Max New York Life all set to re-brand as MAX LIFE!
As its tag line suggests "Karo Zyaada Ka Iraada" Max New York Life Insurance, the largest non bank promoted private life insurer has announced the completion of 26% of its stake transfer to Mitsui Sumitomo Insurance Co. Ltd. a MS&AD Insurance Group Holdings. The transfer was made after obtaining the requisite approvals from Insurance Regulatory and Development Authority (IRDA), The Reserve Bank of India and Competition Commission of India earlier this month. The company will now be named MAX LIFE INSURANCE Co. Ltd. subject to regulatory approval. The new brand name further strengthens the trust and consumer confidence in the Max India brand.
The company also announced the appointment of Mr. Toshinara TOKOI, and Mr. Hideaki NOMURA into the Max Life Insurance Co. Ltd. Board Of Directors as representatives of Mitsui Sumitomo Insurance Co. Ltd. Mr. Toshinara TOKOI has more than 30 years' experience in insurance industry which encompasses expertise in the fields of planning, sales production, underwriting of marine insurance as well as governance and administration of international business operations. Mr. Hideaki NOMURA has 26 years’ of experience in financial industries, including insurance, banking and investment banking. He has been instrumental in establishing Mitsui Sumitomo’s presence in the Asian local insurance businesses.
The stake transfer successfully culminates the all cash transaction announced in May 2012 which resulted in MS&AD paying Rs. 2,731 crore (US$ 535 million) for 26% stake in Max New York Life, making it the 2nd largest foreign investment in the Indian Life Insurance sector. The transaction values Max Life at Rs. 10,504 crore (US$ 2.1 billion). The consideration offered by MS&AD reflects the strong confidence in Max New York Life and its superior performance, as demonstrated in 2011 when the company’s standing rose from 7th to 4th position in the Indian Private Life Insurance league tables, gaining 247 basis points market share in a highly competitive space. Post transaction, Max India’s majority stake of 70% has remained unchanged.
Speaking at the occasion, Analjit Singh, Chairman, Max India Limited, said, “I am delighted to welcome Mr. Toshinari TOKOI, Assistant Director, Sumitomo Insurance Co. Ltd. and Mr. Hideaki NOMURA as the representative Directors from Mitsui Sumitomo Insurance on Max Life Insurance Board. For the next stage of Max Life Insurances growth and development, we view Mitsui Sumitomo as an ideal partner. I am confident that the rich experience, financial strength and risk management expertise of Mitsui Sumitomo Insurance, coupled with our inherent strengths of people and processes we have an even brighter growth journey in years to come.”
According to Rahul Khosla, Managing Director, Max India Limited, “Max India has a vision of being the “Most admired corporate for service excellence” and Max Life insurance will be in the forefront of all our efforts in making our vision come true. Life insurance is the most profitable business in Max India’s portfolio and forms about 80% of group revenue. We are committed to this business and will continue to nurture it.”
Rajesh Sud, CEO & Managing Director, Max New York Life, said, “We are delighted that Board members of Max India and Max New York Life Insurance have approved the transition to the next phase of our growth in today’s board meeting. From a consumer standpoint, the transition will be seamless and we remain strongly committed to our strategy of serving the long term savings and protection needs of our customers. Over the years we have built a financially strong and stable company based on solid foundations and are confident of a sustained profitable growth as we continue to differentiate in the market place basis our advice based sales, comprehensive product portfolio, diversified distribution model and a customer centric approach at every touch point.”
Speaking on the occasion, Yasuyoshi Karasawa, President, Chief Executive Officer, Mitsui Sumitomo Insurance Co. Ltd., said “Max India is one of India’s most admired companies with a well recognized brand and a deeply experienced management team. MNYL is the best possible life insurance company that we could have partnered with for our entry into the Indian Life Insurance space and we are excited about the growth possibilities given the demographic dividends and the domestic demand”
MINUTES TO READ