Axis Max Life Insurance Valuation, Funding & Investors

Axis Max Life Insurance is valued at $180M as of June 2024.

Last Axis Max Life Insurance valuation

$180M

Strategic investment · Jun 2024

Last Axis Max Life Insurance funding round

$40M

Strategic investment · Jun 2024

Cumulative funding Axis Max Life Insurance raised

$235M

across 2 funding rounds

Key investors in Axis Max Life Insurance

Axis Max Life Insurance Overview

About Axis Max Life Insurance

Axis Max Life Insurance is a prominent life insurer in India, operating as a joint venture between Max Financial Services Ltd. and Axis Bank Ltd. The company offers term plans, unit-linked insurance, savings products, and retirement solutions through bancassurance, agency networks, and digital channels. It serves millions of policyholders nationwide with products like Max Life Smart Secure Plus and Flexi Wealth Advantage. Headquartered in New Delhi, Axis Max Life maintains a distribution presence across 300 cities and partners with Axis Bank's 5,000 branches.


Founded

2000

HQ

IndiaGurgaon

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Valuation

$180M (Jun 2024)

Axis Max Life Insurance Valuation

Axis Max Life Insurance is currently valued at $180M, based on its strategic investment round in June 2024.

The $40M round was led by Axis Bank.

Axis Max Life Insurance valuation by funding round

Axis Max Life Insurance valuation by funding round
DateStageValuation
Jun 2024Strategic investment$180M

Axis Max Life Insurance Funding History

Axis Max Life Insurance has raised a total of $235M across 2 funding rounds.

Axis Max Life Insurance's first fundraising round was a $195M strategic investment round in August 2023. The most recent completed round was a $40M strategic investment round in June 2024.

Axis Max Life Insurance funding rounds

Axis Max Life Insurance funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2024Strategic investmentAxis Bank (lead)$40M$180MAxis Max Life Insurance, previously known as Max Life Insurance, is a prominent life insurance provider in India and a subsidiary of Max Financial Services, operating as a joint venture with Axis Bank. On June 19, 2024, Axis Bank's board approved the acquisition of additional equity shares for up to Rs 336 crore, increasing the aggregate stake of Axis entities (including Axis Bank, Axis Securities, and Axis Capital) from 19.02% to 19.99%, subject to regulatory approvals from IRDAI. This transaction forms part of a broader 2021 deal and a 2023 revised agreement allowing Axis entities to hold up to 20% at fair market value determined by discounted cash flow method, following IRDI guidance. A prior infusion of Rs 1,612 crore occurred in April 2024, boosting Axis Bank's direct stake to 16.22%. The deal implies a post-money valuation for Axis Max Life Insurance of approximately Rs 16,820 crore, derived from the Rs 336 crore price for the 0.97% stake increment. The transaction aims to strengthen Axis Bank's position in the life insurance sector. Financially, Axis Max Life reported strong growth with gross written premium rising 17% year-on-year to Rs 29,529 crore in FY24 (ending March 2024), up from Rs 25,342 crore in FY23. Profit after tax stood at Rs 360 crore in FY24. Value of New Business (VNB) was Rs 1,973 crore with a margin of 26.5% (down from 28.6% prior year), and operating return on embedded value (RoEV) at 20.2%. Growth in FY25 showed gross direct premium at Rs 33,223 crore and PAT at Rs 406 crore per later reports.
Aug 2023Strategic investmentAxis Bank (lead)$195M-Axis Max Life Insurance, formerly Max Life Insurance, is a prominent private life insurer in India focused on individual and group life insurance products, with a diversified distribution network and balanced product mix including regular and limited premium policies. On or around September 8, 2023, the company raised capital from Axis Bank, as approved by Max Financial Services Ltd. shareholders on September 27, 2023, though specific round size, valuation, or use of funds details are not provided in available disclosures. The insurer has demonstrated consistent growth, with individual adjusted first year premium reaching ₹6,396 crores in 9M FY26 (up 20% YoY) and gross written premium at ₹25,195 crores (up 18% YoY), leading to a private market share of 9.8%. Financial performance highlights include shareholders' profit after tax of ₹406 crores in FY2025, assets under management growing 16% to ₹175,072 crores, and a strong solvency ratio of 201% exceeding the regulatory minimum of 150%. Value of new business (VNB), a key profitability metric, grew 30% YoY to ₹1,633 crores in 9M FY26, with margins at 24.0% in FY2025 despite some regulatory impacts on persistency. Embedded value increased at a 20.3% CAGR to ₹25,192 crores as of FY2025, reflecting robust equity market support and annual premium equivalent growth. Public disclosures for Q2 FY23 (ending September 2022) detail benefits paid, surplus figures around ₹9,084 to ₹1,72,158 (units unclear), and investment assets, but lack explicit revenue, ARR, or EBITDA tied to the 2023 round. Later metrics show net premium (ex-ULIP) at ₹23,317 crores in FY2025 against claims of ₹8,918 crores, with positive operating cash flows and superior liquidity. The company maintains high persistency (83% conservation ratio, 85% 13th-month) and continues outpacing private sector growth at 14.6% CAGR in individual new business premium during FY2023-FY2025. Market context positions Axis Max Life as a top performer among private life insurers, with unlisted share price at ₹113 per share as of March 2026, implying a market cap of ₹21,682.59 crores and P/E of 60.43 based on PAT of ₹359.67 crores. No valuation multiples, post-money valuation, or EBITDA for the specific Axis Bank round in September 2023 are directly stated, and premium figures do not qualify as revenue per criteria.

Who has invested in Axis Max Life Insurance?

1 investor has backed Axis Max Life Insurance across its funding rounds, including Axis Bank.

