Max Financial Services reports Q1 Consolidated Revenues1 of Rs. 3,099 Cr., growing 21%

Max Financial Services reports Q1 Consolidated Revenues1 of Rs. 3,099 Cr., growing 21%
Max Life Q1 FY2019 Highlights:

 

  • Revenues : Rs. 3,085 Cr., grew 20%
  • Embedded Value : Rs. 7,645 Cr., Operating Return on EV: 15%
  • Assets Under Management crossed Rs 50,000; Value of New Business : Rs. 130 Cr.; New Business Margin3: 23.5%

 

6th August 2018, New Delhi

Max Financial Services Limited (MFS) today announced its financial results for the first quarter of financial year 2018-19 (Q1 FY2019). MFS, the holding company of Max Life Insurance (Max Life), India’s largest non bank-owned life insurer, reported consolidated revenues1 of Rs. 3,099 Cr., growing 21% over the previous year. The Company also reported Profit before Tax of Rs. 78 Cr., 10% lower compared to the previous year.

MFS’ sole operating subsidiary Max Life reported revenues1 of Rs 3,085 Cr., growing 20% over the corresponding quarter last year. The business also reported its Embedded Value based on market consistent methodology (MCEV) at Rs. 7,645 Cr., with an Operating Return on EV (RoEV) of 15%. The Value of New Business (VNB) (pre-cost overrun) written during the quarter was Rs. 130 Cr. growing 23% over the previous year. The New Business Margin (NBM) stood at 23.5%. The post-cost overrun VNB was Rs. 101 Cr. growing 17% over the previous year. The post-cost overrun NBM stood at 18.1%.

Max Life’s Assets under Management, as on 30th June 2018, were Rs. 53,940 Cr., 18% higher compared to the previous year. Max Life currently ranks among the 5 largest fund managers among life insurers in India.

In Q1, Max Life reported Individual Adjusted Sales of Rs 527 Cr., growing 15%, while Total Sales amounted to Rs. 641 Cr., growing 16% over last year. The business also reported a Solvency Surplus of Rs. 1,911 Cr., with a healthy Solvency Ratio of 262%.

Max Life has made significant strides in growing its eCommerce business over a very short span of time. The digital and online sales channel already accounts for approximately 1 in 4 new customers being added to the company’s portfolio.

Commenting on the Company’s performance, Mr. Rahul Khosla, President, Max Group and Chairman, Max Life Insurance said, “Max Life’s robust performance this quarter has already laid strong foundations for growth. We plan to reinvigorate our proprietary channels by significantly adding to our agency force and offices over the next two to three years, and deepening our lead in the digital space where we are already market leaders in term plans and have also started operating in the savings space. We are orienting our digital strategy towards affluent households in the top 50 cities as Digital customers equal an estimated 2.5 times lifetime value when compared to others. Complementing the growth expected from our strong bancassurance partnerships, and new distribution alliances we are set to deliver a market-leading growth trajectory, coupled with superior financial performance, earnings and returns.”

Mr. Mohit Talwar, Managing Director, Max Financial Services Ltd. said, “The quality of the business across several parameters remains top quartile. The robust growth in Embedded Value and Value of New Business reflects strong fundamentals in the existing business and a continued focus on profitable new business. Having achieved a 20-20-20 growth in Embedded Value, sales and margins last year itself, we have now set our aspiration to achieve 25-25-25 growth over the next three years. All our channels are delivering profitable growth powered by improved productivity and I am confident we will achieve this milestone very soon.”

Note to the Editor

The EV of a life insurance company comprises two key elements — a) Net Asset Value or the Net Worth of the company, which represents the market value of the company’s assets attributable to the shareholders, and b) the Present Value of the company’s future expected profits from its existing business portfolio as at the date of valuation.

Max Life had transitioned its EV calculation to a Market Consistent methodology from the earlier traditional approach (Traditional Embedded Value – TEV) in FY2015. This follows market practice in developed markets, where life insurers have moved to adopt market consistent methodologies.

A market consistent methodology approach better reflects the embedded value of an insurance company by explicitly and specifically allowing for insurance and economic risks rather than using an implicit overall allowance for risks through a Risk Discount Rate (RDR) in the traditional approach. In addition, the market-consistent approach is more objective where asset and liability cash flows are valued using assumptions consistent with those applied to similar cash flows in the capital markets, thus more accurately reflecting the health of the business.

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY2018, the Group recorded consolidated revenues of Rs. 19,151 Cr. It has a total customer base of 10 million, nearly 210 offices spread across India and people strength of more than 24,500 as on 31st March 2018. The Group’s investor base includes marquee global financial institutions such as KKR, IFC Washington, Vanguard, Ward Ferry, New York Life, Nomura, Aberdeen, Temasek, Target Asset Management, Baron, Jupiter, Doric capital and Wasatch.

The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

About Max Financial Services Limited

Max Financial Services Limited (MFS), a part of the US$ 3 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.

About Max Life Insurance

Max Life Insurance offers comprehensive long-term savings, protection and retirement solutions through its high-quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 17 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision ‘To be the most admired life insurance company by securing the financial future of our customers’. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.

For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Jayant Singh
jsingh@maxindia.com
+91 9999162213

 For further information, please visit:
Max Group:
www.maxgroup.in
MFS:
www.maxfinancialservices.com 
https://www.facebook.com/themaxgroup: https://twitter.com/maxgroup 

Analjit Singh Appointed as Non-Executive Chairman on the Board of Max Financial Services Limited

23rd July 2018, New Delhi

At its meeting earlier today, the Board of Max Financial Services (MFS) (BSE: 500271 | NSE: MFSL) appointed Mr. Analjit Singh, Founder and Chairman Emeritus of the Max Group as the non-executive Chairman of MFS.

Max Financial Services is the listed holding company for Max Life Insurance Company and was formed soon after the demerger of Max India Limited. That demerger resulted in the creation of three independent listed entities, namely, Max Financial Services, Max India Limited and Max Ventures & Industries Limited, collectively comprising the Max Group.

Mr. Analjit Singh is the sponsor and principal shareholder of MFS, Max India and MVIL. He replaces Ms. Naina Lal Kidwai who was appointed Chairman of Max Financial Services on 15th January, 2016.

Commenting on this development, Ms. Naina Lal Kidwai said, “After Chairing the Board of Max Financial Services for the last two and a half years I have come to realise the amazing strengths of the company and the high quality of its underlying life insurance business, and management. I suggested to Analjit, that as the “principal sponsor” of MFS, it is only appropriate that he Chairs the Board of the Company.”

Mr. Analjit Singh commented, “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.”

Ms. Kidwai will continue on the Board of MFS for her full term as an independent, non executive director.

Mr. Rahul Khosla, Max Group President will continue as Group President and in all his current executive roles till August 2019, as originally envisaged at the time of his joining the Max Group. Commenting on this development, he said “I am pleased to see the Group sponsor assuming the role of Chairman of MFS. Analjit and I have also agreed that we will mutually determine appropriate non-executive roles within the Max Group and family-owned private enterprises after my executive roles end in August 2019.”

Mr. Mohit Talwar will continue in his current roles as Vice Chairman, Max Ventures and Industries Limited and Managing Director of MFS and Max India.

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY2018, the Group recorded consolidated revenues of Rs. 19,151 Cr. It has a total customer base of 10 million, nearly 210 offices spread across India and people strength of more than 24,500 as on 31st March 2018. The Group’s investor base includes marquee global financial institutions such as KKR, IFC Washington, Vanguard, Ward Ferry, New York Life, Nomura, Aberdeen, Temasek, Target Asset Management, Baron, Jupiter, Doric capital and Wasatch.

The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

About Max Financial Services Limited

Max Financial Services Limited (MFS), a part of the US$ 3 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.

________________________________________________________________________
 

For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Jayant Singh
jsingh@maxindia.com
+91 9999162213

 For further information, please visit:
Max Group:
www.maxgroup.in
MFS:
www.maxfinancialservices.com 
https://www.facebook.com/themaxgroup: https://twitter.com/maxgroup 

Max Financial Services reports Consolidated Revenues of Rs. 14,967 Cr. in FY2018, grows 15%;
Max Life Embedded Value at Rs 7,509 Cr., Operating RoEV 20.6%

 

Max Life Results Highlights (FY2018):

 

  • Value of New Business: Rs. 656 Cr, grew 31%; New Business Margin: 20.2%
  • Individual Adjusted Sales: Rs. 3,215 Cr., grew 22%
  • Assets Under Management crossed Rs 50,000; grew 18% to Rs. 52,237 Cr.

 

 

25th May 2018, New Delhi

Max Financial Services Limited (MFS) today announced financial results for the year 2017-18 (FY2018). MFS, which manages a majority stake in Max Life Insurance, India’s largest non-bank, private life insurance company, reported consolidated revenues1 of Rs. 14,967 Cr., growing 15% over the previous year. The Company reported consolidated Net Profit of Rs. 296 Cr., 25% lower compared to the previous year

MFS’ sole operating subsidiary Max Life Insurance demonstrated broad-based growth across channels with Individual Adjusted Sales of Rs. 3,215 Cr. in FY2018, growing 22% over the previous year. This was primarily driven by improvement in productivity and increased demand for unit-linked products across channels. Max Life’s Renewal Premium stood at Rs. 8,152 Cr., growing 15% over the previous year, led by efficiency improvement and various initiatives aimed at lapse recovery. Gross Written Premium in FY2018 was Rs. 12,501 Cr., growing 16% over the previous year.

Max Life also reported Market-Consistent Embedded Value2 (MCEV), of Rs. 7,509 Cr., with an Operating Return on EV (RoEV) of 20.6%. The Value of New Business (VNB) written during FY2018 was Rs 656 Cr, growing 31% over the previous year, and the New Business Margin stood at 20.2%, 140 bps higher compared to the previous year. Max Life hit an important milestone this year with its Assets Under Management (AUM) crossing the Rs. 50,000 Cr. mark for the first time. The AUM as at 31st March 2018 stood at Rs. 52,237 Cr, growing 18% over the previous year. Max Life is now the 5th largest fund manager among private life insurers in India. Max Life’s AUM has grown steadily over the years, reflecting consistent performance, and a stable approach to product portfolio mix.

Q4 FY2018 Performance

In Q4 FY2018, Max Life reported a strong growth of 28% in Individual Adjusted Sales, despite a high base in the same quarter last year. The Q4 Individual Adjusted Sales were Rs. 1,339 Cr. MFS reported consolidated revenues1 of Rs. 5,300 Cr. and Net Profit4 of Rs. 128 Cr. in Q4, growing a healthy 23% and 9%, respectively.

Commenting on the Company’s performance, Mr. Rahul Khosla, President, Max Group and Chairman, Max Life Insurance said, “We are pleased with Max Life’s strong and consistent organic growth over the past few years. At the same time, with a healthy solvency ratio of 275% and fund-raising capabilities, we have the appetite as well as the ability to aggressively pursue inorganic growth. Acquiring a high quality bank-owned life insurance asset would enable us to offer our product portfolio to a much wider customer base.

Meanwhile, we will continue to build on our existing strengths of need based selling of long-term savings and protection products through well-balanced distribution architecture comprising bancassurance, agency and the rapidly growing digital channel.”

Mr. Mohit Talwar, Managing Director, Max Financial Services Ltd. said, “We had an aspiration of achieving 20-20-20 growth in sales, margin and EV by 2020. I am pleased to see that Max Life has outperformed itself in FY2018, achieving our three-year goal within the first year. This augurs very well for the future and in the coming months, it will be our priority to optimise market share and profitability while focusing on organic and inorganic growth opportunities.”

Note to the Editor

The EV of a life insurance company comprises two key elements — a) Net Asset Value or the Net Worth of the company, which represents the market value of the company’s assets attributable to the shareholders, and b) the Present Value of the company’s future expected profits from its existing business portfolio as at the date of valuation.

Max Life had transitioned its EV calculation to a Market Consistent methodology from the earlier traditional approach (Traditional Embedded Value – TEV) in FY2015. This follows market practice in developed markets, where life insurers have moved to adopt market consistent methodologies.

A market consistent methodology approach better reflects the embedded value of an insurance company by explicitly and specifically allowing for insurance and economic risks rather than using an implicit overall allowance for risks through a Risk Discount Rate (RDR) in the traditional approach. In addition, the market-consistent approach is more objective where asset and liability cash flows are valued using assumptions consistent with those applied to similar cash flows in the capital markets, thus more accurately reflecting the health of the business.

 

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY2017, the Group recorded consolidated revenues of Rs. 16,798 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2017. The Group’s investor base includes marquee global financial institutions such as KKR, IFC Washington, Vanguard, Ward Ferry, New York Life, Nomura, Aberdeen, Temasek, Target Asset Management, Baron, Jupiter, Doric capital and Wasatch.

The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

About Max Financial Services Limited

Max Financial Services Limited (MFS), a part of the US$ 3 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.

 

About Max Life Insurance

Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 17 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision ‘To be the most admired life insurance company by securing the financial future of our customers’. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.

 

________________________________________________________________________
 

For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Jayant Singh
jsingh@maxindia.com
+91 9999162213

 For further information, please visit:
Max Group:
www.maxgroup.net
MFS:
www.maxfinancialservices.com 
https://www.facebook.com/themaxgroup: https://twitter.com/maxgroup 

Sahil Vachani Appointed as Director on the Boards of Max Financial Services and Max Life Insurance

 

25th May 2018, New Delhi

The Board of Directors of Max Financial Services Ltd. (MFS) today approved the appointment of Sahil Vachani, Managing Director and CEO of Max Ventures and Industries Limited (Max Ventures), as a Director on the Company’s Board, subject to shareholder approval. He was also recently appointed to the Board of Directors of MFS’ subsidiary Max Life Insurance, effective 18th May 2018.

Sahil has joined the Boards of these companies as a representative of the Owner Sponsor Group led by Mr. Analjit Singh. He joined the Max Group in 2016 with a focus on creating a powerful Real Estate brand – Max Estates and steering Max Ventures’ other businesses towards growth. He has diverse expertise across various sectors including consumer durables and real estate.

Since assuming his role at Max Ventures, he has successfully completed two key transactions which will have an enduring impact on its growth journey over the next few years – sale of a 22.5% stake in Max Ventures to a subsidiary of New York Life Insurance Company in January 2017; and the induction of Toppan Printing Co. Ltd, Japan (Toppan) as a joint venture partner with a 49% stake in Max Ventures’ legacy manufacturing business, Max Speciality Films (MSF). Besides MSF, he is currently overseeing two new business verticals – Max Estates Limited and Max I. Limited.

Commenting on Mr. Vachani’s appointment, Mr. Analjit Singh, Founder and Chairman Emeritus, Max Group said, “We initiated a leadership transition at the Max Group in 2011 to ensure independent professional management of the Group and its businesses. Sahil’s appointment as a representative of the sponsor group is an augmentation of both this model as well as the family’s commitment to grow the Life Insurance business with uncompromising governance standards.”

Mr. Rahul Khosla, President, Max Group and Chairman, Max Life Insurance said, “I am delighted to welcome Sahil to the Boards of Max Life and MFS. In a short span of time, he has demonstrated leadership potential and led several strategic growth initiatives. I firmly believe that Sahil will provide a valuable and fresh perspective as we continue to pursue organic and inorganic growth and enhance value for all stakeholders.”

Sahil started his career as a banker with Citigroup in London, where he worked on Mergers and Acquisitions across the Middle East and Africa region. In 2004, he joined Dixon Technologies, a consumer appliance manufacturing firm as Business Head and setup new verticals across multiple locations and was involved in the launch of new products, setting up of new manufacturing facilities and establishing relationships with leading brands as customers. 

In 2008, he transitioned to a new role as Co-founder and Managing Director of Dixon Appliances Pvt. Ltd., where he led the business from its inception on multiple fronts, including designing of products, building the team, setting up the manufacturing facility, operations and building relationships with leading brands in India such as Panasonic, Godrej, LG, among others. The Company emerged as the single-largest third party contract manufacturer of Washing Machines for the Indian market. In July 2015, Mr. Vachani sold his shareholding in the company to devote complete attention to his role in the Max Group. 

 

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY2017, the Group recorded consolidated revenues of Rs. 16,798 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2017. The Group’s investor base includes marquee global financial institutions such as KKR, IFC Washington, Vanguard, Ward Ferry, New York Life, Nomura, Aberdeen, Temasek, Target Asset Management, Baron, Jupiter, Doric capital and Wasatch.

The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

About Max Financial Services Limited

Max Financial Services Limited (MFS), a part of the US$ 3 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.

 

About Max Life Insurance

Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 18 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision ‘To be the most admired life insurance company by securing the financial future of our customers’. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.

 

________________________________________________________________________
 

For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Jayant Singh
jsingh@maxindia.com
+91 9999162213

 For further information, please visit:
Max Group:
www.maxgroup.net
MFS:
www.maxfinancialservices.com 
https://www.facebook.com/themaxgroup: https://twitter.com/maxgroup 

Max Financial Services Q1 Consolidated Revenues1 grow 14% to Rs. 2,566 Cr.

Max Life Q1 FY2018 Highlights:

  • Revenues[1]: Rs. 2,560 Cr., grew 15%
  • New Sales: Rs. 554 Cr., grew 18%
  • Solvency Surplus: Rs. 1,953 Cr.; Solvency Ratio: 295%

 

9th Aug 2017, New Delhi

Max Financial Services Ltd. (MFS) today announced financial results for the first quarter of financial year 2017-18 (Q1 FY2018). MFS, one of the only two listed companies providing pure access to the Indian private life insurance sector, reported strong financials with consolidated revenues1 of Rs. 2,566 Cr., growing 14% over the previous year.

MFS’ sole operating subsidiary Max Life Insurance reported revenues1 of Rs 2,560 Cr., growing 15% over the same period last year. In Q1, Max Life reported New Sales of Rs 554 Cr., growing 18%, while Individual Adjusted Sales totalled Rs. 458 Cr., growing 19% over last year. The company’s normalised2 Shareholders’ Profit Before Tax in Q1 was Rs. 106 Cr., in line with last year. Max Life also reported a Solvency Surplus of Rs. 1,953 Cr., with a healthy Solvency Ratio of 295% and the company’s Assets Under Management, as at 30th June 2017, stood at Rs. 45,870 Cr, making it the 5th largest fund manager among private life insurers in India.

Earlier this year, Max Life had announced its Embedded Value3, which stood at Rs. 6,590 Cr. as at 31st March 2017 with an Operating Return on EV (RoEV) of 20%. The Value of New Business (VNB) written during FY2017 was Rs 499 Cr, growing 29% over the previous year, and the new business margin stood at 18.8%.

Commenting on the Company’s performance, Mr. Rahul Khosla, President, Max Group and Chairman, Max Life Insurance said, “Following a year of unprecedented growth in financial year 2017, Max Life’s performance in the first quarter of financial year 2018 has laid a strong foundation for steady organic growth in the near future. In the coming months, it will be our priority to optimise market share and profitability while focusing on organic and  inorganic growth opportunities.”

Mr. Mohit Talwar, Managing Director, Max Financial Services Ltd. said, “A robust growth of 19% in Individual Adjusted Sales further cements Max Life’s position as one of the leading life insurers in the country. While our key bancassurance partnerships including those with Axis Bank and Yes Bank continue to contribute significantly to our growth, we will pay special attention to driving profitable growth in our proprietary channels such as Corporate Agency and e-Commerce. With a strong emphasis on solvency and embedded value growth, we will continue to ensure the best returns to our stakeholders.”

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY2017, the Group recorded consolidated revenues of Rs. 16,798 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2017. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Vanguard, Ward Ferry, New York Life, Morgan Stanley, Nomura, Temasek and Wasatch .

The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

About Max Financial Services Limited

Max Financial Services Limited (MFS), a part of the US$ 3 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.

 

About Max Life Insurance

Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 17 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision ‘To be the most admired life insurance company by securing the financial future of our customers’. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.

[1] Excludes Max Life Unit Investment Income

[2] Excludes the impact of One-off items from last year

[3] EV post final shareholder dividend

________________________________________________________________________

 

For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Jayant Singh
jsingh@maxindia.com
+91 9999162213

 For further information, please visit:
Max Group:
www.maxgroup.net
MFS:
www.maxfinancialservices.com 
https://www.facebook.com/themaxgroup: https://twitter.com/maxgroup 

Max merger with HDFC Life called off

31st Jul 2017 New Delhi

Max Financial Services (MFS), Max India and Max Life today confirmed that the proposed merger with HDFC Life has been called off. The exclusivity agreement with HDFC Life, valid till 31st July 2017, will not be renewed.

The prospective partners had evaluated several alternate structures over the last month. However, the inordinate time associated with finalization and approval of these structures led to this decision.

