Axis Max Life Insurance Limited has announced the elevation of Sumit Madan to the role of Managing Director and Chief Executive Officer, effective October 1, 2025, pending necessary regulatory approvals. Madan will take over the leadership baton from Prashant Tripathy, who has opted for early retirement after a distinguished tenure at the helm of the company.
Currently serving as the company’s Chief Distribution Officer, Sumit Madan has made a significant impact since joining Axis Max Life in February 2024. In his present role, he has successfully driven key initiatives around distribution expansion, channel innovation, and strategic partnerships, contributing to the company’s recent growth trajectory and improved market positioning.
Madan brings with him over 25 years of extensive experience in the financial services sector, having held senior leadership roles across major institutions such as Citi Bank, AU SMALL FINANCE BANK, and IDFC FIRST Bank. Over the course of his career, he has built deep expertise in areas such as sales leadership, digital and alternate distribution models, strategic transformation, and retail banking operations, with a proven track record of driving sustainable growth and operational excellence across diverse market environments.
His appointment comes at a time when Axis Max Life Insurance is looking to consolidate its position in the life insurance sector while continuing to embrace digital innovation, customer-centricity, and sustainable long-term value creation.
Speaking on the transition, Rajiv Anand, Chairman of Axis Max Life Insurance, said: “Sumit brings deep industry insight, strategic acumen, and an entrepreneurial mindset to the table. His vision aligns well with our ambition to take Axis Max Life to the next level of growth and innovation. We are confident that under his leadership, the company will continue to strengthen its market presence and deliver exceptional value to customers, partners, and stakeholders.”
As Madan prepares to take charge later this year, the company has expressed gratitude to outgoing CEO Prashant Tripathy for his contributions and leadership, which played a crucial role in steering Axis Max Life through a transformative phase and establishing it as one of India’s leading life insurance providers.
