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According to Reuters, the banking giant is looking to acquire a 10% stake in Go Digit General Insurance’s prospective life insurance business for around $9 million, valuing it at $90 million. The move is part of Axis Bank’s strategy to expand its presence in the insurance industry. It is worth noting that Axis Bank already provides certain insurance products in collaboration with Max Financial. According to Inc42, the total addressable market value of India’s insurtech sector will reach $339 billion by 2025, owing largely to increased insurance penetration and digital service percolation.
