User talk:Max Life/sandbox

Max Life Insurance Company Limited (formerly known as Max New York Life Insurance Company Limited) is a life insurance provider in India. The company is a subsidiary of Max Financial Services Limited. It was founded in 2000 and began its operations a year later. Analjit Singh, founder of Max Healthcare is the Chairman of Max Life Insurance. The company is headquartered at New Delhi. It is considered to be the largest private, non-banking life insurer in India. Recently, the company announced a merger with HDFC Life.

Company Overview
Max Life Insurance is a part of the Max India Ltd. Group. It is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Company. The former owns 68.01% in the company while the latter owns 25%. After the joint venture partnership with Mitsui Sumitomo, Max Life changed its name from Max New York Life in 2012. In February 2016, Axis Bank held 5.99% in Max Life. Currently, Max Life has 9,000 employees working across its 210 branches. In Financial Year (FY) 2016, the company’s profit stood at INR 439.1 crores.

Merger with HDFC Life
In August 2016, Max Life announced a merger with HDFC Life. As per the merger, HDFC Life will have 69% of relative value in the company. The merger aims to be one of the largest listed companies by the end of 2017 with an estimated market value of INR 67,000 crores. In the merged venture, HDFC will have 42.5% stake, Standard Life will hold 24% stake, Mitsui Sumitomo will own 7.8% stake, Max Group will have 6.6% stake while Axis Bank will hold 1.2% stake. The merger will take place in three steps. In the initial step, Max Life will be combined with its parent, Max Financial Services Ltd. In the next step, the insurance business will demerge from this and merge with HDFC Life. In the final step, the non-insurance unit from Max Financial will merge with the parent group, Max India. The combined venture will be the second largest insurer with a market share of 12.4% and total assets of INR 1.1 trillion, behind only to State-owned Life Insurance Corporation of India (LIC). The entity will be headed by Amitabh Chaudhary, CEO of HDFC Life and will license the Max brand for seven years.