Max Financial Services was created in 2016, as a result of a demerger of the erstwhile Max India, to provide investors specific and undiluted access to the Group’s life insurance business, provide sharper focus to Max Life and unlock shareholder value. This demerger resulted in significant value creation based on the strong intrinsic value and superior performance of Max Life.

The quality of the Max Life business, its superior performance in the market, and the unique position of MFS as a listed entity with sole focus on the life insurance business, made Max Life and MFS attractive potential merger partners for HDFC Life. Max was therefore approached with this merger proposition.

Max Life has grown into one of India’s largest, fastest-growing and highest quality private life insurance businesses. The business’ success comes through in a comprehensive set of parameters including sales, profits and customer retention and is driven by digital thinking, operational efficiencies, a robust and diversified distribution architecture, highly engaged bancassurance partners, a profitable own agency force and a highly competent and engaged talent pool led by a top quality leadership team.

The company delivered its best performance since inception in FY 2017. It continues to remain strong and is poised for out-performance as the life insurance industry witnesses a return to growth. It reported consolidated revenues of Rs. 12,971 Cr. and shareholder Profit before Tax of Rs.  768 Cr. (50% YoY growth). Its Embedded Value (EV) stands at Rs 6,590 Cr., with 20% Operating Return on EV. Its Assets under Management (as at 31st Mar. 2017) are Rs. 44,370 Cr., a 24% growth over last financial year.

The company will continue on its path to aggressively invest in organic and inorganic growth levers. This will be done through investments in enhancing own channels such as agency and digital, delivering superior policyholder experience, deepening and leveraging existing bancassurance partnerships, and forging new distribution alliances. In addition, it will pursue acquisition opportunities as the industry further consolidates.

Max Life is committed and confident of delivering superior value to all its stakeholders to become India’s most admired life insurance company.

 

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY 2017, the Group recorded consolidated revenues of Rs. 16,798 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2017. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Fidelity, Vanguard, Ward Ferry, New York Life, Wasatch and Invesco.

The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

 

About Max Financial Services Limited

Max Financial Services Limited (MFS), a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.

 

About Max Life Insurance Company Limited

Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 17 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision ‘To be the most admired life insurance company by securing the financial future of our customers’. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.

 

For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Jayant Singh
jsingh@maxindia.com
+91 9999162213


Embedded Value[1] at Rs 6,590 Cr., 20% Operating Return on EV

FY2017 Results Highlights:

  • Max Life Value of New Business: Rs. 499 Cr, grew 29%
  • MFS Consolidated Revenues[2]: Rs. 12,971 Cr., grew 19%
  • MFS Consolidated Net Profit3: Rs 395 Cr., grew 56%
  • Max Life Shareholder PBT: Rs. 768 Cr., grew 50%
  • Max Life Assets Under Management (as at 31st 2017): Rs. 44,370 Cr., grew 24%

30th May 2017, New Delhi

Max Financial Services Ltd. (MFS) today announced financial results for the fourth quarter (Q4 FY2017) and financial year 2016-17 (FY2017). MFS, which is the first of only two listed companies providing pure access to the Indian private life insurance sector, reported strong financial growth with consolidated revenues2 of Rs. 12,971 Cr. and consolidated Net Profit3 of Rs. 395 Cr. in FY2017, growing 19% and 56%, respectively, over the previous year.

In Q4 FY2017, the Company reported consolidated revenues2 of Rs. 4,316 Cr., and Net Profit[3] of Rs. 118 Cr., growing 17% and 134%, respectively.

MFS’ sole operating subsidiary Max Life Insurance showcased robust growth on all business parameters, marking FY2017 as its strongest performance of the decade. In Q4 FY2017, the company reported revenues of Rs 4,309 Cr. and PBT of Rs. 219 Cr., growing 17% and 99%, respectively, over the same period last year.

In FY2017, Max Life reported Individual Adjusted Sales of Rs 2,639 Cr., growing 25% and revenues of Rs. 12,937 Cr., growing 19%. Max Life reported Shareholders’ Profit Before Tax of Rs. 768 Cr., growing 50% due to strong revenue growth, higher realised investment income, and favourable product mix. Max Life’s Embedded Value stood at Rs. 6,590 Cr. as at 31st March 2017 with an Operating Return on EV (RoEV) of 20%. The Value of New Business (VNB) written during FY2017 was Rs 499 Cr, growing 29% over the previous year, and the new business margin stood at 18.8%, Max Life’s Assets Under Management (AUM) stood at Rs. 44,370 Cr. as at 31st March 2017, growing 24% over last year. While Max Life maintained its overall market share at 9% in FY2017, it hit an important milestone in its digital journey by transitioning from a challenger to a market leader in Online Term Sales. Max Life’s e-Commerce channel reported an overall growth of 89% in FY2017.

Commenting on the Company’s performance, Mr. Rahul Khosla, President, Max Group and Chairman, Max Life Insurance said, “Over the last two decades, Max Life has grown into one of the largest, fastest-growing and highest quality private life insurance businesses driven by market leading performance across key parameters, operational efficiencies, a robust and diversified distribution architecture, a profitable agency force and significant growth potential. It speaks volumes of the company’s underlying strength that even at a stage of maturity in 2017, the business has delivered its strongest financial performance in 10 years.”

Mr. Mohit Talwar, Managing Director, Max Financial Services Ltd. said, “Max Life has delivered a stupendous performance with a 20% operating return on embedded value and a 29% growth in value of new business. Max Life will continue to lay strong emphasis on profitability, solvency and embedded value growth to ensure the best returns to its stakeholders.”

In August 2016, the Board of Directors of Max Life Insurance Company, Max Financial Services Ltd., Max India Limited and HDFC Standard Life Insurance Company Ltd. (HDFC Life), at their respective meetings had finalized agreements for the amalgamation of business between the entities through a composite Scheme of Arrangement. Currently, both the entities are in the process of seeking regulatory approvals.

 

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY2017, the Group recorded consolidated revenues of Rs. 16,798 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2017. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Fidelity, Vanguard, Ward Ferry, New York Life, Wasatch and Invesco.

The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

About Max Financial Services Limited

Max Financial Services Limited (MFS), a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.

________________________________________________________________________

[1] EV post final shareholder dividend

2 Excludes Max Life Unit Investment Income

3 After adjusting for minority interest

 

For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Jayant Singh
jsingh@maxindia.com
+91 9999162213

 

 

Q3 FY2017 Results Highlights:

  • MFS Consolidated Revenues1: Rs. 3,349 Cr., grew 26%
  • Max Life AUM as at 31st 2016: Rs. 40,920 Cr., grew 20%

 

10th February 2017, New Delhi

Max Financial Services Ltd. (MFS) today announced financial results for the third quarter of FY2017 (Q3 FY2017). MFS, which is the first of only two listed companies providing pure access to the Indian private life insurance sector, reported strong growth in topline and bottomline with consolidated revenues1 of Rs. 3,349 Cr. and consolidated Profit after Tax (PAT)2 of Rs. 160 Cr. in Q3 FY2017, growing 26% and 52%, respectively, over the corresponding period last year.

In the nine months so far (9M FY2017), the Company has reported consolidated revenues of Rs. 8,655 Cr., and PAT2 of Rs. 416 Cr., growing 21% and 34%, respectively.

MFS’ sole operating subsidiary Max Life Insurance performed strongly on all business parameters maintaining its position as the best-in-class provider of long-term savings and protection products. In Q3 FY2017, Max Life reported Individual Adjusted Sales of Rs 654 Cr., growing 41%, revenues1 of Rs. 3,341 Cr., growing 26%, and PAT of Rs. 177 Cr, growing 50% over the same period last year. In 9M FY2017, the business reported Individual Adjusted Sales of Rs 1,590 Cr., revenues1 of Rs. 8,626 Cr. and PAT of Rs 463 Cr., growing 26%, 21% and 36%, respectively, over the same period last year.

Max Life’s Assets Under Management (AUM) stood at Rs. 40,920 Cr. as at 31st December 2016, growing 20% over last year.

In August 2016, the Board of Directors of Max Life Insurance Company, Max Financial Services Ltd., Max India Limited and HDFC Standard Life Insurance Company Ltd. (HDFC Life), at their respective meetings had finalized agreements for the amalgamation of business between the entities through a composite Scheme of Arrangement. In the ensuing period, both the entities have progressed with regulatory approvals as planned.

Commenting on the Company’s performance, Mr. Rahul Khosla, President, Max Group and Chairman, Max Life Insurance said, “Max Life is one of the fastest-growing life insurers in India which maintains its core proposition of offering long-term savings and protection products through a well diversified distribution architecture comprising market-leading agency and bancassurance capabilities supported by high-quality service and returns to policyholders.”

 

Sharing an update on the status of the proposed merger of Max Life with HDFC Life, Mr. Mohit Talwar, Managing Director, Max Financial Services Ltd. said, “We have made initial regulatory filings and approvals are being progressed. We have also made our representation to IRDAI on the structure of the merger and are currently awaiting their response. While we progress on the proposed merger, Max Life continues to be one of the fastest-growing private life insurers with a strong emphasis on profitability, solvency and embedded value growth. At the same time, ensuring high levels of customer satisfaction within the framework of TCF policies remains a priority for the business.”

The proposed merger is subject to applicable board, shareholder, regulatory, respective High Courts and other third-party approvals.

 

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY 2016, the Group recorded consolidated revenues of Rs 14,237 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2016.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Fidelity, Ward Ferry, New York Life, Wasatch and Invesco.

The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

About Max Financial Services Limited

Max Financial Services Limited (MFS), a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.

1 Excludes Max Life Unit Investment Income

2 Before adjusting for minority interest

 

For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Jayant Singh
jsingh@maxindia.com
+91 9999162213

  • Operating RoEV: 17%
  • Value of New Business during first half of FY2017 (H1 FY2017): Rs. 183 Cr.
  • New business margin (before cost overrun): 19.2%

25th November 2016, New Delhi

Max Financial Services Limited (MFS) today announced the Embedded Value (EV) for its life insurance business, Max Life, at Rs. 6,204 Cr. as at 30th September 2016, based on Market Consistent methodology. The annualised growth in EV for H1 FY2017 is an impressive 22% before accounting for interim shareholder dividend. The Value of New Business (VNB) written during H1 FY2017 is Rs 183 Cr. with the new business margin at a strong 19.2%, before cost overrun, and 18.5%, after cost overrun. The improvement in the new business margin to 19.2% from 18.3% reported as at 31st March 2016, is primarily due to an increase in the proportion of non-participating products.

Commenting on the growth in EV, Mr. Rahul Khosla, President, Max Group said, “The robust EV and new business margin reflect strong fundamentals both on the existing business as well as a continued focus on profitable new business, further strengthening Max Life’s position as the best-in-class provider of long-term savings and protection products.”

Mr. Mohit Talwar, Managing Director, MFS said, “The EV and Value of New Business are important metrics for the valuation of any life insurance business as the company is generally valued at a multiple to its EV.  A robust growth in Value of New Business was the primary driver of the increase in Max Life’s EV. It was also aided by gains from favourable equity and interest rate movements.”

The EV of a life insurance company comprises two key elements — a) Net Asset Value or the Net Worth of the company, which represents the market value of the company’s assets attributable to the shareholders, and b) the Present Value of the company’s future expected profits from its existing business portfolio as at the date of valuation.

Max Life had transitioned its EV calculation to a Market Consistent methodology from the earlier traditional approach (Traditional Embedded Value – TEV) in FY2015. This follows market practice in developed markets, where life insurers have moved to adopt market consistent methodologies.

A market consistent methodology approach better reflects the embedded value of an insurance company by explicitly and specifically allowing for insurance and economic risks rather than using an implicit overall allowance for risks through a Risk Discount Rate (RDR) in the traditional approach. In addition, the market-consistent approach is more objective where asset and liability cash flows are valued using assumptions consistent with those applied to similar cash flows in the capital markets, thus more accurately reflecting the health of the business.

 

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY 2016, the Group recorded consolidated revenues of Rs 14,237 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2016.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Fidelity, Ward Ferry, New York Life, Wasatch and Invesco.

The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

About Max Financial Services Limited

Max Financial Services Limited (MFS), a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.

 

For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Jayant Singh
jsingh@maxindia.com
+91 9999162213

H1 FY2017 Results Highlights:

  • MFS Consolidated Revenues*: Rs. 5,306 Cr., grew 18%
  • Max Life Revenues*: Rs. 5,286 Cr., grew 17%; Shareholder Profits: Rs. 344 Cr., grew 31%
  • Max Life AUM as at 30th Sep 2016: Rs. 39,647 Cr., grew 21%

 

4th November 2016, New Delhi

Max Financial Services Ltd. (MFS), the first company to be listed following the demerger of the erstwhile Max India, today announced impressive financial results for the first half of FY2017. MFS, which was India’s first listed company providing pure access to the life insurance sector, reported strong performance, with consolidated revenues of Rs. 5,306 Cr*. and consolidated Profit Before Tax (PBT) of Rs. 313 Cr. in H1 FY2017, growing 18% and 27%, respectively, over the corresponding period last year.

In Q2 alone, the Company reported consolidated revenues and PBT of Rs. 3,064 Cr. and Rs. 175 Cr., growing 18% and 26% over Q2 FY2016, respectively.

MFS’ sole operating subsidiary Max Life Insurance performed strongly on all business parameters maintaining its position as the best-in-class provider of long-term savings and protection products. Max Life reported revenues* of Rs. 5,286 Cr. in H1 FY2017, growing 17% over the same period last year, while New Sales in the first half of the year, increased 22% to Rs. 1,120 Cr. The company also reported Shareholders’ PBT of Rs. 344 Cr., 31% higher compared to last year.

Max Life’s Assets Under Management (AUM) stood at Rs. 39,647 Cr. as at 30th September 2016, growing 21% over last year.

In August 2016, the Board of Directors of Max Life Insurance Company, Max Financial Services Ltd., Max India Limited and HDFC Standard Life Insurance Company Ltd. (HDFC Life), at their respective meetings had finalized agreements for the amalgamation of business between the entities through a composite Scheme of Arrangement. In the ensuing period, both the entities have progressed with regulatory approvals as planned.

Commenting on MFS’ performance, Mr. Rahul Khosla, President, Max Group and Chairman, Max Life Insurance said, “Max Life Insurance has steadily grown to become one of the largest and fastest-growing private life insurers in the country. As we work towards completing the proposed merger with HDFC Life over the next few months, we will continue to focus on our strengths of selling long-term savings and protection products, through a well balanced distribution architecture including productive bancassurance partnerships and a profitable agency force  while ensuring the best returns and protection for our policyholders.

Sharing an update on the status of the proposed merger of Max Life with HDFC Life, Mr. Mohit Talwar, Managing Director, Max Financial Services Ltd. said, “Since the signing of the definitive agreement in August, we have made satisfactory progress in the regulatory filings process and approvals are expected as per anticipated timelines. We have filed applications with the Competition Commission of India, the Insurance Regulatory and Development Authority of India (IRDAI) as well as both the National Stock Exchange and the Bombay Stock Exchange.”

The proposed merger is subject to applicable board, shareholder, regulatory, respective High Courts and other third-party approvals.

 

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY 2016, the Group recorded consolidated revenues of Rs 14,237 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2016.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Fidelity, Ward Ferry, New York Life, Wasatch and Invesco.

The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

About Max Financial Services Limited

Max Financial Services Limited (MFS), a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.

For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Jayant Singh
jsingh@maxindia.com
+91 9999162213

Q1 FY2017 Results Highlights:

  • Consolidated PBT : Rs. 139 Cr., grew 30%
  • Max Life AUM as at 30th June 2016: Rs. 37,701 Cr., grew 18%

 

8th August 2016, New Delhi

Max Financial Services Ltd. (MFS), the first company to be listed following the demerger of the erstwhile Max India, today announced impressive financial results for the first quarter of FY2016-17. MFS, which is India’s only listed company providing pure access to the life insurance sector, reported strong performance, with consolidated operating revenues of Rs. 2,242 Cr. and consolidated Profit Before Tax (PBT) of Rs. 139 Cr. in Q1 FY2017, growing 17% and 30%, respectively, over the corresponding period last year.

MFS’ sole operating subsidiary Max Life Insurance performed well on all business parameters in the first quarter, maintaining its position as the best-in-class provider of long-term savings and protection products. Max Life reported operating revenues of Rs. 2,234 Cr. in Q1 FY2017, growing 17% over the same period last year, while New Sales in the quarter increased 25% to Rs. 469 Cr. The subsidiary also reported Shareholders’ PBT of Rs. 155 Cr., 31% higher compared to last year.

Max Life’s Assets Under Management (AUM) stood at Rs. 37,701 Cr. as at 30th June 2016, growing 18% over last year.

Max Life has earlier announced its Embedded Value Rs 5,617 Cr. as at 31st March 2016, after allowing for a payout of Rs 439 Cr. as shareholder dividend (including tax on dividend) in FY2016. The Value of New Business (VNB) written during FY2016 was Rs 388 Cr. with a Portfolio New Business Margin of 18.3% (before cost overruns) and 17.9 per cent (after cost overruns).

In June 2016, the Board of Directors of Max Life Insurance Company, Max Financial Services Ltd. and HDFC Standard Life Insurance Company Ltd. (HDFC Life), at their respective meetings had approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger of Max Life and Max Financial Services into HDFC Life by way of a scheme of arrangement. A definitive three-way agreement was finalized and signed earlier today in Mumbai.

The proposed arrangements would be subject to due diligence, definitive documentation and applicable board, shareholder, regulatory, respective High Courts / NCLT, and other third party approvals, as may be applicable.


 

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY 2016, the Group recorded consolidated revenues of Rs 14,237 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2016.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Temasek, Fidelity and New York Life.

The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

About Max Financial Services Limited

Max Financial Services Limited (MFS), a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a 68 per cent stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.

For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

  • Proposed Transaction creates a Rs 255 Bn annual premium company differentiated portfolio and wider reach to expand in a growing life insurance sector
  • Delivers attractive value proposition for HDFC Life and Max Group shareholders, with significant operating leverage and synergies
  • Policyholders to benefit from enhanced product portfolio and touch points
  • Employees will have greater opportunities across functions and geographies
  • Agents and corporate agents (including HDFC Bank and Axis Bank) will continue their strategic distribution partnership with HDFC Life the merged insurance entity
  • After completion of the proposed Transaction, HDFC Life would be listed on the NSE and BSE

Mumbai, August 8, 2016: The Board of Directors of HDFC Standard Life Insurance Company Ltd.(“HDFC Life”), Max Life Insurance Company Ltd. (“Max Life”), Max Financial Services Ltd. (“Max Financial Services”) and Max India Ltd. (“Max India”) at their respective meetings held today, approved entering into definitive agreements for amalgamation of business between the entities through a composite Scheme of Arrangement. As a part of the proposed transaction, the life insurance business of Max Financial Services, currently held in Max Life, would demerge into HDFC Life.

As per the agreed valuation and exchange ratio, the relative valuation of HDFC Life and Max Life would be 69% and 31% respectively.

For the merger of Max Life into Max Financial Services, shareholders of Max Life will get one share of Max Financial Services for approximately five shares of Max Life. For the demerger of the life insurance undertaking from Max Financial Services into HDFC Life, shareholders of Max Financial Services (post the amalgamation with Max Life), will get 2.33 shares of HDFC Life for each share of Max Financial Services.

As a part of the proposed transaction, in consideration of the non-compete and non-solicitation obligations undertaken by the Promoter Group of Max Financial Services, and for the goodwill attached to the life insurance products and the business of Max Life, the merged insurance entity will be paying a non-compete fee to the Promoter Group of Max Financial Services. The term of Non-Compete would be 4 years since the payment of an upfront fee of Rs 501 crore which will be payable post completion of the proposed transaction. This will be followed by three equal annual installments totaling Rs 349 crore.

HDFC Life has also entered into a Trademark License Agreement to use the ‘Max’ brand as part of life products that will transition from Max Life, for seven years post completion of the proposed transaction.

HDFC Ltd. and Standard Life (Mauritius Holdings) 2006 Ltd. will be the promoters of HDFC Life the merged entity, post completion of the proposed transaction. HDFC Ltd. will cease to be the holding company of HDFC Life post completion of the proposed transaction and will hold ~42.5% of HDFC Life(based on shareholding as on June 30, 2016).

The proposed transaction brings together two large life insurance players with complementary capabilities. The merged insurance entity on Pro-Forma basis has a combined market share of 10.8% in an extremely competitive life insurance market. The product mix of HDFC Life and Max Life complements each other. The merged insurance entity will also have a diversified distribution mix with the contribution (excluding group segment) based on FY16 new business premium being agency 19%, bancassurance 64%, direct 11% and others 5%. On completion, HDFC Life is expected to have bancassurance partnerships with leading banks including HDFC Bank and Axis Bank. The proposed transaction is expected to result in a wider product suite and enhanced service touch points for customers.

