At its meeting earlier today, the Board of Max Financial Services (MFS) (BSE: 500271 | NSE: MFSL) appointed Mr. Analjit Singh, Founder and Chairman Emeritus of the Max Group as the non-executive Chairman of MFS.
Max Financial Services is the listed holding company for Max Life Insurance Company and was formed soon after the demerger of Max India Limited. That demerger resulted in the creation of three independent listed entities, namely, Max Financial Services, Max India Limited and Max Ventures & Industries Limited, collectively comprising the Max Group.
Mr. Analjit Singh is the sponsor and principal shareholder of MFS, Max India and MVIL. He replaces Ms. Naina Lal Kidwai who was appointed Chairman of Max Financial Services on 15th January, 2016.
Commenting on this development, Ms. Naina Lal Kidwai said, “After Chairing the Board of Max Financial Services for the last two and a half years I have come to realise the amazing strengths of the company and the high quality of its underlying life insurance business, and management. I suggested to Analjit, that as the “principal sponsor” of MFS, it is only appropriate that he Chairs the Board of the Company.”
Mr. Analjit Singh commented, “I have known Naina for over four decades and have immense regard for her at a personal and professional level. I have accepted her recommendation and am happy to Chair Max Financial Services.”
Ms. Kidwai will continue on the Board of MFS for her full term as an independent, non-executive director.
Mr. Rahul Khosla, Max Group President will continue as Group President and in all his current executive roles till August 2019, as originally envisaged at the time of his joining the Max Group. Commenting on this development, he said, “I am pleased to see the Group sponsor assuming the role of Chairman of MFS. Analjit and I have also agreed that we will mutually determine appropriate non-executive roles within the Max Group and family-owned private enterprises after my executive roles end in August 2019.”
Mr. Mohit Talwar will continue in his current roles as Vice Chairman, Max Ventures and Industries Limited and Managing Director of MFS and Max India.
About Max Group
The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY2018, the Group recorded consolidated revenues of Rs. 19,151 Cr. It has a total customer base of 10 million, nearly 210 offices spread across India and people strength of more than 24,500 as on 31st March 2018. The Group’s investor base includes marquee global financial institutions such as KKR, IFC Washington, Vanguard, Ward Ferry, New York Life, Nomura, Aberdeen, Temasek, Target Asset Management, Baron, Jupiter, Doric capital and Wasatch.
The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.
About Max Financial Services Limited
Max Financial Services Limited (MFS), a part of the US$ 3 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.