Axis Max Life Insurance Ltd. has announced the appointment of Sumit Madan as its new Managing Director and Chief Executive Officer, effective from October 1, 2025, subject to regulatory approvals.
Sumit, who currently serves as Senior Director and Chief Distribution Officer, will take over from Prashant Tripathy, who has decided to take early retirement. Prashant, associated with the company since 2007, will step down on September 30, 2025, to focus on personal pursuits.
Sumit brings over 25 years of experience in the financial services sector. He has worked in senior leadership roles across major institutions, building a strong reputation for driving growth, managing complex transitions, and turning around underperforming businesses.
At Citibank, he handled diverse portfolios across different geographies and played a key role in revitalising business units through strategic and people-centric leadership.
During his time at AU Small Finance Bank, he helped build the branch network from the ground up and contributed to the bank’s transformation from a non-banking financial company to a scheduled small commercial bank, playing an important part in the success of its initial public offering.
At IDFC FIRST Bank, Sumit led the branch banking operations, focusing on customer acquisition and improving business productivity, which strengthened the bank’s retail operations.
“I am honored 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,” Sumit said.
“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,” he added.
Since joining Axis Max Life in February 2024 as Chief Distribution Officer, Sumit has played a crucial role in driving the company’s growth and achieving important milestones. Under his leadership, the company moved up to the fourth position in the life insurance market during the financial year 2024-25 and entered the top three among private insurers in the second half of the year.
The company also gained momentum across its own distribution channels and expanded its partnerships, including onboarding 44 new partners and forming key bancassurance alliances. It ranked first among private insurers in both E-commerce and Protection penetration categories.
The company’s board and leadership have expressed confidence in Sumit’s ability to lead Axis Max Life in its next phase.
Rajiv Anand, Chairman of Axis Max Life Insurance, said, “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,” Rajiv added.
