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: -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-3: -Max Life’s holding company Max Financial Services Limited and Axis Bank had first announced their intent to bring in the latter as a strategic partner in Max Life in February 2020. Axis Bank had in April 2022 announced its intent to purchase a 30% stake in Max Life Insurance for a sum of around ₹1, 530 crore.

Detailed explanation-4: -Max Financial Services, the country’s largest non-bank private life insurance company, is the parent entity of Max Life Insurance in which Axis Bank is a co-promoter with 12.99 percent stake. Mitsubishi Sumitomo Insurance owns 21.86 percent in Max Financial Services.