The merger is expected to result in significant financial benefits to shareholders and policy-holders of the merged insurance entity, through revenue enhancements from a wider customer base and product suite, additional upsell & cross sell opportunities, enhanced distribution capacity and productivity, as also via scale based synergies. Revenue synergies will accrue due to a wider customer base and product suite providing additional upsell & cross sell opportunities, to compete more effectively in the market.

Max Financial Services will seek an upfront approval of their public shareholders (greater than 50% of the votes cast) for payment of the non-compete fee and Max Life will seek consent from its shareholders holding more than 75% stake for the proposed transaction. Separately, Max India will also seek an upfront approval of its public shareholders for the proposed transaction.

The proposed transaction will also need approval by a majority of shareholders present and voting at the Court convened shareholder meetings of each of HDFC Life, Max Life, Max Financial Services and Max India.

The closing of the proposed transaction will also be subject to certain conditions precedent, including regulatory approvals such as approval by the Insurance Regulatory and Development Authority of India, Competition Commission of India, The Securities and Exchange Board of India, stock exchanges and Hon’ble High Courts amongst others.

Upon obtaining all approvals, when the scheme becomes effective, the following steps will occur in that order:

– Max Life will merge into Max Financial Services
– Demerger of the life insurance undertaking from Max Financial Services into HDFC Life (ie, the
merged insurance entity)
– Merger of Max Financial Services (holding the residual business) into Max India
– HDFC Life, ie the merged insurance entity, would become a listed company, with HDFC Ltd. and
Standard Life (Mauritius Holdings) 2006 Ltd. as the promoters

The proposed transaction is expected to become effective in the next 12-15 months.

Commenting on the proposed transaction, Mr. Deepak Parekh, Chairman of HDFC Ltd. said “We are proud to announce our association with the Max Group and the strategic nature of this transaction. We view this merger as long term value creation for shareholders of HDFC Life.”

Mr. Analjit Singh, Founder & Chairman Emeritus of Max Group said “Max Life and HDFC Life have complementary strengths which would make this merger hugely beneficial for all stakeholders including customers, employees, distribution partners and investors.”

Mr. Amitabh Chaudhry, CEO & MD of HDFC Life said “We are extremely excited about the proposed transaction. The combination will give us a much larger scale of operations. We are looking forward to work closely with Max Life employees and customers and build a strong franchise.”

Mr. Rahul Khosla, President of Max Group and Chairman, Max Life said, “This transaction is testimony to the reputation that Max Life has built over the years, for being a well-run, well-managed company with strong fundamentals.”

Mr. Mohit Talwar, Managing Director, Max Financial Services and Max India, said, “This transaction would create an entity that will bring all-round and significant benefits to customers and employees alike and will prove to be a truly value-accretive business for investors from the very beginning.”

Transaction Advisors

Arpwood Capital acted as the lead financial advisor and Morgan Stanley acted as the financial advisor to HDFC Life. Shardul Amarchand Mangaldas acted as the legal advisor to HDFC Life. AZB & Partners (Mumbai team) advised HDFC Ltd. and Cyril Amarchand Mangaldas (Mumbai team) represented Standard Life (Mauritius Holdings) 2006 Ltd.

Ambit acted as the financial advisor to Max Life. AZB & Partners (Delhi team) acted as legal advisor to Max Life and Max Financial Services and Cyril Amarchand Mangaldas (Bangalore team) advised MSI,Japan.

S.R. Batliboi & Co. LLP recommended the share exchange ratio for the merger of Max Life into Max Financial Services. Haribhakti & Co. LLP and S.R. Batliboi & Co. LLP, appointed by HDFC Life and Max Financial Services respectively, recommended the share exchange ratio for the demerger of the life insurance undertaking from Max Financial Services into HDFC Life.

Citigroup Global Markets India Private Limited and Kotak Mahindra Capital Company Limited provided fairness opinion to the Board of HDFC Life and CLSA India Private Limited provided fairness opinion to the Board of Max Financial Services.

About HDFC Life

HDFC Life is one of the leading life insurance companies in India offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings & Investment and Health, along with Children’s & Women’s Plan. The total premiums for the year ending March 31, 2016 were Rs. 16,313 crores and total AUM as of March 31, 2016 was Rs. 74,247 crores.

About Max Life

Max Life, the leading non-bank promoted private life insurer, is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Co. Ltd. Max Life offers comprehensive long term savings,protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. The total premiums for the year ending March 31, 2016 were Rs. 9,216 crores and total AUM as of March 31, 2016 was Rs. 35,824 crores.

About Max Financial Services

Max Financial Services, a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. Max Financial Services actively manages a 69% stake in Max Life, making it India’s first listed company focused exclusively on life insurance.

17 June 2016, Mumbai

The Board of Directors of HDFC Standard Life Insurance Company Ltd.(“HDFC Life”), Max Life Insurance Company Ltd. (“Max Life”) and Max Financial Services Ltd. (“Max Financial Services”) at their respective meetings held today, approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger of Max Life and Max Financial Services into HDFC Life by way of a scheme of arrangement. The agreement provides for a mutually agreed exclusivity period for due diligence and discussions between the parties in relation to a proposed transaction.

The proposed arrangements would be subject to due diligence, definitive documentation and applicable board, shareholder, regulatory, respective High Courts / NCLT, and other third party approvals, as may be applicable.

Follow up announcements shall be made as necessary.

About HDFC Life

HDFC Life is one of the leading life insurance companies in India offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings & Investment and Health, along with Children’s & Women’s Plan. The total premiums for the year ending March 31, 2016 were Rs. 16,313 crores and total AUM as of March 31, 2016 was Rs. 74,247 crores.

About Max Life

Max Life, the leading non-bank promoted private life insurer, is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Co. Ltd. Max Life offers comprehensive long-term savings, protection and retirement solutions through its high-quality agency distribution and multi-channel distribution partners. The total premiums for the year ending March 31, 2016 were Rs. 9,216 crores and total AUM as of March 31, 2016 was Rs. 35,824 crores.

About Max Financial Services

Max Financial Services, a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. Max Financial Services actively manages a 68% stake in Max Life, making it India’s first listed company focused exclusively on life insurance.

For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Anshuman Dutta
Anshuman.Gunjan@text100.co.inc
+91 9971553969

FY2016 Results Highlights:

  • Max Life’s Operating Revenues: Rs 9,139 Cr., grew 13%
  • Max Life EV as at 31st March 2016: Rs 5,617 Cr; Operating Return on EV: 17%
  • Max Life AUM as at 31st March 2016: Rs. 35,824 Cr., grew 15%

31 May 2016, New Delhi

Max Financial Services Ltd. (MFS), the first company listed following the demerger of the erstwhile Max India, today announced its financial results for FY2015-16. MFS, which is India’s only listed company providing undiluted access to the life insurance sector, reported strong performance, with consolidated operating revenues of Rs. 3,257 Cr. and consolidated Profit Before Tax (PBT) of Rs. 92 Cr. in Q4 FY2016.

Over the past financial year, the Company reported consolidated operating revenues of Rs.  9,173 Cr., and a consolidated PBT of Rs. 465 Cr.

MFS’ sole operating subsidiary Max Life Insurance performed well on all business parameters in FY2015-16, further strengthening its position as the best-in-class provider of long-term savings and protection products. Max Life reported operating revenues of Rs. 3,243 Cr. in Q4 FY2016, growing 20% over the same period last year. For the full financial year, Max Life’s operating revenues stood at Rs. 9,139 Cr., 13% higher than the previous year. During this period, the Company reported PBT of Rs. 511 Cr, growing 7% over the corresponding period last year.

Max Life also announced its Embedded Value as at 31st March 2016 at Rs 5,617 Cr., after allowing for a payout of Rs 439 Cr. as shareholder dividend (including tax on dividend) in FY2016. This represents an Operating Return on EV (RoEV) for FY2016 of 17%. The Value of New Business (VNB) written during FY2016 was Rs 388 Cr. with a Portfolio New Business Margin of 18.3% (before cost overruns) and 17.9 per cent (after cost overruns).

The Company’s Assets Under Management (AUM) stood at Rs. 35,824 Cr. as at 31st March 2016, growing 15% over the same period last year.

Commenting on MFS’ performance, Mr. Rahul Khosla, President, Max Group and Chairman, Max Life Insurance said, “Max Life Insurance has been on a steady growth trajectory over the past five years, establishing itself as the largest non-bank-owned private life insurer. With the demerger providing sharper focus to the business, Max Life is now in a position to deliver new avenues of growth, including through bancassurance and acquisition opportunities.”

Mr. Mohit Talwar, Managing Director, Max Financial Services Ltd., added, “Max Life has ended an already stellar year at a high, delivering its highest ever sales in any quarter of Rs. 936 Cr. With the right vision, strategy and leadership, Max Life is well placed for another successful year.”

In January 2016, the Max Group concluded a mega corporate restructuring wherein the erstwhile Max India was demerged into three separate entities, Max Financial Services, Max India and Max Ventures & Industries. The original company was renamed Max Financial Services and the ex-demerger stock of MFS started trading from 27th January 2016. The other two demerged entities, Max India and Max Ventures & Industries, will be listed on Indian stock exchanges in June 2016.

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY 2016, the Group recorded consolidated revenues of Rs 14,237 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2016.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, IFC Washington, Temasek, Fidelity and New York Life.

The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

About Max Financial Services Limited

Max Financial Services Limited (MFS), a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a 68 per cent stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.

For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Jayant Singh
jsingh@maxindia.com
+91 9999162213

Max Financial Services Limited Makes its Listing Debut with Stellar Profits

  • Max Financial Services’ Consolidated PBT for Q3FY16: Rs. 127 Cr.
  • Max Life Operating Revenues for Q3FY16: Rs 2,243 Cr., grew 10%
  • Max Life shareholder pre-tax profits for Q3FY16: Rs 140 Cr., grew 92%
  • Max Life AUM: Rs 34,079 Cr, grew 16%

 

12 February 2016, New Delhi

Max Financial Services Ltd. (MFS), the first company to be listed following the recently concluded demerger of the erstwhile Max India today announced its first set of financial results.

MFS, which is India’s only listed company providing pure access to the life insurance sector, reported strong performance, with consolidated operating revenues of Rs. 2,248 Cr. and consolidated Profit Before Tax (PBT) of Rs. 127 Cr. in Q3 FY2016.

For the first 9 months of FY2016, the Company reported consolidated operating revenues of Rs. 5,916 Cr. The Company’s consolidated PBT during these 9 months stood at Rs. 373 Cr.

Max Life Insurance, the sole operating subsidiary held by MFS, continued its consistent growth trajectory in Q3FY16, with operating revenue growing 10% to Rs. 2,243 Cr. and profits before tax growing 92% to Rs. 140 Cr. over the same period last year.

The Company’s Assets Under Management (AUM) stood at Rs. 34,079 Cr. as at 31st December 2015, growing 16% over the same period last year.

With an Embedded Value of Rs. 5,363 Cr. as at 30th September 2015 and a growth of ~15% in Operating EV for H1FY2016, Max Life Insurance continues to differentiate itself in the market based on its advice based sales, diversified distribution architecture and comprehensive product portfolio which have helped it achieve profitable growth.

Commenting on the Company’s performance, Mr. Rahul Khosla, President, Max Group said, “The primary objective of the demerger was to give investors undiluted access to our life insurance business. These results clearly demonstrate the underlying strength of this business. I am confident that our commitment to core values and sound business strategy will enable us to continue delivering superior results in the future.”

Mr. Mohit Talwar, Managing Director, Max Financial Services Ltd., added, “Max Life has consistently outperformed the industry over the years and with sharper focus from MFS, I am confident we will continue on a path of sustained profitability and growth in the coming years.”

In January 2016, the Max Group concluded a mega corporate restructuring wherein the erstwhile Max India was demerged into three separate entities, Max Financial Services, Max India and Max Ventures & Industries. The original company was renamed Max Financial Services and the ex-demerger stock of MFS started trading from 27th January 2016. The other two demerged entities, Max India and Max Ventures & Industries, will be listed on Indian stock exchanges in March 2016.

 

About Max Financial Services Limited

Max Financial Services Limited (MFS), a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a 72 per cent stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan-headquartered global leader in life insurance.

 

For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Jayant Singh
jsingh@maxindia.com
+91 9999162213

 

Record date for demerger on 28th January
The company is being renamed as Max Financial Services
20 Jan 2016 New Delhi

The Max Group, one of India’s leading conglomerates, announced the record date for the recently concluded demerger, as 28th Jan 2016. The shares of Max India will start trading ex-demerger from 27th Jan 2016. The existing company is in the process of being renamed as Max Financial Services.
Max India demerged into three separate companies on 15th Jan 2016, to give investors specific and undiluted access to the Group’s diverse lines of businesses, provide sharper focus to each operating business and unlock shareholder value. The first listed company, Max Financial Services Limited (MFS) will focus on managing the Group’s flagship life insurance business, through its 72% shareholding in Max Life, making it the first Indian listed company exclusively focused on life insurance.
The second holding company, which retains the name Max India Limited, will manage investments in the high potential Health and Allied businesses – Max Healthcare, Max Bupa and Antara Senior Living. The demerger will provide these businesses, which are currently in their growth and development phases, closer attention to fulfill their tremendous potential.
The third holding company, Max Ventures & Industries Limited (MVIL) will manage the investment in the manufacturing subsidiary, Max Speciality Films, which is an innovation leader in the Speciality Packaging Films business. It will also evaluate new ideas in the ‘wider world of business’, including but not limited to sectors such as education, real estate and technology taking cues from the economic and commercial reforms agenda of the present Government, including ‘Make in India’, ‘Skill India’, ‘Digital India’, among others.
The two additional resultant companies Max India and Max Ventures & Industries Limited (MVIL) are expected to list on the stock exchanges by mid-march.
Following the demerger, the Group also announced the transition of Analjit Singh to the position of Founder & Chairman Emeritus, Max Group. He will continue to the Chairman of MVIL. Rahul Khosla has been elevated to the highest executive position in the Group, as President, Max Group, as part of a planned and orderly succession process that commenced with his appointment as Managing Director, Max India, in 2011. He will be Executive President of Max Financial Services and Chairman of Max India. Mohit Talwar, Deputy Managing Director of Max India, has been elevated to the position of Managing Director, Max Financial Services (MFS); Managing Director, Max India and Vice Chairman of MVIL.
Post restructuring, the erstwhile Max India’s existing shareholders will retain one equity share of Rs 2/- in Max Financial Services Limited. They will additionally get one equity share of Rs. 2/- each of the new company Max India Limited for every one equity share held in Max Financial Services and one equity share of Rs. 10/- each of Max Ventures and Industries Limited for every 5 equity shares of Rs. 2/- each held in Max Financial Services. The company has applied for approval from the Foreign Investment Promotion Board (FIPB) to enable issuance of the aforesaid new shares.
Even as all these changes will be implemented, the Group’s core values of Sevabhav, Excellence and Credibility will remain unchanged as it fulfils its commitments to its stakeholders and society.

About the Max Group
The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Healthcare & Allied businesses and packaging sectors. In FY ‘15, the Group recorded a consolidated turnover of Rs 14,877 Cr. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2015.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, IFC Washington, Temasek, Fidelity and New York Life.
The Max Group comprises three holding companies, namely:
Max Financial Services, the holding company for Max Life, India’s largest non-bank-owned, private life insurance company. Max Financial Services owns and actively manages a 72.1 per cent stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan- headquartered global leader in life insurance.
Max India, the holding company for Max Healthcare, Max Bupa Health Insurance and Antara Senior Living, is focused on health and allied businesses. Max Healthcare and Max Bupa Health Insurance are joint ventures with global leaders, Life Healthcare (South Africa) and Bupa Finance Plc. (UK), respectively. These businesses have well-entrenched positions in their respective categories, and are recognized for their outstanding service standards. The Company owns and actively manages a 46.4% per cent stake in Max Healthcare, a 76% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.
Max Ventures and Industries, the holding company for Max Speciality Films, an innovation leader in the Speciality Packaging Films business. In addition to manufacturing, the Company also serves as the Group’s entrepreneurial arm to explore the ‘wider world of business’, especially taking cues from the economic and commercial reforms agenda of the present Government, including ‘Make in India’, ‘Skill India’, ‘Digital India’, among others.
The two additional holding companies will be shortly listed on both the Bombay Stock Exchange as well as the National Stock Exchange.

For media queries please contact:
Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Priyanka Guha
priyanka.guha@text100.co.in
8373924991
Jayant Singh
jsingh@maxindia.com
+91 9999162213

Analjit Singh to be Founder & Chairman Emeritus, Max Group
Rahul Khosla to be President, Max Group
Mohit Talwar to be Managing Director of Max Financial Services and the demerged Max India
15th Jan 2016 New Delhi

The Max Group, one of India’s leading conglomerates, today announced the transition of Analjit Singh to the position of Founder & Chairman Emeritus, Max Group.
Rahul Khosla will be elevated to the highest executive position in the Group, as President, Max Group, as a part of a planned and orderly succession process that commenced with his appointment as Managing Director, Max India in 2011.
This leadership transition follows the demerger of the Group’s listed holding company Max India Limited into three separate listed companies to give investors specific and undiluted access to the Group’s diverse lines of businesses, provide sharper focus to each operating business and unlock shareholder value.
Analjit Singh formally stepped down from the Chairmanship and Board of the demerged entity Max Financial Services earlier today. He will step down from the Chairmanship and Board’s of the demerged Max India and the Group’s life insurance company, Max Life Insurance at their respective Board Meetings. Analjit will remain Chairman of Max Ventures and Industries (MVIL), as well as Chairman, Antara Senior Living. He will be a permanent invitee to the Boards and Committees of all Max Group companies. As Founder and Chairman Emeritus, Analjit will continue to provide guidance and vision to the Group and remain an invaluable guide to the Group’s Boards and executive management. He will also leverage his entrepreneurial skills and experience in incubating new businesses in MVIL and nurturing Antara to maturity.
In recognition of the need for continuity of leadership and representation, Rahul Khosla will assume the newly formed position of President, Max Group, which is the senior most executive position in the Group. Rahul will assume various roles in the Group’s companies – as Executive President of Max Financial Services; Chairman of Max India, Chairman of Max Life Insurance; and Chairman of Max Healthcare. He will also become a Member on the Board of Max Ventures and Industries subsequently. He will continue to be on the Boards of Max Bupa and Antara Senior Living and will be a permanent invitee to the Boards and Committees of all Max Group companies.
Speaking about the opportunities ahead for him, Rahul Khosla, President, Max Group, said, “I look to the future with a strong sense of enthusiasm. We have created a solid foundation by establishing a high performance culture, supported by a firm bedrock of values to achieve industry leadership in each of our businesses. Going forward, my focus will be to leverage this strong position and significantly grow our businesses, further strengthen governance, enhance our brand & reputation, optimize capital, and drive value creation for our stakeholders.”
Commenting on the leadership transition, Analjit Singh, Chairman Emeritus & Founder, Max Group, said, “This process of ‘passing of the baton’ from the ‘Founder Sponsor’ demonstrates an evolution, which very few Indian business groups have been able to accomplish and signals high standards of transparency, governance, and forward thinking.”
The other significant changes in the Group leadership are:
Mohit Talwar, currently Deputy Managing Director of Max India, is being elevated to the position of Managing Director, Max Financial Services (MFS) and Managing Director, Max India. In addition, Mohit will become Vice Chairman of Max Ventures and Industries Limited (MVIL) and Chairman of its subsidiary, Max Speciality Films. He will join the Board of Max Life Insurance and will continue to be a Director in all the other operating companies.
Rajesh Sud is being elevated to the position of Vice Chairman, Max Life Insurance while retaining his position as the company’s Managing Director. Rajesh will also continue to be Chairman, Max Bupa and will lead the Group’s activities in the insurance & financial services sector.
Naina Lal Kidwai joins the Max Group as Chairman of Max Financial Services (MFS). Naina has recently stepped down from the position of Chairman, HSBC India, and is an industry stalwart who does not need any introduction. Her expertise and experience will help shape the future for MFS and Max Life Insurance.
Tara Singh Vachani, CEO, Antara Senior Living, joins the Board of Max India Limited as a non- executive Director and has been elevated as Managing Director of Antara Senior Living.
Sahil Vachani will assume the position of Managing Director, Max Ventures and Industries (MVIL) and as a Board Member of its subsidiary Max Speciality Films. Sahil has several years of hands-on experience in managing and growing a manufacturing business which will be usefully applied to MVIL’s packaging business, MSF, as it seeks new avenues of growth. In addition, Sahil will drive entrepreneurial ventures for exploring the ‘wider world of business’ in MVIL.
The Boards of the three newly created holding companies were also reconstituted earlier today and are attached in the Annexure .

