Max Life Insurance Company Ltd. (Formerly Max New York Life)(www.maxlifeinsurance.com)– is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max New York Life Insurance was incorporated in the year 2000 in partnership with New York Life, a Fortune 100 company. As a part of global strategic alignment across the globe, New York Life decided to step out of the MNYL, and Max India has partnered with Mitsui Sumitomo Insurance Company Ltd (MSI).In the financial year 2013-14 Max Life Insurance ranked fourth among private life insurers with a market share of 10.3%.
- Written Premium of Rs. 7,279 crore
- Shareholders Profit After Tax of Rs. 436 crore for the Financial Year 2013-14.
- The Company’s share capital of Rs. 2,127 crore
- solvency margin of 485% is indicative of its financial strength and stability.
- As on 31st March 2014, Max Life Insurance had assets under management of Rs. 24,716 crore.
Max India Group
The Company is headquartered in New Delhi, India. (www.maxindia.com)
The flagship company of Max Group, Max India Limited is a widely held public limited company, listed on the BSE & the NSE.
Max Healthcare Institute Ltd. (MHC) (www.maxhealthcare.in) is a joint venture with Life Healthcare, South Africa. Max Healthcare has a base of over 2100 leading doctors, 5500 employees and around 2 million patients from 80 countries, across its network of 12 hospitals.
Max Bupa Health Insurance Company Ltd. (www.maxbupa.com) is a 74:26 joint venture between Max India Ltd. and Bupa Finance Plc, UK, a leading international healthcare provider with 65 years of healthcare knowledge.
Antara (www.antaraseniorliving.com): Max India Group has entered the Senior Living Business to support its next phase of growth in the businesses of life.
Max Speciality Films (MSF) (www.maxspecialityfilms.com) is a Strategic Business Unit of Max India. It is the only manufacturing business that Max India continues to operate after its reinvention and shift to service oriented businesses in 2000.
Max India Foundation (MIF) (www.maxindiafoundation.org) spearheads the CSR initiatives of the Max India Group entities.
Mitsui Sumitomo Insurance Co., Ltd. (MSI)
Mitsui Sumitomo Insurance Co., Ltd. (MSI) is a member of MS&AD Insurance Group that was formed in April 2010 from the business integration of the Mitsui Sumitomo Insurance Group Holdings, Inc. (MSIG), Aioi Insurance Co., Ltd. (Aioi) and Nissay Dowa General Insurance Co., Ltd. (NDI) under the holding company MS&AD Insurance Group Holdings, Inc. (MS&AD Holdings).
Headquartered in Tokyo, Japan, MS&AD Insurance Group has a presence in 39 markets globally. In FY 2012-13, it reported a Total Assets of 1,671 billion yen (US$167 billion) and a Consolidated Net Premium of 2,811 billion yen (US$ 28.1 billion).
MSI was formed in October 2001 through a merger between the former Mitsui Marine & Fire Insurance Co., Ltd. (“Mitsui Marine”) and the former The Sumitomo Marine & Fire Insurance Co., Ltd. (“Sumitomo Marine”). Both Mitsui Marine and Sumitomo Marine were leading general insurance companies boasting long history since 1918 and 1893, respectively.
Having a history of 120 years in general insurance business, today, MS&AD Insurance Group has developed an overseas network of over 400 bases in 39 countries and regions, mainly in high-growth areas within Asia. In addition to general insurance business, MSI has strong experience and an extensive track record in the area of Life Insurance through its domestic subsidiaries, Mitsui Sumitomo Aioi Life and Mitsui Sumitomo Primary Life, both of which are currently owned by the group’s holding company MS&AD Insurance Group Holdings, Inc. MSI also has a presence in Life Insurance markets of Thailand, China, Malaysia and Indonesia.
In India, MSI has been operating its general insurance business through its joint venture “Cholamandalam MS General Insurance Co. Ltd.” since 2003
Max Life Insurance Key facts and Figures
|PAID UP CAPITAL||Rs 2115 Crores|
|INDIAN PARTNER||Max India Group – 74%|
|FOREIGN PARTNER||Mitsui Sumitomo Insurance Co., Ltd. (MSI)- 26%|
|MD/CEO NAME||Mr. Rajesh Sud|
|BANCASSURANCE PARTNERS||Axis Bank|
|NUMBER OF BRANCHES||201||HEAD OFFICE||New Delhi|
|TOTAL PREMIUM COLLECTED||2011-12||2012-13||2013-14|
|CLAIMS SETTLEMENT RATIO||2011-12||2012-13||2013-14|
|KEY PLANS||CHILD||Max life Shiksha Plus Super|
|TERM||Max Life Online Term Plan|
|PENSION||Max Life Forever Young Pension Plan|
|ULIP||Max Life Fast Track Super Plan|
|TOLL FREE NUMBER|
1800 180 5577
|WEBSITE ADDRESS||INDIAN PARTNER||www.maxindia.com|
In the above table, we had updated the details from the IRDA Annual report 2013-14, 2012-13 and 2011-12. Some details are captured from http://www.maxlifeinsurance.com/. The accuracy of the above table content depends on these given sources. This information published is of informative nature and does not guarantee anything about the companies performance or claim records.
The main aim of this post is to simplify the details about Max Life insurance. All these information in this post can be seen in http://www.maxlifeinsurance.com/ and IRDA website.