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Max New York Life to rebrand as Max Life

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MUMBAI: Japan‘s Mitsui Sumitomo Insurance has acquired New York Life Insurance‘s stake in Max New York Life. Following this, the insurance company will be renamed as Max Life Insurance, subject to regulatory approval.

Max New York Life Insurance has announced the completion of 26 per cent of its stake transfer to Mitsui Sumitomo Insurance. 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. Post transaction, Max India‘s majority stake of 70 per cent remains unchanged.

The company has also appointed Toshinara Tokoi and Hideaki Nomura into the Max Life Insurance board of directors as representatives of Mitsui Sumitomo Insurance.

According to the official communiqué, the stake transfer successfully culminates the all cash transaction announced in May 2012, which resulted in MS&AD (Mitsui Sumitomo Insurance‘s holding company) of paying $535 million for 26 per cent stake in Max New York Life. The transaction values Max Life at $2.1 billion.

Max India chairman Analjit Singh said, "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."

Max India MD Rahul Khosla added, "Life insurance is the most profitable business in Max India‘s portfolio and forms about 80 per cent of group revenue. We are committed to this business and will continue to nurture it."

Tokoi comes in with over 30 years of 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.

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 company said.

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