About Max Group
The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Healthcare & Allied businesses and packaging sectors. In FY ‘15, the Group recorded a consolidated turnover of Rs 14,877 Cr. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2015.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, IFC Washington, Temasek, Fidelity and New York Life.
The Max Group comprises three holding companies, namely:
Max Financial Services, the holding company for Max Life, India’s largest non-bank-owned, private life insurance company. Max Financial Services owns and actively manages a 72.1 per cent stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan- headquartered global leader in life insurance.
Max India, the holding company for Max Healthcare, Max Bupa Health Insurance and Antara Senior Living, is focused on health and allied businesses. Max Healthcare and Max Bupa Health Insurance are joint ventures with global leaders, Life Healthcare (South Africa) and Bupa Finance Plc. (UK), respectively. These businesses have well-entrenched positions in their respective categories, and are recognized for their outstanding service standards. The Company owns and actively manages a 46.4% per cent stake in Max Healthcare, a 76% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.
Max Ventures and Industries, the holding company for Max Speciality Films, an innovation leader in the Speciality Packaging Films business. In addition to manufacturing, the Company also serves as the Group’s entrepreneurial arm to explore the ‘wider world of business’, especially taking cues from the economic and commercial reforms agenda of the present Government, including ‘Make in India’, ‘Skill India’, ‘Digital India’, among others.
The two additional holding companies will be shortly listed on both the Bombay Stock Exchange as well as the National Stock Exchange.

Annexure:

  • Max Group companies architecture
  • Lists of:
    • Key position holders of all Holding and key Operating Companies
    • Board Members of all Holding and key Operating Companies

For information please contact:
Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Jayant Singh
jsingh@maxindia.com
+91 9999162213
Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Priyanka Guha
priyanka.guha@text100.co.in
+91 8373924991

15th January, 2016, New Delhi

Max India Limited, one of India’s leading multi business corporates, today announced its demerger into three listed companies – Max Financial Services Ltd., Max India Ltd. and Max Ventures & Industries Ltd., to provide its investors with specific and undiluted access to its diverse lines of businesses, unlock shareholder value and enable sharper focus on each operating business.
The first holding company, Max Financial Services Limited (MFS) will focus solely on managing the Group’s flagship life insurance business, through its 72% shareholding in Max Life, making it the first Indian listed company exclusively focused on life insurance.
The second holding company, which retains the name Max India Limited, will manage investments in the high potential Health and Allied businesses – Max Healthcare, Max Bupa and Antara Senior Living. The demerger will provide these businesses, which are currently in their growth and development phases, closer attention to fulfil their tremendous potential.
The third holding company, Max Ventures & Industries Limited (MVIL) will manage the investment in the manufacturing subsidiary, Max Speciality Films, which is an innovation leader in the Speciality Packaging Films business. It will also evaluate new ideas in the ‘wider world of business’, including but not limited to sectors such as real estate, education and technology.
Explaining the transformative potential of the demerger, Mr. Analjit Singh, Founder & Chairman Emeritus, Max Group, said, “The Group operates diverse businesses, each of which has considerable value and growth potential. The demerger will provide investors a choice to continue to be associated with all these businesses, or in the set of businesses that suit their respective investment objectives.”
Mr. Rahul Khosla, President, Max Group, also emphasized the benefits of the demerger, saying, “The demerger will lead to a more specific value discovery for each vertical. Moreover, it will provide sharper management focus to each underlying business. Due to their inherent features and priorities, each of the three holding companies will be optimally positioned to guide their operating businesses on their respective growth journeys.”
Showcasing this restructuring will be a rejuvenated Max logo which has been redesigned to become smarter and more contemporary while retaining the essence of its existing components that project its representation of the businesses of life. All operating companies will incorporate this new Max logo, including Max Bupa whose redesigned logo will now bear a more representative reflection of its Max Group lineage.
The demerger, which was announced in Jan 2015 was concluded after consent and approvals from the High Court of Punjab & Haryana, the Insurance Regulatory and Development Authority of India (IRDAI), the Securities and Exchange Board of India (SEBI) and the Competition Commission of India (CCI).
The demerger represents the onset of the third horizon for Max Group since its inception. In the first horizon, the Group developed as a diversified pharma, telecom services, electronics and manufacturing conglomerate and established partnerships with global leaders in their respective domains.
The second horizon, beginning with the year 2000 saw the Max Group attain national prominence and set industry standards in its ‘businesses of life’. The Group has transformed to now become a $2 billion, multi-business corporation known for its entrepreneurial skills, service excellence, superior performance, and high quality governance.
Post restructuring, the erstwhile Max India’s existing shareholders will retain one equity share of Rs 2/- in Max Financial Services Limited. They will additionally get one equity share of Rs. 2/- each of the new company Max India Limited for every one equity share held in Max Financial Services and one equity share of Rs. 10/- each of Max Ventures and Industries Limited for every 5 equity shares of Rs. 2/- each held in Max Financial Services. The company has applied for approval from the Foreign Investment Promotion Board (FIPB) to enable issuance of the aforesaid new shares.
Even as all these changes will be implemented, the Group’s core values of Sevabhav, Excellence and Credibility will remain unchanged as it fulfills its commitments to its stakeholders and society.
About the Max Group
The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Healthcare & Allied businesses and packaging sectors. In FY ‘15, the Group recorded a consolidated turnover of Rs 14,877 Cr. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2015.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, IFC Washington, Temasek, Fidelity and New York Life.
The Max Group comprises three holding companies, namely:
Max Financial Services, the holding company for Max Life, India’s largest non-bank-owned, private life insurance company. Max Financial Services owns and actively manages a 72.1 per cent stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan- headquartered global leader in life insurance.
Max India, the holding company for Max Healthcare, Max Bupa Health Insurance and Antara Senior Living, is focused on health and allied businesses. Max Healthcare and Max Bupa Health Insurance are joint ventures with global leaders, Life Healthcare (South Africa) and Bupa Finance Plc. (UK), respectively. These businesses have well-entrenched positions in their respective categories, and are recognized for their outstanding service standards. The Company owns and actively manages a 46.4% per cent stake in Max Healthcare, a 76% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.
Max Ventures and Industries, the holding company for Max Speciality Films, an innovation leader in the Speciality Packaging Films business. In addition to manufacturing, the Company also serves as the Group’s entrepreneurial arm to explore the ‘wider world of business’, especially taking cues from the economic and commercial reforms agenda of the present Government, including ‘Make in India’, ‘Skill India’, ‘Digital India’, among others.
The two additional holding companies will be shortly listed on both the Bombay Stock Exchange as well as the National Stock Exchange.

Annexure:

  • Max Group companies architecture
  • Lists of:
    • Key position holders of all Holding and key Operating Companies
    • Board Members of all Holding and key Operating Companies

For information please contact:
Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Jayant Singh
jsingh@maxindia.com
+91 9999162213

– Max India Board to announce effective date for demerger of company into 3 separate listed entities in January 2016
– Max Financial Services expected to trade ex-demerger in January 2016, and the other resulting companies in February 2016
24th Dec 2015, New Delhi

The Hon’ble High Court of Punjab and Haryana vide its order dated 14th December 2015 approved Max India’s Composite Scheme of Arrangement for the demerger of the company. The shareholders of Max India have already given their consent on July 4, 2015, with over 99.9% voting in favor of the demerger, which will unlock value and provide undiluted access to the company’s businesses. In addition, the Insurance Regulatory and Development Authority of India (IRDAI), the Securities and Exchange Board of India (SEBI) and the Competition Commission of India (CCI) have already approved the demerger of Max India, into three separate listed entities. The court is expected to issue the detailed certified order shortly.

Upon receipt of the detailed certified order, the Company will file the same with the Registrar of Companies (RoC) for achieving ‘Effective Date’ of the demerger – the day the 3 legal entities will stand demerged.

On the Effective Date, the existing company, Max India will be renamed as Max Financial Services Limited. In addition, as per the sanctioned scheme, Resulting Company 1 i.e., Taurus Ventures Limited will be renamed as Max India Limited and Resulting Company 2, i.e., Capricorn Ventures Limited will be renamed as Max Ventures and Industries Limited. The demerged Max Financial Services Limited’s stock will start trading on the BSE as well as the NSE in a week from the Effective Date and the two additional companies are anticipated to list in about 45 days from the Effective Date.

Explaining the rationale for the restructuring, Mr. Rahul Khosla, Managing Director, Max India said, “The strategic restructuring and the underlying strength and potential of each business make them well positioned to deliver stellar performance going forward. One of the main benefits of the restructuring is to provide choice for investors to participate specifically in the growth of different sectors/industries. The restructuring and separate listings will also lead to a more accurate value discovery of each vertical. The market has responded extremely favourably in the past few months since we announced the restructuring in January and we hope the investors’ trust in us will only continue to grow from here.”

Commenting on the next steps in the restructuring exercise, Deputy Managing Director Mr. Mohit Talwar said, “The Court order has been a critical penultimate step towards the conclusion of the much awaited restructuring. We and our investors are now looking forward to the demerger and the resultant listing of the 3 demerged entities. We are seeing a significant amount of investor interest and shareholder confidence in all the listing entities.”

Post demerger, the three holding companies will be as follows:

a) Max Financial Services Limited will focus solely on, and manage the Group’s flagship life insurance activity, through its subsidiary Max Life Insurance, in which it holds 72% share, making it the first Indian listed company exclusively focused on life insurance.

b) The second listed company, Max India Limited will manage investments in the high potential Healthcare and Allied businesses. It will have three subsidiaries – Max Healthcare, Max Bupa and Antara Senior Living. The demerger will provide these businesses, which are currently in their growth and development phase, sharpened focus to fulfill their tremendous growth and value potential.

c) The third listed company, Max Ventures and Industries Limited (MVIL), will manage investment in the Group’s manufacturing subsidiary, Max Speciality Films – an innovation leader in the Speciality Packaging Films business. In addition, MVIL will explore fresh ideas for new ventures in the ‘wider world of business’.

Post restructuring, Max India’s existing shareholders will retain one equity share of Rs 2/- in Max Financial Services Limited. They will additionally get one equity share of Rs. 2/- each of the new company Max India Limited for every one equity share held in Max Financial Services and one equity share of Rs. 10/- each of Max Ventures and Industries Limited for every 5 equity shares of Rs. 2/- each held in Max Financial Services. The company has applied for approval from the Foreign Investment Promotion Board (FIPB) to enable issuance of the aforesaid new shares.

About Max Group

The Max Group is a leading Indian multi-business corporate with a commanding presence in the Life Insurance, Healthcare and Health Insurance sectors. In the financial year 2015, the Group recorded a consolidated turnover of Rs 14,877 Cr. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2015. Max India Limited is a widely held company, listed on the BSE and the NSE. Its founder sponsor Analjit Singh holds 40.5% stake in the company. Other shareholders include some of the world’s best Institutional Investors such as Goldman Sachs, Temasek, IFC (Washington), Fidelity and New York Life.

For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

– Operating EV grows at annualised rate of 15%
– Structural new business margin at 20%
26th November 2015, New Delhi

Max India Ltd. today announced the Embedded Value (EV) for its life insurance business, Max Life, at Rs. 5,363 Cr. as at 30th September 2015, based on Market Consistent methodology. The annualised growth in Operating EV for H1 FY2016 is an impressive 14.8% before accounting for capital movements. The Return on EV (RoEV) is 13.8% over the previously declared EV of Rs. 5,232 Cr. as at 31st March 2015. The Value of New Business (VNB) written during H1 FY2016 is Rs 163 Cr with the new business margin at a strong 20.2%, before the cost overrun, and 17.0%, after the cost overrun. The growth is supported by strong fundamentals both on the existing business as well as a continued focus on new profitable business.

EV and VNB are important metrics for the valuation of a life insurance business as the company is generally valued at a multiple to its EV. For instance, Mitsui Sumitomo Insurance’s investment in Max Life Insurance was at an implied EV multiple of around 3 times.

The EV of a life insurance company comprises two key elements — a) Net Asset Value or the Net Worth of the company, which represents the market value of the company’s assets attributable to the shareholders, and b) the Present Value of the company’s future expected profits from its existing business portfolio as at the date of valuation.

Max Life had transitioned its EV calculation to a Market Consistent methodology from the earlier traditional approach (Traditional Embedded Value – TEV) in FY2015. This follows market practice in developed markets, where life insurers have moved to adopt market consistent methodologies.

A market consistent methodology approach better reflects the embedded value of an insurance company by explicitly allowing for insurance and economic risks rather than using an implicit overall allowance for risks through a Risk Discount Rate (RDR) in the traditional approach. In addition, the market-consistent approach is more objective where asset and liability cash flows are valued using assumptions consistent with those applied to similar cash flows in the capital markets.

About Max Group

Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Healthcare and Health Insurance sectors. In the financial year 2015, the Group recorded a consolidated turnover of Rs 14,877 Cr. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2015. Max India Limited is a widely held company, listed on the BSE and the NSE. Its founder sponsor Analjit Singh holds 40.5% stake in the company. Other shareholders include some of the world’s best Institutional Investors such as Goldman Sachs, Temasek, IFC (Washington), Fidelity and New York Life.

About Max Life

Max Life Insurance Company Ltd. (MLIC) is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Mitsui Sumitomo Insurance is a part of MS&AD Insurance Group, which is amongst the leading general insurers in the world. Max Life Insurance, one of India’s leading life insurers, offers comprehensive life insurance and retirement solutions for long-term savings and protection.

A financially strong and stable company with focus on quality of advice, sound investment expertise and service excellence, Max Life Insurance has set in place value-driven culture and corporate governance through its superior human capital. The Company has a countrywide diversified distribution model, including the country’s leading agent advisors, exclusive corporate agency arrangement with Axis Bank and several other partners.

Max India will own 51% and Bupa will own 49% in Max Bupa post requisite regulatory approvals
23rd November, 2015, New Delhi

Max Bupa Health Insurance (Max Bupa) today announced that its foreign parent Bupa has executed agreements to acquire an additional 23% stake in Max Bupa, one of India’s leading standalone health insurers. Bupa will pay around Rs 191 cr to Max India in an all cash transaction, to increase its stake in Max Bupa from 26% to 49%. Bupa was the first foreign insurer to announce its intent to increase its stake to 49% in its Indian health insurance subsidiary after the Government relaxed FDI participation rules for insurance companies.

Since that announcement in January 2015, Bupa and Max India have been working to align their JV agreements with the Insurance Laws (Amendment) Bill 2015 for Indian-owned and controlled businesses. The new agreements will come into force after the requisite regulatory clearances have been secured from the Foreign Investment Promotion Board (FIPB) and the Insurance Regulatory and Development Authority of India (IRDAI).

Launched in 2010, Max Bupa is already the 7th largest private health insurer in India. With a base of more than two million customers across India, it continues to be amongst the fastest growing stand-alone health insurers. Max Bupa has focused on building a retail customer and product portfolio via multiple sales channels including agency, bancassurance, telesales and online.

Its local parent Max India is one of India’s leading multi-business corporates and currently owns 74% of Max Bupa. Its foreign parent Bupa is a UK-headquartered global healthcare group, which holds 26% stake in the company.

Rahul Khosla, Managing Director, Max India Limited, welcomed the development. “Bupa’s stake increase is a clear affirmation of the huge growth opportunity for health insurance in India. The cash received from the transaction will support growth aspirations of the Max Group as well as for Max Bupa. I am confident that this renewed vote of confidence by Bupa, coupled with the recent strategic reorientation of the company will strengthen its position as an innovative leader in its field while setting new benchmarks in customer experience.”

Speaking at the occasion, David Fletcher, Managing Director of International Development Markets at Bupa said: “We see enormous opportunity in India to build on the great foundations of the last few years and use our global expertise to take the business to the next level. We are committed to growing an insurance business that not only provides the best quality healthcare funding but that is at the forefront of helping Indian people to live healthier lives.”

Max India has successfully managed several joint venture partnerships in its diverse businesses. Apart from Bupa, it also has partnerships with Japan’s Mitsui Sumitomo for its Life Insurance business and South Africa-based Life Healthcare for its healthcare business.

About Max Bupa Health Insurance

Max Bupa is a, 74:26, joint venture between Max India Limited, a multi-business corporate with expertise in life insurance and health care and Bupa, a leading international healthcare provider with 65 years of healthcare knowledge. Max Bupa brings together a combination of Bupa’s health insurance and customer service expertise with Max India’s understanding and experience of the Indian health and insurance sectors. Max Bupa offers quality health insurance services through a dedicated team of over 1400 people and its network of 26 offices across 16 cities – Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi, Kolkata, Patna, Goa, Jodhpur and Ludhiana. Max Bupa offers individual and family oriented health insurance policies for Indians across all age groups.

Max Bupa has a direct working relationship with a network of over 3500 top quality hospitals and healthcare providers, with plans to extend its network of hospitals to other parts of the country. Max Bupa services customers directly without third party involvement. For more details about the company and a list of all our network hospitals please visit www.maxbupa.com.

About Bupa

As a leading global health and care company, Bupa offers health insurance, medical subscription and other health and care funding products. Bupa runs care homes, retirement and care villages, primary care, diagnosic and wellness centres, hospitals and dental clinics. Bupa also provides workplace health services, home healthcare, health assessments and long-term condition management services.

Bupa has 29 million customers in more than 190 countries. With no shareholders, it invests its profits to provide more and better healthcare and fulfill its purpose: longer, healthier, happier lives.

Bupa employs almost 80,000 people, principally in the UK, Australia, Spain, Poland, New Zealand and Chile, as well as Saudi Arabia, Hong Kong, India, Thailand and the USA.

For more information, please visit: www.bupa.com

About Max India Group

Max India Group is a leading Indian multi-business corporate with a commanding presence in the Life Insurance, Healthcare and Health Insurance sectors. In the financial year 2015, the Group recorded a consolidated turnover of Rs 14,877 Cr. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2015. Max India Limited is a widely held company, listed on the BSE and the NSE. Its founder sponsor Analjit Singh holds 40.5% stake in the company. Other shareholders include some of the worlds best Institutional Investors such as Goldman Sachs, Temasek, IFC (Washington), Fidelity and New York Life.

Max Healthcare partners Smart Health City to operate and manage South Delhi based Saket City Hospital

28th Oct 2015 New Delhi

Max Healthcare (MHC) today announced a partnership with Smart Group wherein MHC would acquire 51% stake in Saket City Hospital Pvt. Ltd., from Smart Health City Pte Ltd, the Singapore based BK Modi Group company which manages and operates the Delhi based Saket City Hospital (SCH). The transaction is subject to confirmatory diligence, requisite regulatory approvals and other customary conditions.

Located in the heart of South Delhi’s Saket area, SCH, which started operations in 2013, has 230 operational beds and is currently expanding to 300 beds. Max Healthcare plans to further expand this facility by ~900 additional beds, thereby expanding SCH’s capacity to 1200 beds. This addition represents a more than 50% increase compared to Max Healthcare’s current capacity and will significantly enhance access to quality healthcare.

Combined with Max Healthcare’s existing and contiguously located flagship facility (Max Super Specialty Hospital – Saket), Max Healthcare will have a footprint of more than 2000 beds in Saket – making it one of the largest single-location healthcare facilities in India.

MHC’s flagship quaternary & tertiary care hospital Max Super Specialty Hospital (MSSH) Saket is already one of North India’s premier destinations for tertiary & quaternary care including Centers of Excellence for several tertiary specialties. It is also home to a large number of top clinicians of national eminence and has a strong flow of both domestic and international patients. This development is expected to yield tremendous benefits of scale, synergy and quality across clinical, patient safety, customer service, management and financial aspects in tandem with the Max Healthcare network.

For Smart Health City, the partnership will progress Dr. B K Modi’s vision of creating a world-class Medical Office Building (MOB) in addition to SCH. The complementary medical services by MOB will include day care procedures, diagnostics, assisted living, rehabilitation centre, medical and clinical research etc.

The integrated healthcare facility comprising MSSH-Saket, SCH and MOB will collectively result in the development of a world class Medicity in the heart of India’s capital.

SCH will be rebranded as Max Smart Super Speciality Hospital to reflect the shared vision of the two partners.

Commenting on the partnership, Rahul Khosla, MD, Max India and Chairman, Max Healthcare, said, “The ability to create a 2,000 bed world class integrated Medicity, is a life changing opportunity for Max Healthcare and is in line with the company’s vision to be a best in class healthcare services provider. Max Healthcare is confident that this acquisition will provide significant opportunities through the realisation of a clear vision that includes setting up a world class centre dedicated to Oncology, development of high end Neurosciences capabilities, expansion of tertiary and quaternary specialities, installation of facilities to cater to transplants, deployment of high end technology solutions such as robotics to improve care and safety as well as to address the growing burden of lifestyle related, especially non communicable diseases.”