Lead investors include Axis Bank.


Axis Max Life Insurance Investors

Investors in Axis Max Life Insurance by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Investments by Axis Max Life Insurance

Axis Max Life Insurance has invested in 3 companies to date.

Latest investment by Axis Max Life Insurance was on September 22nd 2023. Axis Max Life Insurance invested in JSW Infrastructure in their $152M Undisclosed stage round.


Latest Investments by Axis Max Life Insurance

JSW Infrastructure
Capital Small Finance
Sula Vineyards
Description
JSW Infrastructure Ltd is predominantly engaged in one business segment, namely developing, operating, and maintaining the Ports services, Ports-related Infrastructure development activities, and development of infrastructure. It derives a majority of its revenue in India.
Capital Small Finance Bank Ltd is India’s first small finance bank. It offers a range of banking products such as saving accounts, Current Accounts, Term deposits, agriculture loans, MSME and trading loans (working capital, machinery loans, etc.), and mortgages (housing loans and loans against property) and operates in Punjab, Haryana, Delhi, Rajasthan, Himachal Pradesh and Union Territory of Chandigarh. It has four segments, namely Treasury, Wholesale Banking, Retail Banking, and Other Banking Operations. Maximum revenue is generated from the Retail Banking segment.
Sula Vineyards Ltd is a producer and seller of wine. It distributes wines under a bouquet of popular brands including RASA, Dindori, The Source, Satori, Madera, and Dia. The company's business is broadly classified under two categories namely the production of wine, the import of wines and spirits, and the distribution of wines and spirits and the sale of services from ownership and operation of wine tourism venues, including vineyard resorts and tasting rooms. The company generates maximum revenue from India and also operates overseas.
HQ CountryIndiaIndiaIndia
HQ City
Mumbai
Jalandhar
Nashik
Deal Date22 Sep 202319 Jun 20239 Dec 2022
RoundUndisclosed stageStrategic investmentUndisclosed stage
Raised$152M$6M$35M
InvestorsAditya Birla Sun Life AMC; HSBC; Abakkus; Goldman Sachs; BNP Paribas Arbitrage; Fullerton Financial Holdings; Bajaj Allianz Life Insurance Company Limited; HDFC Asset Management; Cohesion Investments; Government of Singapore; ICICI Prudential Asset Management-Aditya Birla Sun Life AMC; Abu Dhabi Investment Authority; Goldman Sachs; ICICI Prudential Life; Citigroup Global Markets; HDFC Asset Management; Morgan Stanley; Aditya Birla Sun Life Insurance; SBI Mutual Fund; BNP Paribas CIB
Valuationundisclosed$201Mundisclosed
EV/Revenue
EV/EBITDA

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Axis Max Life Insurance Competitors

Axis Max Life Insurance competitors include listed companies like La Positiva Seguros, Citizens and Aksigorta, and private ones like Kovrr, Meanwhile and Euroins Insurance.

Public and private companies comparable to Axis Max Life Insurance
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
La Positiva SegurosPeruPeruPublicly listed$422M($18M)$183M-
CitizensUnited StatesUnited StatesPublicly listed$256M$18M$176M0.7x
AksigortaTurkeyTurkeyPublicly listed$411M$62M$187M-
KovrrIsraelTel AvivPrivate--$173M-
MeanwhileBermudaBermudaPrivate--$190M-
Euroins InsuranceBulgariaSofiaPrivate--$195M-

Axis Max Life Insurance Public Comps

Axis Max Life Insurance is still privately-owned, but its public comps include La Positiva Seguros, Citizens, Aksigorta, OEKOWORLD, Bahrain National Holding, Solid Försäkring, Vzajemna, Interlife Gen Insurance, Firstcaution and Helios Underwriting.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
La Positiva Seguros$422M($18M)0.4x-(9.8x)-
Citizens$256M$18M0.7x0.7x9.3x-
Aksigorta$411M$62M----
OEKOWORLD$59M$26M0.7x0.7x1.7x1.6x
Bahrain National Holding$89M-1.0x---
Solid Försäkring$119M$20M1.5x1.6x8.8x-
Vzajemna------
Interlife Gen Insurance$122M$20M1.2x7.5x7.4x-

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Common questions about Axis Max Life Insurance

When was Axis Max Life Insurance founded?Axis Max Life Insurance was founded in 2000.
Where is Axis Max Life Insurance headquartered?Axis Max Life Insurance is headquartered in Gurgaon, India.
Is Axis Max Life Insurance publicly listed?No, Axis Max Life Insurance is a private, VC-backed company.
What is Axis Max Life Insurance's valuation?Axis Max Life Insurance was last valued at $180M in its strategic investment round in June 2024.
How much funding has Axis Max Life Insurance raised?Axis Max Life Insurance has raised $235M across 2 funding rounds.
What was Axis Max Life Insurance's last funding round?Axis Max Life Insurance's last funding round was a $40M strategic investment round in June 2024, led by Axis Bank.
Who are Axis Max Life Insurance's investors?Axis Max Life Insurance's investors include Axis Bank.
Which companies are comparable to Axis Max Life Insurance?Companies comparable to Axis Max Life Insurance include La Positiva Seguros, Citizens, Aksigorta, Kovrr, Meanwhile and Euroins Insurance.
How many companies has Axis Max Life Insurance invested in?Axis Max Life Insurance has invested in 3 companies, including JSW Infrastructure, Capital Small Finance and Sula Vineyards.
What was Axis Max Life Insurance's last investment?In September 2023, Axis Max Life Insurance invested in JSW Infrastructure's $152M undisclosed-stage round alongside Aditya Birla Sun Life AMC, HSBC, Abakkus and 8 other investors.

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