August 28, 2014 12:04 PM ET

Insurance

Company Overview of Max Life Insurance Company Limited

Company Overview

Max Life Insurance Company Limited provides life insurance products in India. The company offers a range of participating, non-participating, and linked products covering life insurance, pension, and health benefits. The company provides individual and group life insurance products consisting of protection, child, retirement, growth, savings, health, and group plans Max Life Insurance Company Limited distributes its products primarily through individual agents, corporate agents, banks, and brokers. The company was formerly known as Max New York Life Insurance Company Limited and changed its name to Max Life Insurance Company Limited in July 2012. The company was incorporated in 2000 and is b...

Max House

3rd Floor

1 Dr. Jha Marg

Okhla

New Delhi,  110020

India

Founded in 2000

7,675 Employees

Phone:

91 11 693 3610

Key Executives for Max Life Insurance Company Limited

Managing Director
Age: 44
Managing Partner
Age: 44
Managing Partner
Age: 42
Managing Partner
Age: 42
Chief Financial Officer and Senior Director
Age: 43
Compensation as of Fiscal Year 2014.

Max Life Insurance Company Limited Key Developments

Max Life Drops Bid For Aviva Life

Max Life Insurance Company Limited has pulled out of the bid to acquire Aviva Life Insurance Company India Pvt. Ltd. A source close to the development told Financial Chronicle that the two private life insurance players, HDFC Standard Life Insurance Co., Ltd. and Birla Sun Life Insurance Company Limited, have entered a non-binding agreement with Aviva plc (LSE:AV.) a few weeks back. “We did not see value in the deal,” said a source in Max Life Insurance. According to a person close to the development, Aviva Life is looking at a valuation of INR 50 billion, while its embedded value is estimated to be around INR 18 billion. “Aviva has a good back-book and a strong franchise in the south besides a robust distribution strength comprising agency, online and corporate relationship tie-ups. But they are asking for too much,” said an official with one of the bidders. A mail sent to Aviva Life director Mohit Burman, who represents Dabur, did not elicit any response. Top officials of Aviva Life, HDFC Life and Birla Sun Life refused to comment.

Aviva plc Looking To Sell Aviva Life Insurance

Aviva plc (LSE:AV.) has shortlisted Birla Sun Life Insurance Company Limited (Birla Sun Life), HDFC Standard Life Insurance Co., Ltd. (HDFC Life) and Max Life Insurance Company Limited to sell its 26% stake in Aviva Life Insurance Company India Pvt. Ltd. (Aviva India), a person with knowledge of the matter said. The Burmans, the majority shareholders of Aviva India, may also tag along and sell their stake because the family feels the investment has been underperforming, the person said. The three shortlisted companies, which are among six that had initially bid for the stake, are interested in buying the entire business, and not just the 26% that Aviva holds, the person added. Mohit Burman did not reply to messages. Aviva had appointed JPMorgan and Deutsche Bank to manage the share sale. Executives at HDFC Life and Birla Sun Life, who spoke on condition of anonymity, said their companies are among the shortlisted bidders.

Listing Has Not Gone Off Our Radar - CFO Max Life Insurance

Max Life Insurance Company Limited will consider listing only when the foreign investment ceiling in the insurance sector is hiked to 49%, its Chief Financial Officer, Prashant Tripathy, said. “Listing Has Not Gone Off Our Radar. But it is an unwritten condition for us that listing will be pursued only after the foreign investment ceiling is hiked to 49% from the current 26%,” Tripathy told Business Line. Tripathy said listing would not only improve visibility for the company but also help unlock value for shareholders. “We will certainly look at listing. We will review listing potential in the next couple of years,” he said.

Recent Private Companies Transactions

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No transactions available in the past 12 months.
 

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