Talking about the partnership, Dr B K Modi, Founder & Chairman, Smart Global Group, said, “The partnership between Smart Health City and Max Healthcare will be transformational for healthcare delivery in North India. Max’s reputation as a premier healthcare provider and the expertise of their international JV partner, Life Healthcare, South Africa, will act as a catalyst for Smart Health City’s aspirations of creating a world class healthcare destination. I am now confident of providing India a health facility we will all be proud of.”

Reflecting on the development, Andre Meyer, CEO, Life Healthcare, said, “Max Healthcare is a critical part of our international portfolio. This Brownfield expansion will accelerate value creation. MHC is our first large scale healthcare platform outside Southern Africa and its continued success has strengthened our commitment to India in general and Max Healthcare in particular.”

Rajit Mehta, MD and CEO, Max Healthcare said, “We believe that we will be able to integrate SCH with our hospital network quickly to optimize clinical and service standards, realize cost efficiencies and attract more top clinicians to an already respectable talent pool.”

Dr Ashok V Chordiya, Vice Chairman, Saket City Hospital, said, “’This partnership will pave the way forward to superior care in medical as well as other complimentary and ancillary services providing comprehensive healthcare.”

Ernst & Young acted as the Advisor to the transaction.

About Max Healthcare
Max Healthcare (MHC) is an equal joint venture with Life Healthcare, South Africa, with both partners holding 45.94% equity stake each in MHC. It is the country’s leading comprehensive provider of standardized, seamless and international-class healthcare services. MHC is committed to the highest standards of medical and service excellence, patient care, scientific and medical education.

Max Healthcare has 13 facilities in North India, offering services in over 30 medical disciplines. Of this, 10 facilities are located in Delhi & NCR and the others in Mohali, Bathinda and Dehradun.

Max Healthcare has a base of over 2,500 doctors, 10,000 employees, and over 2.7 million patients from over 80 countries, across its network of 13 hospitals.

About Smart Health City

Smart Health City Pte Ltd is a Singapore based company and is the holding company for Saket City Hospital and for providing allied medical services. Inspired to create a global standard for healthcare, Smart Health City endeavors to create holistic healthcare destinations that will pioneer medical innovation and patient care experience.

For more information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Sonali Bagchi
sonali.bagchi@text100.co.in
+91 9873242084

Max India’s Corporate Restructuring Plan Receives Formal Shareholder Approval

– Max India shareholders support the demerger with an overwhelming majority of 99.99%
– Significant milestone towards completing the three-way demerger
6th August 2015, New Delhi

The Hon’ble High Court of Punjab and Haryana has issued an order, taking on record the shareholders’ approval of Max India’s Composite Scheme of Arrangement for the demerger of the company and granted liberty to file a second motion petition. The Court-convened meeting of the equity shareholders of Max India was held on 4th July, 2015, in which 99.99% of the shareholders voted in favour of the Scheme.

The order allows the Company to move the second petition before the High Court. The Court will seek comments from the relevant regulatory authorities for the final approval of the demerger.

In addition, the company has applied to the Insurance Regulatory and Development Authority (IRDA) and the Foreign Investment Promotion Board (FIPB) for approval. The Company is hopeful of receiving the final court approval order by the end of September 2015.

Max India has already received approvals for its proposed corporate restructuring from the Securities and Exchange Board of India (SEBI), the two stock exchanges where it is listed — the Bombay Stock Exchange & the National Stock Exchange — as well as from the Competition Commission of India (CCI).

Besides the entity that is already listed, the two additional companies resulting from the Scheme will immediately file for listing of the shares with the stock exchanges following the final approval.

The proposed restructuring is a significant strategic event and is being undertaken to provide investors specific and undiluted access to Max India’s diverse lines of businesses, provide sharper focus to each underlying business and to unlock shareholder value.

Three holding companies will be listed upon completion of the demerger.

a) The existing company, Max India Limited, will be renamed ‘Max Financial Services Limited’ (MFS) and will focus solely on the Group’s flagship life insurance activity, through its subsidiary Max Life Insurance, in which it will hold 72% shareholding, making it the first Indian listed company exclusively focused on life insurance.

b) The second listed company will be named Max India Limited, and will continue to manage investments in the high potential sector of Healthcare and allied businesses. It will have three subsidiaries – Max Healthcare, Max Bupa and Antara Senior Living. The demerger will provide these businesses, which are currently in their growth and development phase, sharpened focus to fulfil their tremendous growth and value potential.

c) The third listed company will be named Max Ventures and Industries Limited (MVIL) and will house the Group’s manufacturing subsidiary, Max Speciality Films – an innovation leader in the Speciality Packaging Films business. In addition, MVIL will also leverage the platform provided by the Prime Minister’s ‘Make in India’ initiative and will explore fresh ideas for new ventures in the ‘wider world of business’.

Once the restructuring scheme is effective, after due regulatory approvals, Max India’s existing shareholders will retain one equity share of Rs 2/- in Max Financial Services Limited. They will additionally get one equity share of Rs. 2/- each of the new company Max India Limited for every one equity share held in Max Financial Services and one equity share of Rs. 10/- each of Max Ventures and Industries Limited for every 5 equity shares held in Max Financial Services.

About Max India

Max India Group is a leading Indian multi-business corporate with a commanding presence in the Life Insurance, Healthcare and Health Insurance sectors. In the financial year 2015, the Group recorded a consolidated turnover of Rs 14,877 Cr. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2015. Max India Limited is a widely held company, listed on the BSE and the NSE. Its founder sponsor Analjit Singh holds 40.5% stake in the company. Other shareholders include some of the world’s best Institutional Investors such as Goldman Sachs, Temasek, IFC (Washington), Fidelity and New York Life.

For information please contact:

Nitin Thakur

nthakur@maxindia.com

+91 9873347428

Beedisha Chakrabarti

beedisha.chakrabarti@text100.co.in

+91 9899003192

Anisha Rakyan

arakyan@maxindia.com

+91 9811024077

Sonali Bagchi

sonali.bagchi@text100.co.in

+91 9873242084

Max Healthcare to acquire 76% stake in NCR based Pushpanjali Crosslay Hospital for Rs 287 Cr.

Max Healthcare (MHC) today announced that it has executed definitive agreements to acquire a controlling stake of 76% in NCR based Pushpanjali Crosslay Hospital (PCH) through a combination of fresh investment and acquisition of shares from existing promoters for the aggregate sum of Rs 287 Cr. Situated just 4 kms from Max Super Speciality Hospital in Patparganj, the 340-bedded Pushpanjali Crosslay is at a prime location along the East Delhi-Ghaziabad-Noida corridor. The hospital which has the capacity to expand up to 540 beds is NABH and NABL accredited and has been operational since 2010.

This move is in line with Max Healthcare’s ambitious growth strategy and follows its impressive financial performance and turn around to profitability. The new hospital, which will be rebranded under the Max Hospital umbrella, is expected to benefit immensely from clinical, management and financial synergies with the Max Healthcare network in general and Max Super Speciality Hospital, Patparganj in particular.

MHC is confident that this acquisition will provide significant expansion to the top and bottom line through sharing of resources, cost efficiencies, optimization of occupancy, and focusing on high growth specialities such as Oncology, Neuro Sciences, Renal Sciences including Kidney Transplant Program, Orthopedics and Cardiac Sciences.

Max Super Speciality Hospital, Patparganj, which is in close proximity to PCH, has already established a strong following and brand presence in the East Delhi & Western UP market and operates consistently at benchmark levels of occupancy. This acquisition, along with the existing hospitals in Patparganj, Noida and Greater Noida, will provide Max Healthcare a formidable presence in the East Delhi and Western UP region, which has a limited number of tertiary care hospitals catering to a population of more than 12.7 million.

Commenting on the acquisition, Rahul Khosla, Chairman, Max Healthcare and MD, Max India, said, “This acquisition comes at a fortuitous time for us when Max Healthcare has turned profitable and is poised for growth. Pushpanjali Crosslay is one of the few hospitals in NCR region which match Max Healthcare’s infrastructure and scale standards. Its 340 operational beds will allow immediate revenue and profit accretion to Max Healthcare. In addition, the reputation for excellence in medical services created by Max Healthcare, and particularly by our tertiary care hospital in Patparganj, will be hugely beneficial in attracting patients and top clinicians to our new hospital.”

Rajit Mehta, MD and CEO, Max Healthcare said, “Pushpanjali Crosslay is a welcome addition to our hospital network. We believe that we will be able to integrate it with our other hospitals fairly quickly to optimize clinical and service standards, realize cost efficiencies and attract more top clinicians to its already respectable clinical talent pool. Our patients should be confident of benefiting from the high levels of care and treatment that they have come to expect from any Max Hospital.”
PCH was founded by prominent Delhi clinician Dr Vinay Aggarwal along with a cooperative of around 250 doctors and 450 nursing staff. The property has 11 operation theatres, 4 labour rooms, 1 cath lab and is spread across 3.46 acres of freehold land, with a built up area of 3.84 lakh sq ft. With topof-the-line infrastructure and an opportunity to optimize the hospital’s operating model to drive efficiencies, the hospital presents MHC with immense scope for expansion and for transforming the hospital to a super speciality institution of choice in the near future. PCH had reported revenue of Rs 143 Cr at an EBIDTA margin of 14% in FY2014. Both these parameters underscore the potential for growth and upside by deploying Max Healthcare’s assets and expertise. Ernst & Young LLP acted as exclusive lead advisors on the transaction to PCH, while MHC’s side was led by Max Group and Life Healthcare’s in-house teams.

MHC plans to fund this transaction through a combination of debt and proceeds received from the recent stake increase by Life Healthcare & IFC.
Max Healthcare is on a steady path of growth, driven by significant increase in traction in its existing hospitals, and the ability to effectively harness growth from its new hospitals in Dehradun, Shalimar Bagh, Bathinda, Mohali and Greater Noida.

About Max Healthcare
Max Healthcare (MHC) is a joint venture with Life Healthcare, South Africa, and is the Country’s leading comprehensive provider of standardized, seamless and international-class healthcare services. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education.
Max Healthcare has 12 facilities in North India, offering services in over 30 medical disciplines. Of this, 9 facilities are located in Delhi & NCR and the others in Mohali, Bathinda and Dehradun. The Max network includes state-of-the-art tertiary care hospitals in Saket, Patparganj, Shalimar Bagh, Mohali, Bathinda and Dehradun, secondary care hospitals at Gurgaon, Pitampura, Noida & Greater Noida and an out-patient facility and speciality centre at Panchsheel Park. The Super Speciality Hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab.

Max Healthcare has a base of over 2,200 doctors, 9300 employees, and over 2.5 million patients from over 80 countries, across its network of 12 hospitals.

About Max India
The Max India Group is a leading Indian multi-business corporate with a commanding presence in the Life Insurance, Healthcare and Health insurance sectors. In the financial year 2015, the Group recorded consolidated revenue of Rs. 14,877 crore. It has a total customer base of over 8 million, nearly 300 offices spread across India and employee strength of over 70,000 persons as on 31st March 2015. Max India Limited is a widely held company, listed on the BSE and the NSE. Its founder sponsor Analjit Singh holds 40.5% stake in the company. Other shareholders include some of world’s best Institutional Investors such as Goldman Sachs, Temasek, IFC (Washington), Fidelity, New York Life.

About Life Healthcare
Life Healthcare is the second largest private hospital operators in South Africa. It currently owns and operates 63 facilities with 8322 beds in a comprehensive geographic spread over seven South African provinces and Botswana. It is also a leading provider of acute rehabilitation and mental health services in the country.

For information please contact:
Nitin Thakur nthakur@maxindia.com +91 9873347428

Beedisha Chakrabarti beedisha.chakrabarti@text100.co.in +91 9899003192

Anisha Rakyan arakyan@maxindia.com +91 9811024077

Sonali Bagchi sonali.bagchi@text100.co.in +91 9873242084

Max India announces the Embedded Value (EV) for its life insurance business as at 31st March 2015

– EV based market consistent methodology stands at Rs. 5,232 Cr., implying total and operating returns of 28.1% and 22.3% respectively

Max India Ltd. today announced the Embedded Value (EV) for its life insurance business, Max Life, at Rs. 5,232 Cr. as at 31st March 2015, based on Market Consistent methodology. The Return on EV for FY2015 is an impressive 28.1% while the Operating Return on EV is 22.3%. The Value of New Business (VNB) written during FY2015 is Rs 460 Cr. with the new business margin at a healthy, 23.4%. The growth is supported by strong fundamentals both on the existing business as well as a continued focus on new profitable business.

EV and VNB are important metrics for the valuation of a life insurance business as the company is generally valued at a multiple to its EV. For instance, Mitsui Sumitomo Insurance’s investment in Max Life Insurance was at an implied EV multiple of around 3 times.

Embedded Value (EV) of a life insurance company comprises two key elements — a) Net Asset Value or the Net Worth of the company, which represents the market value of the company’s assets attributable to the shareholders, and b) the Present Value of the company’s future expected profits from its existing business portfolio as at the date of valuation.

Max Life transitioned its EV calculation to a Market Consistent methodology from the earlier traditional approach (Traditional Embedded Value – TEV). This follows market practice in developed markets, where life insurers have moved to adopt market consistent methodologies.

A market consistent methodology approach better reflects the embedded value of an insurance company by explicitly allowing for insurance and economic risks rather than using an implicit overall allowance for risks through a Risk Discount Rate (RDR) in the traditional approach. In addition, the market-consistent approach is more objective where asset and liability cash flows are valued using assumptions consistent with those applied to similar cash flows in the capital markets. The decision to adopt the market consistent methodology was approved by the Max Life Board on 21st May 2015. The EV for FY2014, as per the TEV methodology was Rs 3953 Cr.

Max Life has been on a steady growth trajectory over the past 4 years and continued to register exceptional performance in the previous financial year as well. The company reported 12% premium growth and Rs 477 Cr shareholder profits for FY2015. Max Life maintained its position as the 4th largest private player in the life insurance industry (individual business), and the largest non-bank private life insurance company. The company wiped out all its accumulated losses during FY2015.

Max India Ltd. also announced its results today with its consolidated revenue for FY15 at Rs 14,877 Cr, growing 27% and consolidated PAT at Rs 365 Cr, growing 75%.

About Max India
Max India Group is a leading Indian multi-business corporate with a commanding presence in the Life Insurance, Healthcare and Health Insurance sectors. In the financial year 2015, the Group recorded a consolidated turnover of Rs 14,877 Cr. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2015. Max India Limited is a widely held company, listed on the BSE and the NSE. Its founder sponsor Analjit Singh holds 40.5% stake in the company. Other shareholders include some of the world’s best Institutional Investors such as Goldman Sachs, Temasek, IFC (Washington), Fidelity and New York Life.

About Max Life
Max Life Insurance Company Ltd. (MLIC) is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Mitsui Sumitomo Insurance is a part of MS&AD Insurance Group, which is amongst the leading general insurers in the world. Max Life Insurance, one of India’s leading life insurers, offers comprehensive life insurance and retirement solutions for long-term savings and protection.

A financially strong and stable company with focus on quality of advice, sound investment expertise and service excellence, Max Life Insurance has set in place value-driven culture and corporate governance through its superior human capital. The Company has a countrywide diversified distribution model, including the country’s leading agent advisors, exclusive corporate agency arrangement with Axis Bank and several other partners.

Max India Foundation salutes Breast Cancer survivors in a gala event ‘Celebrate Me’

~Held in Delhi on 22nd March 2015 as a culmination to cancer screening and awareness camps~

24th March, 2015, Delhi: Continuing its commitment and fight against Breast Cancer, Max India Foundation (MIF) culminated its month long breast cancer screening and awareness campaign with “Celebrate Me” event in Delhi. The event was organized to honor women who have survived their battle against Breast Cancer and emerged as ‘champions’ and to share their stories of tremendous determination and grit that can inspire one and many. The champions, attired in Ritu Kumar fashion wear, walked the ramp alongside doctors who helped them through the journey. Two poignant short stories, outlining the journeys of champions, as a first person account, were also showcased at the event.

The gala event featured breast cancer survivors on the ramp with hair and makeup done by Dr Blossom Kochar of Aroma Magic. The evening showcased some women-centric performances by Rekha Surya, a renowned Hindustani classical music singer and disciple of Begum Akhtar; and urban folk band Folka Dots. The famous Bharatnatyam dancer Rama Vaidya Nathan, accompanied by her daughter, choreographed and performed a beautiful dance depicting the ups and downs of life – “What is Life”. The evening was graced by Shweta Bachhan Nanda walking the ramp as the showstopper to endorse support to the survivors. Sharing her thoughts with the audience, she said, “Any kind of cancer brings a stigma with it. One must remember that cancer is a tough disease but those who fight it are tougher. Well-being is as much a part of the mind and spirit as the body. We shouldn’t just celebrate those suffering from cancer but the care-givers who are constantly there for care and support through every milestone in the journey of people championing cancer. I congratulate the women present here this evening for their indomitable spirits’. They are really heroes. With this event, the survivors or “champions “ have been infused with a great sense of confidence and self-esteem. They have bonded as a group and feel connected and supported.’

Mr Analjit Singh, Chairman Max India and Managing Trustee of the Foundation was personally present at the event along with Mr Rahul Khosla (Managing Director, Max India) and Mohit Talwar (Deputy Managing Director, Max India). Other seniors like Mr Rajesh Sud (Managing Director, Max Life Insurance) and Mr Rajit Mehta (Deputy Managing Director, Max Healthcare) were also present. Speaking at the event, Mr. Singh shared a profound narration of a young surgeon who succumbed to cancer. He said, “Persistence is the true spirit of existence. Today, as we gather here to commemorate exceptional individuals, we pay tribute to them not simply because they have conquered a malady but because they have left lessons with us on how to battle and persist against various odds that life throws at us. We all have to work mindfully to contribute to society and develop everything around us to protect ourselves from how life has become now. I hope we all spread consciousness on how to live healthy lives.”

Ms. Mohini Daljeet Singh, Chief Executive of Max India Foundation, talking about strong commitment towards the cause said, “Cancer is a leading cause of death globally. Many of these deaths can be prevented by early detection, treatment and good palliative care. Max India Foundation takes immense satisfaction in persistently providing patients across the country with support services for diagnosis and cure. We recently received funding from Australian High Commission under their Direct Aid Programme for cancer awareness activities and this support enthuses us all the more to increase the outreach of our local campaigns to educate people in preventive health measures. ‘Celebrate me’, is aimed at emboldening and equipping cancer survivors by bringing to light their encouraging experiences on a multi-stakeholder platform. It is a simple yet powerful initiative to strengthen and promote benefits arising out of regular health check-ups specifically pertaining to breast cancer.”

Mr. Gregory Harvey, a representative from the Australian High Commission at the event said, ‘The work that the Max India Foundation, to provide mobile screening camps in Delhi and Punjab, is doing is extremely significant. One of the key aspects of curing cancer is improving early and accurate detection. It increases survivor rates and also ameliorates health outcomes and quality of life of patients. We look forward to continuing and maintaining our relationship with the Foundation to continue addressing such crucial issues.’

MIF, the CSR arm of Max group, organized a month long Cancer screening and awareness campaign in Delhi NCR and across all 8 blocks of Bathinda, Punjab. The campaign, which commenced on 23rd February, 2015, reached out to over 500 women through 13 camps in the 2 states. Free-of-cost screening for detection of cancers of breast, cervix and oral cavity was provided at these camps. Awareness on cancer prevention and cure were integrated with these camps on a large scale. The various IEC activities to generate awareness among the communities included street plays, talks by expert doctors, screening of movie, pamphlets etc.

About Max India Foundation

Max India Foundation (MIF), founded in 2008, is the social service arm of Max India Limited. The primary areas of work are curative and preventive healthcare, health awareness for underprivileged population; and initiatives on a health oriented environment. The foundation organizes immunization camps for children and multispecialty health camps for all age groups; operates permanent health centers; supports medical and surgical treatments at Max group of hospitals and artificial limbs and calipers for the disabled; caters to nutritional needs of children; creates health awareness; and carries out disaster relief work. Guided by its vision of ‘Caring for life’, the foundation has benefitted over 1.2 million people from the underserved communities in 22 states across the country in partnership with more than 400 NGOs.

Max India Foundation has been awarded the Golden Peacock Global CSR Award in 2011 and Golden Peacock Award for CSR 2012, The BSE 6TH Social And Corporate Governance Awards – 2010, 5th and 7th INDY‟S Stars of the Industry Awards 2011 for Best CSR, and Blue Dart Award for CSR on World CSR Day in 2012 and 2013, for the significant impact the Foundation has made to the lives of the needy in the last five years.

