CURRENT AFFAIRS

Detailed explanation-1: -Axis Bank and its subsidiaries - Axis Securities and Axis Capital - collectively hold 12.99 per cent equity in Max Life Insurance. The bank has a right to acquire an additional stake of up to 7 per cent in Max Life, in one or more tranches.

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 Financial Services Limited (MFSL) is part of India’s leading business conglomerate – the Max Group. Focused on Life Insurance, MSFL owns and actively manages an 81.83% majority stake in Max Life Insurance, India’s largest non-bank, private life insurance company.

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: -company stated. Rahul Talwar, chief marketing officer, Max Life Insurance said, “Our brand ambassadors - Rohit and Ritika are the perfect example of a trusted partnership, each one enabling the other to realise their ‘real’ value and achieve their goals.