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% 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 started as a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Group. The former owned 68% of the company while the latter owned 26%. After forming the joint venture partnership with Mitsui Sumitomo, Max Life changed its name from Max New York Life in 2012.

Detailed explanation-4: -We are now Max Life Insurance Dear <Title & Name of the policyholder>, Thank you for your support in our journey to build the most admired life insurance company in India.

Detailed explanation-5: -Mr Analjit Singh is the Founder & Chairman of The Max Group, a leading Indian multi-business enterprise, with interests in life insurance (Max Life), real estate (Max Estates), and senior living (Antara).