For further information, please contact:

Text100 – Anubhuti Sharma, 9654367013, anubhuti.sharma@text100.co.in

Text100 – Garima Sharma, 9899175275, Garima.sharma@text100.co.in

Max India set for mega corporate restructuring

Demerges into 3 business verticals – Life Insurance, Health & Allied businesses and Manufacturing Industries

The Board of Max India Ltd, approved a Corporate Restructuring plan to vertically split the company through a demerger, into three separate listed companies, to give investors specific and undiluted access to its diverse lines of businesses, provide sharper focus to each underlying business, and unlock shareholder value. The Board also approved divestment of its clinical research business.

Upon completion of the demerger, the existing company, Max India Limited, is proposed to be renamed ‘Max Financial Services Limited’ (MFS) upon demerger and will focus solely on the group’s flagship life insurance activity, through its 72.1% shareholding in Max Life, making it the first Indian listed company exclusively focused on life insurance. The Insurance Amendment Ordinance, recently promulgated by the President of India, and widely expected to be approved as an Act, has created renewed investor interest in the life insurance sector.

Upon completion of the demerger it is proposed to name the second vertical Max India Limited, which will continue to manage investments in the high potential Health and Allied businesses, essentially comprising : – Max Healthcare, Max Bupa, Antara Senior Living and supported by a Corporate Management Services team. The demerger will provide these businesses, which are currently in their growth and development phases, sharpened focus to fulfil their tremendous potential. The Corporate Management Services team will manage a shared services centre, which will provide functional support to all 3 verticals.

The third vertical will house the investment activity in the group’s manufacturing subsidiary, Max Speciality Films – an innovation leader in the Speciality Packaging Films business – and will be named Max Ventures and Industries Limited (MVIL). Set-up in 1989, the Speciality Packaging Films business has been consistently profitable. It recorded revenues of Rs. 746 Cr. and profit of Rs. 14 Cr in FY2014. The Prime Minister’s new initiative ‘Make in India’ is set to provide fresh impetus to this business and for this vertical, to start looking at fresh ideas in the ‘wider world of business’.

Max India has also initiated action for the divestment of its entire 100% stake in the clinical research business. Max Neeman entities in India and United States are proposed to be divested to a Canadian Contract Research Organization (CRO), JSS Medical Research Inc., for a consideration of US$ 1.5 Million, subject to successful completion of due diligence and signing of definitive agreements, expected by mid-February.

Once the demerger scheme is effective, after due regulatory approvals, Max India’s shareholders will retain one equity share of Rs 2/- in Max Financial Services Limited and will additionally get one equity share of Rs. 2/- each of Max India Limited for every one equity share of Rs. 2/- each held in Max Financial Services, and one equity share of Rs. 10/- each of Max Ventures and Industries Limited for every 5 equity shares of Rs. 2/- each held in Max Financial Services.

Max India currently has cash reserves of Rs. 605 Cr. as at December 31, 2014. It is proposed to split the cash reserves as on Appointed Date of April 1, 2015 between the 3 listed companies such that Max Financial Services Limited will hold Rs. 150 Cr., Max Ventures and Industries Limited will hold Rs. 10 Cr. and the balance, likely to be over Rs. 400 Cr., will be held by the newly formed Max India Limited.

The top leadership of Max India – Analjit Singh (Chairman), Rahul Khosla (Managing Director) and Mohit Talwar (Deputy Managing Director) – will continue in their roles and upon demerger, will continue to hold appropriate roles in the demerged entities of the Max group. The top leadership of the Max group’s operating companies will continue in their respective roles – Rajesh Sud, MD and CEO of Max Life and Chairman, Max Bupa, Rajit Mehta, DMD of Max Healthcare, Tara Singh Vachani, CEO of Antara, Jaideep Wadhwa, CEO of MSF and Mohini Daljeet Singh, Chief Executive of Max India Foundation.

Setting the context for the demerger, Analjit Singh, Chairman, Max India Ltd, said “The new government is setting a rapid pace for economic reforms. This structural reconfiguration readies us to capitalize on opportunities created by the anticipated all round growth acceleration and to henceforth look at the wider world of business opportunities.”

Explaining the rationale for the demerger, he added “Our bouquet of businesses is diverse, but each has considerable value and growth potential. This demerger will provide investors with a choice to continue to be associated with all these businesses, or only specifically invest in the set of businesses that suit their respective investment philosophy. For instance, the high growth healthcare business is poised to add significant additional capacity in future. The health insurance and senior living business are less than 5 years in operation and need significant focus, attention and capital, while the relatively mature business of life insurance provides a balance of growth and profitability.”

The Appointed Date for the demerger is April 1, 2015, and the demerger is expected to be completed within the next six to nine months.

The proposed demerger is subject to approval by Max India shareholders, its creditors and relevant regulatory authorities.

About Max India

Max India Group is a leading Indian multi-business corporate with a commanding presence in the Life Insurance, Healthcare and Health insurance sectors. In the financial year 2014, the Group recorded a consolidated turnover of Rs 117 billion. It has a total customer base of around 8 million, over 300 offices spread across India and people strength of around 18,000 as on 31st March 2014. Max India Limited is a widely held company, listed on the BSE and the NSE. Its founder sponsor Analjit Singh holds 40.5% stake in the company. Other shareholders include some of world’s best Institutional Investors such as Goldman Sachs, Temasek, IFC (Washington), Fidelity and New York Life.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428
E-mail: nthakur@maxindia.com

Anisha Rakyan
Cell # +91 9811024077

E-mail: arakyan@maxindia.com

Garima Sharma

Cell # +91 9899175275

E-mail: Garima.Sharma@text100.co.in

Ritika Singh
Cell # +91 9654971565

E-mail: Ritika.Singh@text100.co.in

Max Bupa set to become one of the first to benefit from new insurance FDI Limited

BUPA TO INCREASE STAKE IN MAX BUPA TO 49%

Max Bupa Health Insurance (Max Bupa) today announced that it is set to become one of the first companies in India to benefit from the proposed increased limit for foreign direct investment (FDI) in insurance. Following the Insurance Laws Amendment Ordinance 2014 receiving legislative assent in the 2015 Budget Session of Parliament, Bupa, the international healthcare group, proposes to increase its stake in Max Bupa from 26% to 49%. Bupa will submit formal applications to the relevant authorities for the regulatory approvals required in order to increase its stake.

Max Bupa, a leading Indian standalone private health insurer, is a joint venture between Max India, one of India’s leading multi business corporates, which owns 74% of Max Bupa, and Bupa, the UK-headquartered global healthcare group, which owns 26%. Launched in 2010, Max Bupa is already the 7th largest private health insurer in India. With a customer base of two million across India, it continues to be amongst the fastest growing stand-alone health insurers. Max Bupa has focused on building a retail customer and product portfolio via multiple sales channels including agency, bancassurance, telesales and online.

Commenting on the decision to increase Bupa’s stake in Max Bupa, David Fletcher, Managing Director of International Development Markets at Bupa said: “This decision underlines Bupa’s commitment to the Indian health insurance market and represents a major milestone in the development of Max Bupa. With our partners Max India, we are committed to supporting Max Bupa’s growth and helping Indian consumers live healthier and more successful lives.”

Rahul Khosla, Managing Director, Max India Limited, Bupa’s JV partner, welcomed the decision. “Max Bupa has established its brand, developed a wide retail customer base and grown its share in the attractive health insurance market. As Max Bupa prepares itself for its next wave of growth, it will stand to benefit from Bupa’s expertise in areas such as under-writing health risks and product innovation. Bupa’s intention to increase its stake is testimony to the huge opportunity for health insurance in India and Max India’s reputation in successfully managing joint ventures.”

Max India is one of India’s leading multi business corporates with interests in life insurance, healthcare and health insurance. Since its inception almost three decades ago, it has successfully managed several joint venture partnerships. Talking about the recent reforms in India, Mr Khosla added, “Given that the Government has been in office for just six months, I congratulate the Prime Minister, Mr Modi and the Finance Minister, Mr. Jaitley for finding a way to drive the passage of such a major sectoral reform. This Government is pro business and has now also shown it means business.”

The application to increase Bupa’s shareholding in Max Bupa will be subject to successful completion of the law-making process as well as all relevant regulatory and legal approvals.

About Max Bupa Health Insurance

Max Bupa is a, 74:26, joint venture between Max India Limited, a multi-business corporate with expertise in life insurance and health care and Bupa, a leading international healthcare provider with 65 years of healthcare knowledge. Max Bupa brings together a combination of Bupa’s health insurance and customer service expertise with Max India’s understanding and experience of the Indian health and insurance sectors. Max Bupa offers quality health insurance services through a dedicated team of over 1400 people and its network of 26 offices across 16 cities – Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi, Kolkata, Patna, Goa, Jodhpur and Ludhiana. Max Bupa offers individual and family oriented health insurance policies for Indians across all age groups.

Max Bupa has a direct working relationship with a network of over 3500 top quality hospitals and healthcare providers, with plans to extend its network of hospitals to other parts of the country. Max Bupa services customers directly without third party involvement. For more details about the company and a list of all our network hospitals please visit  www.maxbupa.com.

About Bupa

As a leading international healthcare group, Bupa offers health insurance and other health funding products, and runs care homes, retirement villages, hospitals, diagnostic and primary care centres and dental clinics. Bupa also provides workplace health services, home healthcare, health assessments and long-term condition management services.

 

Bupa has over 22 million customers in 190 countries and territories. With no shareholders, it invests its profits to provide more and better healthcare and fulfill its purpose: longer, healthier, happier lives.

 

Bupa employs more than 70,000 people, principally in the UK, Australia, Spain, Poland, New Zealand and Chile, as well as Saudi Arabia, Hong Kong, India, Thailand and the USA.

 

For more information, please visit:www.maxbupa.com.

About Max India

Max India Group is a leading Indian multi-business corporate with a commanding presence in the Life Insurance, Healthcare and Health insurance sectors. In the financial year 2014, the Group recorded a consolidated turnover of Rs 117 billion. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2014. Max India Limited is a widely held company, listed on the BSE and the NSE. Its founder sponsor Analjit Singh holds 40.5% stake in the company. Other shareholders include some of world’s best Institutional Investors such as Goldman Sachs, Temasek, IFC (Washington), Fidelity and New York Life.

Press Contacts:

Bupa

Vasudevan Rangarajan

Office: +91 124 4131 481

Mobile : +91 95602 77755

Email: vasudevan.rangarajan@edelman.com

Max India

Nitin Thakur

Mobile: +91 9873347428

E-mail: nthakur@maxindia.com

Anisha Rakyan

Mobile: +91 9811024077

E-mail:arakyan@maxindia.com

Max Bupa wins the ‘IT Leadership Award’ at the Asia Insurance Technology Awards 2014

·         Recognized for effective implementation of business process automation platform significantly reducing service turn-around time

·      Third recognition in a year for technology expertise

New Delhi, November 24, 2014: Max Bupa Health Insurance has been conferred with the ‘IT Leadership Award’ at the Asia Insurance Technology Awards 2014. The company has received this coveted recognition for the effective implementation of its business process automation platform that has significantly reduced customer service turn-around time and operating costs. The awards were presented at the third edition of Asia Insurance CIO Technology Summit held in Singapore last week. This is Max Bupa’s third recognition in the year for its technology prowess and excellence.

 

Offering exceptional customer service by rapidly adapting to the evolving consumer needs has been Max Bupa’s focus since the time of inception. The company is committed to providing a seamless and personalized customer experience through advanced technological implementation of smart and hassle free processes.

 

Max Bupa has made significant investment in its technology capabilities, including in-house development and support teams to ensure agility and responsiveness for changing business needs. These solutions enhance customer experience through improved interactions and reduced customer response timelines.

 

Manasije Mishra, CEO, Max Bupa, said, “As committed health partners to our customers, it is our constant endeavour to offer them best in class health insurance products coupled with an exceptional customer service. We are committed to investing in technologies and solutions that enable a seamless customer experience. It is an honour to be recognised for our technological proficiency at such a coveted platform.”

 

Somesh Chandra, Director – Customer Service, Operations, Technology & Chief Quality Officer at Max Bupa added, “At Max Bupa, we keep pace with the technological advancements by making continuous investments to ensure competitive advantage. Successful implementation of the business automation platform has significantly helped us improve agility while addressing customer needs, at the same time also helping us cut down operation costs. The award is a testimony for our commitment to customers and serving them well.”

 

The Asia Insurance Technology Awards recognize excellence and innovation in the use of technology within the insurance industry in the Asia Pacific Region. The awards were presented by research and consulting firm, Celent and Asia Insurance Review, a premier and comprehensive magazine addressing the information needs of insurance practitioners in Asia.

 

Earlier this year, Max Bupa was also conferred with the Model Insurer Asia of the Year 2014 by the analyst firm Celent for usage of advanced technology in insurance. Max Bupa was also recognised for its ‘Technology Maturity’ by India Insurance Awards 2014 for focused utilization of technology to deliver the best in class service to its customers.

 

Note to the editors:

About Max Bupa Health Insurance

Max Bupa Health Insurance is a, 74:26, joint venture between Max India Limited, a multi-business corporate with expertise in life insurance and health care and Bupa Global, a leading international healthcare provider with 65 years of healthcare knowledge. Max Bupa brings together a combination of BupaGlobal’s health insurance expertise and customer service expertise with Max India’s understanding and experience of the Indian health and insurance sectors. Max Bupa offers quality health insurance services through a dedicated team of over 1300 people and its network of 25 offices across 16 cities – Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi, Kolkata, Patna, Goa, Jodhpur, Ludhiana and Gurgaon. Max Bupa offers individual and family oriented health insurance policies for Indians across all age groups.

 

Strong Network of 3500 hospitals

Max Bupa Health Insurance has a direct working relationship with a network of over 3500 top quality hospitals and healthcare providers and at the same time the company plans to extend its network of hospitals to other parts of the country. Max Bupa services customers directly without third party involvement. For more details about the company and a list of all our network hospitals please visit www.maxbupa.com.

 

Max India Foundation and the Karmapa’s Kagyupa International Monlam Trust Launch MultiSpeciality Health Camp for the Poor

Bodhgaya, Bihar 3–5 January 2015

January 3rd, 2015, Bodhgaya .On the occasion of the 32nd Kagyu Monlam Prayers for World Peace, led by His Holiness the 17th Karmapa Ogyen Trinley Dorje, the Max India Foundation (MIF) is delighted and humbled to join hands with the Kagyupa International Monlam Trust in bringing better health to the residents of Bodhgaya through a three-day Multi- Speciality Health Camp. MIF’s mission is to make quality healthcare services available to the poor and the needy. Since its establishment in 2008, MIF have conducted multi-speciality camps in different parts of India, including remote tribal areas in Madhya Pradesh, Andhra Pradesh, Ladakh and Punjab. In recognition of its deep commitment to Corporate Social Responsibility (CSR) and the significant impact the Foundation has made on the lives of the needy, Max India Foundation has received numerous awards including the prestigious Golden Peacock Global Award for Best CSR for three years running.

The Karmapa Ogyen Trinley Dorje is one of the foremost Tibetan Buddhist leaders after the Dalai Lama and the Panchen Lama. The Karmapa established the Kagyupa International Monlam Trust in 2006 to bring together his devotees to pray for world peace in Bodhgaya, Bihar, the place of Lord Buddha’s enlightenment., . Thisyear’s prayer gathering is attended by over 10,000 devotees from across the Himalayas and over 30 countries of the world.

In addition to the prayer gathering, the Kagyupa International Monlam Trust carries out other charitable activities including an annual health camp for the local residents, a soup kitchen for the poor, distribution of blankets for the needy and an animal health camp. Further, based on the principle of interdependence and interconnectedness, the Karmapa strongly advocates personal responsibility in caring for those around us and for the environment.

The Max India Foundation and the Kagyupa International Monlam Trust are pleased to make an auspicious start of 2015 with the launching of a Multi-Speciality Health Camp in Bodhgaya from 3–5 January 2015. The Max India Foundation team comprises specialists in internal medicine, gynaecology, dermatology and a pediatrician. They will be present at the camp and provide necessary consultation and medicines to the needy. Jan Jagran Sansthan, a local grass roots NGO based in Patna, is supporting the outreach to the local communities. Through our common aspiration, it is hoped that this joint endeavour will contribute to well-being of all the residents of Bodhgaya.

About MIF

Max India Foundation (MIF), the Corporate Social Responsibility arm of Max India Group, started its work in 2008. Max India Foundation spearheads the CSR initiatives of Max India Group of Companies. Social initiatives for Max Life Insurance, Max Healthcare, Max Speciality Films, Max Bupa, and Max India Corporate are planned and executed through the Foundation. In a short span of about five years, Max India Foundationhas been able to make a significant difference in the lives of over 5,00,000 people across more than 360 locations throughout India. Max India Foundation works with over 250 reputed NGO partners working with them at the grassroots level in many locations. MIF’s mission is to provide quality healthcare to the underprivileged and facilitate awareness of health related issues and an eco-friendly environment.

Completing six years of operations in January 2014, Max India Foundation has proved its track record and emerged as a leader and role model in healthcare for corporate volunteers.. Max India Foundation has created a niche for itself in this area by focusing in special areas:·

Providing quality healthcare for people of the economically weaker section of society

  • Creating awareness ofhealth issues such as women’s health, cancer, diabetes, cardiovascular diseases, and immunisation of children
  • Working towards a sustainable and eco-friendly environment

Max India Foundation supports programmes that facilitate quality healthcare for the underprivileged population. To achieve this, they have joined hands with similar spirited organizations covering a wide spectrum of initiatives. Some of these initiatives include: Surgeries and Pan India Immunization; Health Camps; Artificial Limbs and Polio Calipers Camp.

Some of the reputable NGO’s MIF has partnered regularly with are CanSupport, SOS Children’s Village, Manav Seva Sannidhi, and Chinmaya Mission. Together they undertake initiatives such as pan India immunization programs, surgeries for underprivileged, artificial limb and polio calipers camp, multi-speciality camps, blood donation camps, onboard rail operation theater known as Life Line Express, the Clean Delhi Clean Yamuna campaign, and support for disaster relief victims.

Max India’s Q2FY15 Consolidated operating revenue increases 15% to Rs 2483 Cr, PBT up 26% to Rs 117 Cr.

Financial Highlights

  • Max India’s Q2FY15 EBITDA up 21% at Rs 184 Cr
  • Max India proposes a dividend of 200% amounting to Rs 107 Cr
  • Max Life’s Individual new business premium (APE) for Q2 grows 5% to Rs. 436 Cr, in line with the private industry growth of 5%
  • Max Healthcare(MHC) sees growth of 24% in operating profit to Rs 435 cr in Q2FY15
  • LHC’s stake equalization in MHC leads to an inflow of Rs 383 cr to Max India
  • Max Bupa outperforms private life insurers; market share grows 21% over previous year
Below is a summary of the consolidated financials of Max India
Max India Quarter ended Sept 2014 Quarter ended Sept 2013 Change
Operating Revenue Rs 2483 Cr. Rs 2158 Cr. 15%
EBIDTA Rs 184 Cr. Rs 152 Cr. 21%
PBT Rs 117 Cr. Rs 93 Cr. 26%

Press statement:

New Delhi, 12 November 2014: Max India Ltd., one of India’s leading multi-business corporates,today announced its second quarter results of FY15. The Company reported a 47% increase in its Q2 FY15 consolidated revenue to Rs 3,291 Cr, over same quarter, previous fiscal. Operating revenue increased by 15% to Rs 2,483 and EBITDA rose by 21% to Rs 184 Cr for the same period. Profit Before Tax (PBT) rose 26%, to Rs. 117 Cr.

The key contributing factors to the company’s strong performance has been MLIC’s shareholder’s profits increasing by 21% to 165 Cr and Max Healthcare’s cash profit growth by 180% to Rs 22 Cr.

Key results highlights of Max India’s subsidiaries

Max Life Insurance, a 71% subsidiary of Max India, continued to outperform the industry by posting an impressive individual new business premium (APE) growth of 5%, to Rs 436 Cr vs Q2 FY14. The Gross Premium (GWP) of the Company grew 15% to Rs. 1937 crore and Assets Under Management (AUM) were up 29% to Rs. 28,038 crore.

Max Healthcare is a 46%* equal joint venture of Max India with LHC reported a growth of 24% in net revenue to Rs 435 Cr, and 44% growth in EBIDTA, to Rs. 45 Cr. It’s cash profit also grew by 180% to Rs 22 Cr. Life Healthcare completed its stake equalization with Max India, in Max Healthcare in the current quarter, at an Enterprise Value of Rs 3,650 Cr

Max Bupa Health Insurance, a 74% subsidiary of Max India posted, a growth of 21% in Gross Written Premium to Rs 86 crore. It’s average premium realization increased to 23% to Rs 6,452.

