The capital infusion of Rs 1,612 crore by Axis Bank will boost the solvency of Max Life Insurance as it looks to expand its business.

"We have made applications to different regulators for approval. That takes a few months and we are hopeful that we will get the approval. Post which we will definitely receive Rs 1,612 crore which will take our solvency up from 188 per cent to around 227-228 per cent. It will give us enough capital to grow," Prashant Tripathy, MD and CEO, Max Life Insurance said.

"Any financial services company needs capital to grow and all the work that we are doing around growth, which means writing more protection, non par and annuity and expansion of our own channels, that's where this capital will be consumed."

The life insurance company is eyeing a 20 per cent plus growth on annual premium equivalent basis for the 11 months of the fiscal excluding March which was an outlier on account of the budget announcement on taxation on policies with an aggregate premium of more than Rs 5 lakh. In the first quarter of the fiscal, Max Life has grown its new business premium by 25 per cent to Rs 1,857 crore.

"Channel growth, partner growth as well as product growth, all three have been favourable for us leading to this kind of growth numbers," Tripathy said.

"In the first few months of this fiscal our agent recruitment is showing a 50-60 per cent growth. This year we intend to recruit about 50,000 new agents. We are going to open 100 offices and expand to newer geographies," he said.

"Growth is going to be a big agenda. I think over the next few years we will be working hard to beat market growth and gain market share. The focus will be profitable growth."