What is Max Life Insurance’s Ownership Structure?

Max Life Insurance is one of the prominent life insurance companies in India. The company has cemented its name in the insurance sector with excellent customer service and innovative insurance plans. However, behind the company’s impressive track record lies the driving force of its success; its three major promoters: Max Group, Axis Bank, and Mitsui Sumitomo Insurance Group.

In this article, we will talk about Max Life Insurance, its shareholding pattern, and promoters.

About Max Life Insurance

• Max Life Insurance, previously known as Max New York Life Insurance, is a joint venture between Max Financial Services, Axis Bank, an Indian Banking Institution, and Mitsui Sumitomo Insurance Company Limited.
• The company was incorporated on the 11th of July 2000 after the liberalization of the insurance industry in India. Since then, Max Life Insurance has sold more than 55 Lakh policies and has a customer base of more than 1 crore individuals.
• Max Life Insurance is headquartered in New Delhi, with 250+ branches, and more than 50,000 employees working in India. Along with selling life insurance coverage, the company also sells various other plans like investment plans, health plans, and so on.

Shareholding Pattern of Max Life Insurance

As per the annual reports of FY 2022-2023:

• Max Financial Service Limited holds an 81.84% stake in Max Life Insurance.
• Mitsui Sumitomo Insurance Company Limited holds a 5.17% stake in Max Life Insurance.
• Axis Bank and its two subsidiaries – Axis Securities Limited and Axis Capital Limited – compositely own a 12.99% stake in Max Life Insurance.
• As per a leading news report, the banking institution intends to increase its stake in Max Life Insurance up to 7%, making it a 20% stakeholder in the insurance company.

Below given is this shareholding pattern Max Life Insurance as per the annual report for FY 2022-2023:

Now, let us tell you in a nutshell about the promoters of Max Life Insurance:

Max Financial Services Limited

Max Financial Services Limited is part of Max Group, a prominent Indian conglomerate and the majority parent holding company of Max Life Insurance. The company’s main objective is to provide long-term insurance solutions through its subsidiary Max Life Insurance. The company also offers financial solutions and wealth management services to its customers.

Axis Bank

Axis Bank is a leading private sector banking institution in India established in 1993. Headquartered in Mumbai, the bank provides a wide range of services to its customers such as home loans, corporate loans, insurance investments, portfolio management services, etc. As of 2022, Axis Bank has a network of 4500+ branches, 75,000+ employees, and 10,000+ ATM centers. Life Insurance Corporation of India (LIC), National Insurance Company Limited, and United India Insurance Company Ltd are among the major promoters of Axis Bank.

Mitsui Sumitomo Insurance Company Limited

Mitsui Sumitomo Insurance is a prominent insurance company headquartered in Tokyo, Japan. It is the subsidiary of MS & AD Insurance Group, one of the largest insurance institutions in the world.
The company offers a wide range of insurance products like marine insurance, aviation insurance, life insurance, health insurance, life insurance, and more.