The date was June 17, 2016, when the deal was announced for the first time. Max Financial Services, Max Life and HDFC Life were to be part of a three-way merger. But this was called off a year later due to regulatory hurdles.
Four years later, Max Life and its parent are meeting on February 20 to approve a possible deal with Axis Bank for stake sale.
Interestingly the man seated on the other side is the same: Amitabh Chaudhry, the MD & CEO of Axis Bank, who was heading HDFC Life at that time
The merger deal with HDFC Life would have helped create an entity which would be the largest private sector insurer by assets. However, the structure of the merger was not acceptable to Insurance Regulatory and Development Authority of India (IRDAI). This turned out to be a dampener for the insurer.
Meanwhile HDFC Life then under the leadership of Chaudhry shifted its focus to listing the insurance company. Following that, he moved to Axis Bank as its MD and CEO in January 2019.