CURRENT AFFAIRS

Detailed explanation-1: -Axis Bank and its subsidiaries–Axis Securities and Axis Capital–had in 2021 entered into definitive agreements with Max Financial Services Ltd for acquiring 20 per cent stake in its subsidiary Max Life Insurance Co Ltd.

Detailed explanation-2: -The lender in 2021 had announced the acquisition of equity shares of Max Life Insurance Company Limited (Max Life), a material subsidiary of Max Financial Services Limited (Max Financial) by Axis Bank and its subsidiaries, i.e., Axis Securities Limited and Axis Capital Limited under definitive agreements.

Detailed explanation-3: -Max Life Insurance Company Limited (formerly known as Max New York Life Insurance Company Limited) is an Indian life insurance company headquartered at New Delhi, and the largest non-bank private-sector life insurer in India. It is a 80:20 joint venture between Max Financial Services and Axis Bank.

Detailed explanation-4: -Axis Bank Limited has entered into a corporate agency agreement with ICICI Lombard General Insurance Company Limited in the year 2021.

Detailed explanation-5: -About Max Life Insurance (www.maxlifeinsurance.com) Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.