Max Financial Services, the holding company for the life insurance business of the $3 billion Max group, announced the appointment of its sponsor and founding shareholder Analjit Singh as non-executive Chairman of the company in a filing to stock exchanges today.Singh will take over from Naina Lal Kidwai, a veteran banker, who was till recently Chairman of the company and will now continue in her role of an independent non-executive director of the company.Max Life Insurance Company is the largest non-bank private life insurer in India.“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”, Analjit Singh said.Max Group President Rahul Khosla will continue in his current executive roles till August 2019, as originally envisaged at the time of his joining the Max group, the company stated in its exchange filings.Max Financial Services was formed after the demerger of the erstwhile Max India Limited that resulted in the separation of the life insurance, hospitals and health insurance and packaging and real estate businesses in to three distinct listed entities – Max Financial, Max India and Max Ventures and Industries Limited.Max India is the holding company for the hospitals and health insurance joint venture of the Max Group with Britain’s Bupa while Max Ventures houses the packaging and real estate interests of the group.Max Life Insurance Company is a subsidiary of Max Financial Services. Japan’s Mitsui Sumitomo Insurance is an investor in the life insurance venture.The Max group recorded consolidated revenues of Rs. 19,151 crore in the year to March 2018, the company stated in its exchange filings. It employs 24,500 people.
from The Economic Times https://ift.tt/2JNtdcq
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