Antara Senior Living, a 100% subsidiary of Max India, serving the high potential Senior Living industry, continues to generate considerable media and public interest and witnessed encouraging sales momentum for its maiden senior living community being built at Dehradun

Max Speciality Films (MSF), a subsidiary of Max India since 1 April 2014, saw a 25% increase in EBIDTA to Rs 20 Cr in Q2FY15

About Max India

The Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Businesses of Life’ with its vision to be one of India’s most admired corporates for service excellence – in what we do, how we do it and the positive impact we have on society and our stakeholders. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mitsui Sumitomo Insurance, Japan; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its fully owned subsidiary Max Speciality Films.

The Group’s businesses have built commanding presence in their respective sector, through a total customer base of nearly 7.5 million, over 300 offices spread across India and a people strength of over 70,000 persons. Max India remains committed to excellence in Corporate Governance and recognizes that in today’s world, it is an important driver for building all round excellence, attracting high-quality talent and intelligent capital. The Group and its companies are Shareholder steered, Board governed and Executive managed. The Board thoroughly evaluates business performance on nine strategic levers – enhancing business performance, investing in people and organisational development, creating efficiency in capital management, adopting an integrated enterprise-wide approach, investing sensibly in new growth opportunities, maintaining the highest standards of governance, continuously improving service quality, developing a distinct corporate brand and effectively managing risk.

The flagship company Max India Limited is a widely held public limited company, listed on the BSE & the NSE. Analjit Singh, Founder & Chairman, is the lead shareholder in Max India with around 40.5% holding. Other leading shareholders in the company include some of world’s leading Institutional Investors, such as Goldman Sachs, International Finance Corporation, Washington (IFC), and Temasek Holdings.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428
E-mail: nthakur@maxindia.com

Anisha Rakyan

Manager-Brand & Communications
Max India Limited
Max House, Okhla – III, New Delhi-110 020
Tele # 2693 3610 Extn. 240, Cell # +91 9811024077
E-mail:arakyan@maxindia.com

Connect with Max India on social media:
Mobile: +91 9811024077
E-mail:arakyan@maxindia.com

Life Healthcare completes its stake equalization in Max Healthcare at an Enterprise Value of Rs 3650 Cr

LHC pays Rs. 766 Cr in an all cash deal at Rs 67.50 per share
MHC valued at industry leading multiple of 32 times FY14 EBITDA translating to an Equity Value of Rs. 2,884 Cr
Stake equalisation is in line with original joint venture agreement between the two partners
MHC to utilize funds for its 3rd wave of growth and to retire debt
IFC to also subscribe to additional equity at the same valuation to maintain existing stake

New Delhi, 10th November 2014: Life Healthcare (LHC), a USD 2 billion South African healthcare major, who had announced its intent of increasing its stake in Max Healthcare on July 22, 2014, has today completed the transaction by investing Rs. 766 crore in Max Healthcare (MHC), one of India’s leading private healthcare providers. LHC has paid Rs. 67.5 per share, to equalize its stake in MHC, in an all cash transaction which puts the enterprise value of MHC at Rs. 3,650 crore and its Equity value at Rs. 2,884 Cr.

Earlier, in January 2012, Life Healthcare had invested Rs 50.24 per share, translating to Rs 516.5 Cr, to acquire a 26% stake in Max Healthcare. The current transaction has led to equalization of stake of both joint venture partners as envisaged in their original JV agreement.

Post transaction, both JV partners will have equal representation on the MHC Board. The brand name of Max Healthcare will remain unchanged.

IFC, Washington, an existing investor in MHC will also subscribe to additional equity of MHC by infusing Rs 31 crore to maintain their 7.5% stake in an expanded capital base at the same valuation.

Max India is one of India’s leading multi business corporates with interests in Life Insurance, Healthcare, Health Insurance and Senior Living. Since its inception almost three decades ago, it has had an experience of managing successful joint venture partnership due to its philosophy of open and transparent relationships always managed in the spirit of equal ownership.

Speaking on the development, Mr Rahul Khosla, Managing Director, Max India and Chairman, Max Healthcare, said, “Max India group has a successful history of partnership and as envisaged, Max India and Life Healthcare’s joint venture has evolved into a mutually beneficial partnership with a clear meeting of minds on critical decisions. LHC’s considerable experience in managing a large and widespread network of hospitals will be extremely beneficial for MHC as it prepares itself for the third wave of growth. Both the joint venture partners are committed to expand and grow the company rapidly.”

LHC has invested Rs. 383 Cr directly in MHC by subscribing to fresh equity at Rs. 67.50 per share. It has also acquired 13.3% of existing stake in the Company from Max India at Rs. 67.50 per share for Rs. 383 Cr, to achieve an equal shareholding as that of its JV partner Max India.

Speaking at the occasion, Mr Mohit Talwar, Dy Managing Director, Max India, who has been instrumental in completing the transaction said, “The investment in Max Healthcare provides LHC a stronger platform to participate in the high growth Indian private healthcare space. Additionally, IFC has expressed its intention to buy additional equity in MHC to maintain its stake of 7.5%, thereby demonstrating its faith in MHC and the Indian healthcare space. We have multiple growth opportunities lined up, including expansion of our flagship super- speciality hospitals in Delhi. A portion of the proceeds will also be used to retire some debt which will further improve the financial performance.”

Max Healthcare operates 12 hospitals in North India, with a focus on high end tertiary and quaternary care. It undertook an exponential phase of organic expansion a year ago, by launching four new hospitals in Delhi-NCR and North India to nearly double its capacity to almost 2000 beds. The company’s revenue in FY 14 was Rs. 1,407 crore, a growth of 22% YoY. Its EBITDA in the same period grew by 59% YoY, to Rs. 113 crore.

The Max India Group is a leading Indian multi-business corporate with a commanding presence in the Life Insurance, Healthcare and Health insurance sectors. In the financial year 2014, the Group recorded a consolidated turnover of Rs 117 billion. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and employee strength of around 17,000 as on 31st March 2014. Max India Limited is a widely held company, listed on the BSE and the NSE. Its founder sponsor Analjit Singh holds 40.5% stake in the company. Other shareholders include some of world’s best Institutional Investors such as Goldman Sachs, Temasek, IFC (Washington), Fidelity, New York Life.

Life Healthcare is the second largest private hospital operators in South Africa. It currently owns and operates 63 facilities with 8322 beds in a comprehensive geographic spread over seven South African provinces and Botswana. It is also a leading provider of acute rehabilitation and mental health services in the country.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Garima Sharma Nijhawan

Text100
Cell: 98991752759899175275
E-mail : Garima.sharma@text100.co.in

Anisha Rakyan

Manager-Brand & Communications
Max India Limited
Max House, Okhla – III, New Delhi-110 020
Tele # 2693 3610 Extn. 240, Cell # +91 9811024077+91 9811024077
E-mail:arakyan@maxindia.com

Walking makes people happier, healthier and restoreswork life balance: Max Bupa Walk for Health Survey 2014

Key findings:

  • 83% people across age groups experience positive lifestyle changes, post walking
  • 1 out of every 2 walkers in Delhi and 1 out of every 3 walkersin Mumbai, prefer walking over driving short distances
  • Young India loves walking; walks more frequently than middle and older age groups
  • Mumbai walks for a longer duration than Delhi on a daily basis
  • Delhiites prefer weekend walks, Mumbaiites walks similar distance on weekdays and weekends
  • Men and Women like to multitask while walking; check mails, chat online or use apps while walking

Delhi/Mumbai, October 29, 2014: Walking regularly helps people restore their work life balance, makes them calmer, happier and more positive towards life, reveals Max Bupa Walk for Health Survey 2014, a first of its kind study of nearly 1000 walkers in Delhi and Mumbai.

According to the survey, 83% walkers in Delhi and Mumbai experience positive lifestyle changes post walking. 47% walkers in Delhi and 43% walkers in Mumbai feel they have become calmer. 36% walkers in Delhi and 26% walkers in Mumbai say that their work life balance has improved post walking, as they have started leaving office on time,to walk. 41% people in Delhi and 43 % people in Mumbai also feel that their sleeping habits have improved as a result of walking. Also, 35% walkers in Delhi and 38% walkers in Mumbai experienced improvement in their self-esteem and confidence. 70% patients suffering from serious heart, respiratory, obesity and bone or joint related ailments, also experienced improvement in their physical, mental and emotional health, after walking. 91% patients suffering from bone or joint related issues, 81% obese patients, 77% cardio patients and 76% asthma patients reported that they feel happier, active, energetic and more positive, after regular walks.

The survey reiterates the multiple health benefits of a simple exercise like walking that Max Bupa has taken upon itself to drive across the country through its first of its kind health initiative, Max Bupa Walk for Health. The initiative aims to encourage people to integrate walking into their daily schedule. Buoyed by the participation of more than 40,000 people in the two editions of Max Bupa Walk for Health 2012 and 2013, the third edition of Max Bupa Walk for Health is scheduled for November 9 this year in Delhi and Mumbai.

A significant number of regular walkers say that that they have started avoiding junk food (60%), started waking up early (51%) and have become more inclined towards a healthier lifestyle than before.1 out of every 2 regular walkers in Delhi and 1 out of every 3 regular walkers in Mumbaiprefer walking over driving short distances. The incidence of walking instead of driving shorterdistancesis also high among cardio (47%) and obese patients (35%).53% patients who walk regularlyexperienced decrease in stress and 41% said it helped improve their blood pressure levels. Weight loss is also one of the positive after effects of walking, visible within six months in most patients. On an average, patients reported losing more than 4 kg through regular walking. Cardio and Obesity patients reported an average weight loss of 6 kg and 5 kg respectively.

Manasije Mishra, Chief Executive Officer, Max Bupa said, “The findings of the Max Bupa Walk for Health Survey 2014 reinforce the numerous physical and psychological benefits of walking, including better health, positive lifestyle changes, improvement in eating and sleeping patterns, among many others. It has emerged from the survey that walking is a super pill, prescribed by 96% doctors to people across age groups, including patients suffering from chronic ailments like heart diseases, obesity and asthma. The Max Bupa Walk for Health initiative, now in its third season, is our endeavour to encourage people to walk regularly for a healthier and more successful life. ”

Pointing at city wise walking trends, the survey revealed that while Delhi walks more on weekends Mumbai walks the same distance on weekdays and weekends. However, Mumbai walks longer (45 minutes) than Delhi (34 minutes) at one go. 8 out of 10 people in the 21-30 years age groups Walk for Health on a daily basis, seven days a week. However, those in the 31-45 age group prefers walking six times a week and those in who in the 45 years and above people prefer walking only 5 times a week. More than one third (34%) of walkers in the younger age group, walk after lunch and one fourth of them (24%) opt for walking on way back home. Those in the middle age group prefer walking in the morning or on way to work. Almost 5 out of 10 walkers above the age of 45 years old prefer to walk in the evening or post dinner. However, doctors recommend morning walks over evening walks. 83% doctors recommend early morning walks, as againstonly 8% doctors who prescribe evening walks.

“The survey shows that companionship makes walking more enjoyable and presence of a companion is a motivator for people across age groups to walk regularly. Over 56% people in Delhi and 50% people in Mumbai prefer to walk with their families. Over 50% males and females also enjoy walks in company of their family members. That’s why this year we are encouraging people to participate in Max Bupa Walk for Health with their family and loved ones,” added Anika Agarwal, Head-Marketing, MaxBupa.

Interestingly, the survey also revealed how technology motivates different age groupsand genders to walk more. People in the older age group are more disciplined and focused while walking, however those in the middle and younger age groupslike to multitask, engage on social networking sites or apps while walking. 45% of middle age group walkers listen to music, 41% check mails and 40% talk on the phone. 41% men plan important activities while walking, 39% men prefer to socialize with other walkers and family, while 33% women either listen to music or simply check mails while walking. Social networking sites and messaging apps like facebook and whatsapp are also popular with men and women in the younger age groups, with 23% admitting to their usage while walking.

It has emerged from the survey that every 4 out of 5 walkers suffering from serious chronic ailments in Delhi and Mumbai have health insurance policies. Almost 90% of people in the younger age group had insured their health, followed by the middle age group at 82% and the older age group lagging behind at 71%.

Note to the editor:

About Max Bupa Walk for Health Survey 2014

The Max Bupa Walk for Health Survey 2014 is a first of its kind study on walking behavior of people in Delhi and Mumbai. The research has been conducted by Nielsen among nearly 1000 respondents from the age group 21 years to 60 years and above. The respondents are primarily walkers, also suffering from one or more chronic ailments. The walking benefits were validated via 75 doctors and specialists in Delhi and Mumbai.

Max Bupa invites Families to Walk for Health on November 9

Key findings:

  • Third edition of Max Bupa Walk for Health to be held in Delhi and Mumbai
  • Aim to mobilise 15000 families and 5000 children to participate in the initiative

Delhi/Mumbai, September 29, 2014:Continuing with the commitment to help people lead healthier and more successful lives, Max Bupa Health Insurance today announced the launch of third edition of its flagship event, Max Bupa Walk for Health. The first of its kind health initiative has been successfully mobilising thousands of Indians to incorporate more walking into their daily routine, will be held in Delhi and Mumbai this year on November 9. Initiated in 2012, the previous two editions received an enthusiastic response from over 40,000 participants across India.

Over the last two years, the initiative has garnered support from a number of celebrities, politicians, health and fitness enthusiasts, social activists and sports personalitieslike Sania Mirza, Sonam Kapoor Anupam Kher, Neha Dhupia, Anurag Kashyap,Kunal Kapoor, Shobha De, Dino Morea, Smriti Irani among others. Also a host of leading brands like Fitness First, Cafe Coffee Day, Yakult among others have been associated with the annual initiative.

The last edition of Max Bupa Walk for Health saw wide participation by families. 54% of participants in Delhi and 47% of their Mumbai counterparts chose to walk with a partner or in a group someone, reflecting the underlying preference of people to walk with their loved ones. The trend was common across different age groups. Seeing the initiative’s growing popularity among families, the focus ofMax Bupa Walk for Health 2014 will be to sustain and increase participation from families with the objective of encouraging them to walk together for their overall wellbeing.

Talking about the third edition of Max Bupa Walk for Health, Manasije Mishra, CEO, Max Bupa said, “As a committed health partner to our customers and their families, our purpose is to help them live healthier and more successful lives. Through Max Bupa Walk for Health, we aim to drive greater awareness about the innumerable health benefits of walking among the general public. According to our research, walking is emerging as a preferred family exercise in India, with over 50% of people choosing to walk with their family, for better health and well-being or just to bond and connect with their loved ones. However, due to long work hours and daily commute, 60% of the people in metros are not able to walk often. Our aim is to remind families about the multiple health benefits of walking and encourage them to take out time to do what they enjoy – walk regularly with their loved ones.”

“This year our ambition is to mobilise 15, 000 people to Walk for Health with their families. As we want to drive walking as a habit among the younger generation, we also aim to encourage 5, 000 children to participate in the initiative and adopt walking in long term,” added Manasije.

Max Bupa Walk for Health 2014 will hold a plethora of entertainment and fitness activities for the participants.The event will also see popular cartoon characters,large communities, schools, colleges and corporate participating in large groups. Like last year, there will be two categories for participants –five kilometre walkfor adults and avid walkers’ and two kilometre walk for senior citizens and children.

www.walkforhealth.in is a dedicated website on the initiative that has been created for participants to register online with their friends and family and also get access to useful tips on walking. Participants can also register free of cost at wwwbookmyshow.com or on Max Bupa’s facebook page.

Note to the editors:

About Max Bupa Health Insurance

Max Bupa Health Insurance is a, 74:26, joint venture between Max India Limited, a multi-business corporate with expertise in life insurance and health care and Bupa Global, a leading international healthcare provider with 65 years of healthcare knowledge. Max Bupa brings together a combination of Bupa Global’s health insurance expertise and customer service expertise with Max India’s understanding and experience of the Indian health and insurance sectors. Max Bupa offers quality health insurance services through a dedicated team of over 1300 people and its network of 21 offices across 13 cities – Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi, Kolkata and Patna. Max Bupa offers individual and family oriented health insurance policies for Indians across all age groups.

Strong Network of 3500 hospitals

Max Bupa Health Insurance has a direct working relationship with a network of over 3500 top quality hospitals and healthcare providers and at the same time the company plans to extend its network of hospitals to other parts of the country. Max Bupa services customers directly without third party involvement. For more details about the company and a list of all our network hospitals please visit www.maxbupa.com.

Max India’s Q1FY15 Consolidated PBT up 85% to Rs 77 Cr.

Financial Highlights

  • Max India’s Q1FY15 EBITDA up 48% at Rs 142 Cr and PBT up 85% at Rs 77 Cr over Q1FY14
  • Max Life’s Individual new business premium (APE) for Q1 grows 22% to Rs.357 Cr, outpacing the private industry growth of 14%
  • Max Healthcare’s (MHC) gross revenue increases 31% in Q1FY15 to Rs 416 Cr
  • LHC to equalize its stake in MHC with Max India at an enterprise value of Rs 3650 Cr, at a multiple of 31 times FY14 EBIDTA
  • Max Bupa outperforms private health insurers. Market share increases by 60 bps, premium grows by 23% over previous fiscal year.
Below is a summary of the consolidated financials of Max India
  Quarter ended June 2014 Quarter ended June 2013 Change
Operating Revenue Rs 1974 Cr. Rs 1722 Cr. 15%
EBIDTA Rs 142 Cr. Rs 97 Cr. 48%
PBT Rs 77 Cr. Rs 42 Cr. 85%

Press statement:

New Delhi, 13 April 2014: Max India Ltd., one of India’s leading multi-business corporate,today announced their first quarter results of FY15. The Company reported a 15%increase in Operating Revenue, over previous fiscal year to Rs 1974 Cr while the corresponding rise in PBT for the period was 85% to Rs 77 Cr.

The key highlight of the quarter was the proposed stake equalization in Max Healthcare (MHC), the healthcare subsidiary of the group, by the USD 2 Bn South African healthcare major Life Healthcare, at an enterprise value of Rs 3650 Cr. MHC was valued at an industry leading multiple of 31 times FY14 EBITDA translating to an Equity Value of Rs. 2,884 Cr. The deal was in line with the original joint venture agreement between the two partners inked in 2012. With this stake equalization, Life Healthcare will accelerate transfer of its expertise and best practices in areas such as ‘informatics’, ‘Cost Management’ and HR Practices. This is mutually beneficial partnership with a clear meeting of minds on critical decisions such as business development, growth strategies, talent management and driving performance to achieve the highest standards of medical and service excellence. As MHC prepares itself for its third wave of growth it will stand to benefit immensely from LHC’s considerable experience in managing a large and widespread network of hospitals.

Key results highlights of Max India’s subsidiaries

Max Life Insurance, a 71% subsidiary of Max India, continued to outperform the industry, leading the Group’s growth charge by posting an impressive individual new business premium growth of 22%, to Rs 357 Cr over Q1 FY14. Max Life Insurance further increased its market share to 12.3%, an increase of 74 bps amongst private life insurers and maintained its rank as the fourth largest private life insurer. The Gross Written Premium of the Company grew 10% to Rs. 1,458 crore and Assets Under Management (AUM) up 25% to Rs. 26,697crore.

Max Healthcare, a 66% subsidiary of Max India, reported growth of 31% in Gross revenue to Rs 416 Cr, and 136% growth in EBIDTA, to Rs. 40 Cr. Max Healthcare also reported cash profit of Rs 19 Cr

Max Bupa Health Insurance, a 74% subsidiary of Max India Max Bupa Health Insurance posted a growth of 23% in Gross Written Premium to Rs 73 crore. while private health insurers grew by 3%. The company also underwent a significant change in its operating model with a new organization structure, closed B2B channel and merged Third Party Distribution (TPD) with Bancassurance.

Antara Senior Living, a 100% subsidiary of Max India, serving the high potential Senior Living industry, continues to generate considerable media and public interest and witnessed encouraging sales momentum for its maiden senior living community being built at Dehradun

Max Speciality Films (MSF), a division of Max India till last fiscal, and now a subsidiary of Max India since 1 April 2014, saw improvement in margin and revenues. It recorded a 20% growth in revenue over previous fiscal year to Rs 190 Cr and a 53% growth in EBIDTA over previous fiscal year to Rs. 18 Cr for the quarter

About Max India

The Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Businesses of Life’ with its vision to be one of India’s most admired corporates for service excellence – in what we do, how we do it and the positive impact we have on society and our stakeholders. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mitsui Sumitomo Insurance, Japan; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its fully owned subsidiary Max Speciality Films.

