Max Financial Services

Max Financial Services Limited is an Indian public company headquartered in New Delhi, India. It is a subsidiary of Max Group, and is the holding company for the group's life insurance business, Max Life Insurance.[3] In February 2020, the company entered into a long-term strategic partnership with Axis Bank.[4][5]

Max Financial Services Limited
Public
Traded as
IndustryLife insurance
Founded1988
FounderAnaljit Singh
HeadquartersMax House, New Delhi, India
Area served
India
Key people
Mohit Talwar (managing director)[1]
Products
Revenue US$2.5 billion[2] (2019)
OwnerMax Group
Subsidiaries
Websitewww.maxfinancialservices.com

The Japanese insurance group, Mitsui Sumitomo, which is the joint-venture partner in Max Life Insurance, acquired a 21.87% in the company in March 2020, using a stock swap scheme.[6][7]

Subsidiaries

Max Financial Services owns Max Life Insurance, which is the largest private insurance company in India that is not owned by a bank.[8] As of February 2020, it's embedded value was ₹10,077 crore ($1.3 billion).[9]

Axis Bank deal

In April 2020, Axis Bank acquired a 30% stake in Max Life Insurance, a subsidiary of Max Financial Services, for ₹1,600 crore ($213 million).[10][11] This deal followed an agreement of strategic partnership that was signed between the two companies in February 2020.[12]

gollark: No good spec sheet/documentation either.
gollark: And there's nowhere to source parts, and no way to swap, say, fried retinas out.
gollark: And then you basically can't replace the lenses.
gollark: I mean, they randomly degrade because something something lenses.
gollark: Evolved products are bees to repair.

References
  1. "Max Financial Services Shares Climb 7.7% after Q2 Results". News18. 7 November 2019.
  2. https://www.maxindia.com/wp-content/uploads/2019/07/Max-India-AR-2018-19.pdf
  3. "Max Financial To Acquire Mitsui Sumitomo's 21% Stake In Max Life Via Share Swap". BloombergQuint.
  4. Sanyal, Rashmi (20 February 2020). "Axis Bank in pact with Max Financial Services, Max Life to explore partnership". Livemint.
  5. Kumar, Arun (21 February 2020). "Axis inks pact with Max Fin and its unit for likely strategic deal" – via The Economic Times.
  6. "Japan's Mitsui Sumitomo Insurance to acquire 21.87% stake in Max Financial Services in share swap deal". Firstpost.
  7. Market, Capital (5 March 2020). "Board of Max Financial Services approves Mitsui Sumitomo Insurance's share swap" – via Business Standard.
  8. "max life insurance: Axis Bank to acquire 30% of Max Life for ₹1,600 crore - The Economic Times". Economictimes.indiatimes.com. Retrieved 1 May 2020.
  9. PTI (5 February 2020). "Max Financial Services' Subsidiary Max Life's Embedded Value Crosses Rs. 10 000 Cr. Mark Max Financial Services Q3FY20 Consolidated Revenue Grows 19 to Rs. 5 366 Cr. - The Week". Theweek.in. Retrieved 1 May 2020.
  10. "Here's how Max Financial deal with Axis Bank will benefit both companies". Businessinsider.in. 24 February 2020. Retrieved 1 May 2020.
  11. https://www.bloombergquint.com/business/what-axis-banks-stake-purchase-means-for-max-financial
  12. "Axis Bank to explore long-term partnership with Max Life". The Hindu BusinessLine. 20 February 2020. Retrieved 1 May 2020.
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