financial institutions.
At Citibank, he managed diverse portfolios across geographies and consistently delivered results in challenging markets, building a strong reputation for reviving underperforming business units by bringing strategic clarity, operational discipline, and people-focused leadership to complex, high-pressure situations. His focus on driving transformation through deep customer understanding and the ability to translate insights into impactful actions was instrumental in these turnarounds.
At AU Small Finance Bank, he built the branch network from the ground up, played a pivotal role during its transformation from an NBFC to a scheduled small commercial bank and contributed significantly to the success of its IPO.
At IDFC FIRST Bank, Madan scaled the branch banking operations and strengthened the retail franchise by driving customer acquisition, deepening engagement, and enhancing productivity. His efforts were marked by a sharp focus on customer-centric metrics and business performance indicators, reinforcing his ability to build efficient, high-impact distribution engines.
Since joining Axis Max Life in February 2024 as the CDO, Madan has been instrumental in accelerating the company’s growth trajectory and advancing its strategic priorities. Under Madan’s leadership, Axis Max Life has not only sustained its growth momentum but also achieved key milestones, climbing to the #4 position in FY25 and entering the top 3 among private life insurers in the second half of the year.
This growth was powered by strong gains across proprietary channels, category leadership, and an accelerated partner expansion strategy. The company achieved the #1 rank in both E-commerce and Protection penetration among top private insurers, while successfully onboarding 44 new partners, including three strategic bancassurance alliances and significantly strengthening its counter share in open architecture partnerships.
Rajiv Anand, Chairman of Axis Max Life Insurance, commented, “We are delighted to announce Sumit’s elevation to the position of Managing Director & CEO, effective 1 October 2025. Sumit has a proven track record of scaling and transforming businesses, which will be invaluable as we continue to grow and innovate. At Axis Max Life, he has contributed significantly to our growth and success in FY25 with strategic foresight and leadership. His deep understanding of the industry, coupled with his innovative approach to scaling proprietary distribution, deepening partnerships, and driving product innovation, positions Axis Max Life for continued success. His appointment is a testimony to our strong leadership strength and commitment to nurturing internal talent.”
Sumit Madan, CDO and the CEO designate, stated, “I am honoured and excited to lead Axis Max Life into its next phase of growth. Our achievements over the past year are a testament to our ambition to lead with purpose, scale with speed and strengthen our distribution engine with a relentless focus on execution excellence. I am committed to building on the strong foundation laid by Prashant, with a sharp focus on driving profitable growth, accelerating innovation, and nurturing a people-first culture to create long-term value for our customers, partners and shareholders in an ever-evolving industry.”
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