Axis Max Life, Max Financial boards give in-principle nod to amalgamation

The boards of Axis Max Life Insurance (AMLI) and Max Financial Services Ltd (MFSL), the holding company of the insurer, on Wednesday granted in-principle approval for the amalgamation of the two entities. Under the proposed structure, MFSL will be merged into AMLI, and MFSL shareholders will receive shares of AMLI based on a share entitlement ratio that will be finalised in due course.

The proposed amalgamation is subject to, among other conditions, approval from Axis Bank, Axis Securities and Axis Capital, which together hold around 19.02 per cent of AMLI’s paid-up equity capital, and execution of transaction documents agreed upon by the relevant parties.

The revamped insurance law, Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, enables the merger of a non-insurer with an insurance company, subject to approval of the insurance regulator.

Axis Max Life will approach the Insurance Regulatory and Development Authority of India (Irdai) for approval of the proposed amalgamation once the management of the company and Max Financial Services finalise the relevant documents.

The aforesaid in-principle approval will enable the management teams of the company as well as MFSL to commence the process for the proposed amalgamation, finalise the scheme of amalgamation and related documentation, and ensure that all requirements are met for implementation of the scheme.