The Group’s businesses have built commanding presence in their respective sector, through a total customer base of nearly 7.5 million, over 300 offices spread across India and a people strength of over 70,000 persons. Max India remains committed to excellence in Corporate Governance and recognizes that in today’s world, it is an important driver for building all round excellence, attracting high-quality talent and intelligent capital. The Group and its companies are Shareholder steered, Board governed and Executive managed. The Board thoroughly evaluates business performance on nine strategic levers – enhancing business performance, investing in people and organisational development, creating efficiency in capital management, adopting an integrated enterprise-wide approach, investing sensibly in new growth opportunities, maintaining the highest standards of governance, continuously improving service quality, developing a distinct corporate brand and effectively managing risk.

The flagship company Max India Limited is a widely held public limited company, listed on the BSE & the NSE. Analjit Singh, Founder & Chairman, is the lead shareholder in Max India with around 40% holding. Other leading shareholders in the company include some of world’s leading Institutional Investors, such as Goldman Sachs, International Finance Corporation, Washington (IFC), and Temasek Holdings.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Anisha Rakyan

Manager-Brand & Communications
Max India Limited
Max House, Okhla – III, New Delhi-110 020
Tele # 2693 3610 Extn. 240, Cell # +91 9811024077+91 9811024077
E-mail:arakyan@maxindia.com

Connect with Max India on social media:

LinkedIn: Max India Ltd I Twitter: @maxindialtd
Facebook: maxindialimited I YouTube: channelmaxindia

Max Super Speciality Hospital, Saket, New Delhi conducts CME on ‘Diabesity- Diabetes and Obesity’ in Agra

Dr Pradeep Chowbey, Renowned Bariatric Surgeon from Delhi speaks about ‘Surgical Management of Diabesity’

Agra, 2nd August, 2014: Dr Pradeep Chowbey, a renowned name in the field of bariatric surgery in Delhi today delivered a lecture on ‘Surgical Management of Diabesity’ at a CME organized in Agra by Max Super Speciality Hospital, Saket. Dr Manish Baijal, Sr. Consultant- Minimal Access, Metabolic and Bariatric Surgery delivered a lecture on ‘Obesity and Metabolic Syndrome’ and Dr Vikas Ahluwalia, Director- Metabolic and Bariatric Medicine at Max Super Speciality Hospital, Saket delivered on ‘Diabetes and Obesity’. Doctors from the Bariatric Surgery team of Max Hospital, Saket are holding regular OPDs at Dr Nawal Kishore Hospital, Agra on every last Sunday of the month from 11 AM to 1 PM.

The first step towards preventing or controlling Obesity is to understand what it means and how is it identified. Obesity is a medical condition in which excess body fat is accumulated to the extent that it may have an adverse effect on health. BMI (Body Mass Index) is a measure of weight in relation to height and is used to define levels of excess weight which help to determine whether bariatric intervention is required. If your Body Mass Index (BMI) is between 25 and 29.9 kg/m2 you are considered overweight. You are considered obese, if your BMI is 30 kg/m2 or above. Clinically, severe obesity describes a BMI of over 37.5 kg/m2 or BMI of 32.5 kg/m2 in combination with co – morbid conditions like type II Diabetes, hypertension and sleep apnea.

There is no single method to treat obesity. A combination of diet, exercise, lifestyle modifications and behaviour modification may be required and in case of severe obesity, Bariatric (weight loss) Surgery is now days strongly recommended.

Dr. Pradeep Chowbey, Joint MD, Chief- Surgery and Allied Surgical Specialities and Director- Minimal Access, Metabolic and Bariatric Surgery at Max Super Speciality Hospital, Saket says, “Bariatric Surgery is the only solution for sustained weight loss in morbidly obese individuals. Many associated diseases like type II Diabetes, high blood pressure and sleep apnea can also get corrected after these weight loss procedures. Improved longevity is noted after Bariatric procedures. Earlier bariatric surgical procedures were done with large incision on body but now days with the help of laparoscopy (key hole) surgical techniques there is less tissue damage, quick post operative recovery and shorter hospital stay.”

Dr. Chowbey explains that the basic principle of Bariatric Surgery is to restrict the food intake and decrease the absorption of food in stomach and intestine. There are four types of surgeries that are offered:
  • Adjustable gastric banding (AGB)
  • Roux-en-Y gastric bypass (RYGB)
  • Vertical sleeve gastrectomy (VSG)
  • Mini gastric by pass (Sleeve by pass )

Weight loss surgical procedures help to shed about 60 – 80% of excess weight in 18 – 24 months post operatively. Bariatric surgery works by changing the anatomy of your gastro intestinal track (stomach and digestive system) or by causing different physiological changes in your body that change your energy balance and fat metabolism and you feel more energetic and fitter after weight loss surgery.

Dr. Chowbey further added, “Obesity is a metabolic disease and obese individuals are more prone to type II diabetes, hypertension, osteoarthritis, obstructive sleep apnea and high cholesterol levels. Obesity is one of the major cause of mortality in our country.”

Obesity has reached epidemic proportions in India in 21st century with morbid obesity affecting 5% of the country’s population. Currently there are about 2 – 2.5 million people suffering from Obesity in India in all age groups. There is a sharp rise in the number of obese adolescents due to unhealthy sedentary lifestyle and excessive consumption of processed food.

Notes to the editor- About Max Healthcare:

Max Healthcare is the country’s leading comprehensive provider of standardized, seamless and international-class healthcare services. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education.

Max Healthcare has 12 facilities in North India, offering services in over 30 medical disciplines. Of this 9 facilities are located in Delhi & NCR and the others in Mohali, Bathinda and Dehradun. The Max network includes state-of-the-art tertiary care hospitals in Saket, Patparganj, Shalimar Bagh, Mohali, Bathinda and Dehradun, secondary care hospitals at Gurgaon, Pitampura and Noida and an out-patient facility and a speciality centre at Panchsheel Park. The 12 hospitals together have over 1900 beds.

The tertiary care hospitals at Saket, Patparganj and Shalimar Bagh are centres of excellence for Cardiac Care, Minimal Access, Metabolic & Bariatric Surgery, Cancer Care, Orthopaedics& Joint Replacement, Neurosciences, Paediatrics, Obstetrics &Gynaecology, Aesthetic & Reconstructive Plastic Surgery and Internal Medicine. In addition, they offer services in the disciplines of Urology, ENT, Gastroenterelogy, Nephrology, Dermatology, Mental Health & Behavioural Sciences amongst others.

The Super Speciality Hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab and have tertiary care facilities in cancer care, cardiac care, neurology, orthopedics and trauma. The recently launched Super Speciality Hospital in Dehradun is the latest addition to the Max Healthcare network and offers comprehensive tertiary, secondary and primary care services.

Max Healthcare is a pioneer in the introduction of technology to provide patients with the highest standards in medical care. Examples are the first Brain Suite in Asia at Max Saket and the Electronic Health Record System in use across Max Hospitals. The hospitals are equipped with the advanced medical equipment like state-of-the-art Cath labs, OTs with HEPA, Nuclear Medicine, Gama Camera, LINAC for Radiotherapy and MRI and CT scan machines.

Max Healthcare has over 2100 leading doctors, 9300 employees and has treated over 19,00,000 patients from over 80 countries.

For additional information, please contact:

Jolly Ahuja

+91 9871026333+91 9871026333

Swati Verma

+91 8826430008+91 8826430008

Max Bupa introduces the most comprehensive and flexible family health insurance plan in India

Launches the new version of flagship product Heartbeat Health Insurance with a host of industry first benefits for customers
  • Worldwidecashless treatment for critical illnesses and emergency medical evacuation through Bupa International network
  • Wide flexibility in sum insured for individuals, nuclear and extended families ranging from Rs 2 lakh to Rs 1 crore
  • Coverage for pre-existing diseases with industry’s lowest waiting period of 2 years,downfrom 4 years
  • Enhanced family coverage, coverage upto 14 relations in a single policy
  • Option to enhance upto 50% sum assured on renewal,irrespective of claim history

Delhi, July 30, 2014:Max Bupa has introduced the new edition of its flagship product Heartbeat Health Insurance Plan, offering individuals, nuclear and extended families the most comprehensive health insurance plan. The plandistinguishes itself from other plans available in the market with the introduction of manynew features like international cashless treatment for 9 major critical illnesses,worldwide emergencymedical evacuation,flexibility in sum assured ranging from Rs 2 lakh to 1 crore,reduced waiting period of 24 months on pre-existing diseases for sum insured of Rs. 5 lakh and above, coverage for upto 14 relationships under a single policy and option for loyal customers to enhance sum insured on renewal, irrespective of claim history.

In continuation of its endeavor to address the health needs of senior citizens, Max Bupa has introduced the option of tapering co-pay, another industry first featurethat provides customers above 60, a comprehensive coverage, with reducing and subsequently zero co-payment on continuous renewal. Max Bupa was the first insurer to offer any age enrollment and lifelong renewal with the launch of Heartbeat in 2010, enabling senior citizens to access quality healthcare, who were until then excluded from the ambit of health insurance, owing to high risk associated with the segment.

Talking about Max Bupa’s focus on providing quality family health insurance offerings to customers, Manasije Mishra, Chief Executive Officer, Max Bupa said “Our flagship product Heartbeat Health Insurance Plan is already the most preferred family health cover in the market. The new edition of Heartbeat has been designed to address the evolving health needs of our customers. Our research indicates that customers are looking for best quality healthcare for their families, in India and abroad. The new Heartbeat Health Insurance Plan offers exclusive benefits to families like international treatment, reduced waiting periods and comprehensive coverage upto Rs 1 Crore.”

One of the most significant features of Heartbeat Health Insurance Plan is that Max Bupa customers can now avail cashless treatment abroad for nine major critical illnesses including Cancer, Heart Attack, Organ Transplant, Stroke, Brain Surgery among others.Max Bupa customers can access of Bupa International’s network of quality hospitals across 190 countries. Also, in case of a medical emergency outside India, Bupa International will provide medical evacuation assistance to the customers.

The increasing incidence of lifestyle and critical illnesses, escalating healthcare costsdue to inflation andadvancement in technology and treatment protocols,has created a demand for higher health insurance covers. Heartbeat Health Insurance Plan will now offer customers the option to choose a sum assured ranging from Rs 2 lakhs upto 1 crore.

Max Bupa will nowgive families an option to cover upto 14 family relationshipsin a single policy under Heartbeat Family First Family First, a product design exclusive to Max Bupa, offers an additional floater amountthat can be utilized by any member of the extended family, along with a fixed sum assured to each individual under a single policy. It is one of the most cost effective family health insurance product in the market.

In another customer centric move, through Max BupaHealth Relationship Loyalty initiative, customers are given a choice to opt for an additional 10% sum insured on renewal that can accumulate up to 50% of sum insured on continous renewal,or avail 10% of premium as loyalty pointsfor a host of health and lifestyle products and services.Unlike the conventional industry practice of rewarding customers based of their claim history, Max Bupa rewards customer loyalty irrespective of whether they have claimed or not.

In the new edition of Heartbeat, Max Bupa will cover pre –existing diseases after two years, against general industry practice of four years, to enable customers to use their health cover when they need it.

In addition to comprehensive family products, Max Bupa providesseamless and personalized customer service, through a host of service benefits like cashless approval within one hour of submitting all information, 24×7 customer helpline for claims related queriesand instant access to personal information on Max Bupa website including claim history, health information and health profile.

Note to the editors:

About Max Bupa Health Insurance

Max Bupa Health Insurance is a, 74:26, joint venture between Max India Limited, a multi-business corporate with expertise in life insurance and health care and Bupa, a leading international healthcare provider with 65 years of healthcare knowledge. Max Bupa brings together a combination of Bupa’s global health insurance expertise and customer service expertise with Max India’s understanding and experience of the Indian health and insurance sectors. Max Bupa offers quality health insurance services through a dedicated team of over 1300 people and its network of 21 offices across 13 cities – Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi, Kolkata and Patna. Max Bupa offers individual and family oriented health insurance policies for Indians across all age groups.

Strong Network of 3500 hospitals

Max Bupa Health Insurance has a direct working relationship with a network of over 3500 top quality hospitals and healthcare providers and at the same time the company plans to extend its network of hospitals to other parts of the country. Max Bupa services customers directly without third party involvement. For more details about the company and a list of all our network hospitals please visit www.maxbupa.com.

About Max India

The Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Businesses of Life’ with its vision to be one of India’s most admired corporates for service excellence – in what we do, how we do it and the positive impact we have on society and our stakeholders. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint [1]venture between Max India and Mitsui Sumitomo Insurance, Japan; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ throughits Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its fully owned subsidiary Max Speciality Films

The Group’s businesses have built commanding presence in their respective sector, through a total customer base of nearly 7 million, over 300 offices spread across India and a people strength of over 70,000 persons. Max India remains committed to excellence in Corporate Governance and recognizes that in today’s world, it is an important driver for building all round excellence, attracting high-quality talent and intelligent capital. The Group and its companies are Shareholder steered, Board governed and Executive managed. The Board thoroughly evaluates business performance on nine strategic levers – enhancing business performance, investing in people and organisational development, creating efficiency in capital management, adopting an integrated enterprise-wide approach, investing sensibly in new growth opportunities, maintaining the highest standards of governance, continuously improving service quality, developing a distinct corporate brand and effectively managing risk.

The flagship company Max India Limited is a widely held public limited company, listed on the BSE & the NSE. Analjit Singh, Founder & Chairman, is the lead shareholder in Max India with around 40% holding. Other leading shareholders in the company include some of world’s leading Institutional Investors, such as Goldman Sachs, International Finance Corporation, Washington (IFC), and Temasek Holdings.

About Bupa: 65 years of Health and Care

Bupa’s purpose is longer, healthier, happier lives. A leading international healthcare group, Bupa serves over 22 million customers in more than 190 countries. The company offers personal and company financed health insurance and medical subscription products, runs hospitals, provides workplace health services, home healthcare, health assessments and long-term condition management services. Bupa is also a major international provider of nursing and residential care for elderly people. Its services also include primary care and diagnostic centres, and dental centres.

With no shareholders, Bupa invests its profits to provide more and better healthcare and fulfil its purpose. The company employs more than 70,000 people, principally in the UK, Australia, Spain, Poland and New Zealand, as well as in Saudi Arabia, Hong Kong, India, Thailand, China, Chile and the USA.

The company began operations in 1947 in the UK, when 17 provident associations joined together to form Bupa with the purpose of “preventing, relieving and curing sickness and ill health of every kind”. Its history goes back even earlier in Australia where its business was founded in the 1930s to provide a solution for people who could not afford doctors’ fees.

Max Multi-Speciality Hospital – Affordable High Quality Healthcare, Now in Greater Noida

Honourable Health and Family Welfare Minister, UP, Shri Ahmed Hasan inaugurates the Secondary Care Hospital in Greater Noida

Greater Noida, 25 July 2014: Max Healthcare Institute Limited, a premier healthcare provider, today announced the inauguration of the 114 bedded ‘Max Multi Speciality Hospital’ in Greater Noida. Max Hospitals are renowned for high quality clinical care, excellence in service quality, offering the latest in medical technologies and other infrastructure. In addition to this new facility in Greater Noida, there are 12 Max Hospitals spread over North India across Delhi-NCR, Punjab and Uttarakhand.

The hospital, sponsored by Bhai Mohan Singh Foundation was inaugurated by the Honourable Health and Family Welfare Minister, UP, Shri Ahmed Hasan in the presence of Mr. Analjit Singh, Founder and Chairman, Max India Limited, Mr. Rahul Khosla, Managing Director, Max India Ltd and Mr. Rajit Mehta, Deputy Managing Director, Max Healthcare.

Key features:

Infrastructure: 114bedded Hospital including 17 OPD rooms, CT Scan, 2 OT’s, 2 Delivery Rooms, 18 beds of ICU, 95 beds of patient ward (predominantly economy beds) and Laboratory services.

Key Specialities: General and laparoscopic Surgery, Obstetrics and Gynecology, Medicine, Pediatrics with NICU, Orthopedics and trauma, ENT, Medical ICU, Dental, and Ophthalmology.

Key Technology: 0Ts with HEPA, NICU, Radiology

Emergency Care: Max Emergency Services and 30 minutes Max Ambulance Services

Mr. Analjit Singh, Founder and Chairman of Max India Limited and Chairman of Bhai Mohan Singh Foundation, said, “This is a special occasion for me personally, as we dedicate this new hospital, which is sponsored by Bhai Mohan Singh Foundation. My father always had an ardent desire to establish a hospital that was based on the values of Sevabhav, Excellence and Credibility. This hospital is in consonance with his vision and will deliver the highest standards of medical & service excellence and patient care”.

Max Multi Speciality Hospital is expected to provide healthcare cover to a population of over 5 lacs from the adjoining villages and housing societies of Greater Noida. The hospital will offer comprehensive secondary level services in medical and surgical specialities like Laparoscopy & General Surgery, Obstetrics and Gynaecology, Internal Medicine, Paediatrics with NICU, Orthopaedics, Emergency and Trauma Care backed by other support services. The hospital aims to offer international quality healthcare using a multi-disciplinary approach to clinical diagnosis, interventions and treatment outcomes.

Speaking on the launch, Mr. Rahul Khosla, Managing Director, Max India, said “Max Healthcare is the largest healthcare provider in Delhi-NCR with an extensive network of 9 hospitals in this region. We believe that our strategy of dense presence in the region allows us to offer best clinical talent and easy access to healthcare services to our patients. The new hospital at Greater Noida will strengthen this value proposition for our customers. Built over and area of approx 65000 sq ft, this Super Speciality hospital will provide best clinical care at a relatively affordable price point. ”

According to a report by the United Nations, 75% of the health infrastructure in India is concentrated in the cities where only 27% of India’s population lives. The 716 million people who live in smaller cities and towns or the rural areas do not have access to critical medical facilities. Max Multi Speciality Hospital, Greater Noida has been set up as a community hospital for the residents of Greater Noida and adjoining villages. It has been designed taking into consideration the expected growth in population which is likely to rise to 12 lacs by 2021. Currently the residents have to commute a distance of approximately 25 km along the Noida-Greater Noida Expressway in order to avail the nearest quality healthcare services. With the launch of Max Multi Speciality Hospital, they can access advanced medical services in their vicinity itself.

While explaining the importance of Max Multi-Speciality Hospital, Greater Noida in filling a vital healthcare gap, Mr. Rajit Mehta, Deputy Managing Director, Max Healthcare said, “There has been a burgeoning demand for quality healthcare services in North India with affordability being one of the biggest challenges. With the launch of Max Multi Speciality Hospital in Greater Noida, we intend to bridge this gap by making quality healthcare accessible to smaller cities and towns. This multi-speciality Hospital brings together specialist doctors, medical technology and high quality infrastructure – at a more affordable cost. We are confident that Max Multi Speciality Hospital, Greater Noida will contribute significantly to fulfilling the healthcare needs of the residents.”

About Max Healthcare:

Max Healthcare is the country’s leading comprehensive provider of standardized, seamless and international-class healthcare services. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education.

Max Healthcare has 12 facilities in North India, offering services in over 30 medical disciplines. Of this 9 facilities are located in Delhi & NCR and the others in Mohali, Bathinda and Dehradun. The Max network includes state-of-the-art tertiary care hospitals in Saket, Patparganj, Shalimar Bagh, Mohali, Bathinda and Dehradun, secondary care hospitals at Gurgaon, Pitampura and Noida and an out-patient facility and a speciality centre at Panchsheel Park. The 12 hospitals together have over 1900 beds.

The tertiary care hospitals at Saket, Patparganj and Shalimar Bagh are centres of excellence for Cardiac Care, Minimal Access, Metabolic & Bariatric Surgery, Cancer Care, Orthopaedics & Joint Replacement, Neurosciences, Paediatrics, Obstetrics & Gynaecology, Aesthetic & Reconstructive Plastic Surgery and Internal Medicine. In addition, they offer services in the disciplines of Urology, ENT, Gastroenterology, Nephrology, Dermatology, Mental Health & Behavioural Sciences amongst others.

The Super Speciality Hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab and have tertiary care facilities in cancer care, cardiac care, neurology, orthopaedics and trauma. The recently launched Super Speciality Hospital in Dehradun is the latest addition to the Max Healthcare network and offers comprehensive tertiary, secondary and primary care services.

Max Healthcare is a pioneer in the introduction of technology to provide patients with the highest standards in medical care. Examples are the first Brain Suite in Asia at Max Saket and the Electronic Health Record System in use across Max Hospitals. The hospitals are equipped with the advanced medical equipment like state-of-the-art Cath labs, OTs with HEPA, Nuclear Medicine, Gama Camera, LINAC for Radiotherapy and MRI and CT scan machines.

Max Healthcare has over 2,100 leading doctors with 9,300 employees and has treated over 19,00,000 patients from over 80 countries.

For additional information, please contact:

Jolly Ahuja

+91 9871026333+91 9871026333

Swati Verma

+91 8826430008+91 8826430008

Life Healthcare to equalize its stake in Max Healthcare at an Enterprise Value of Rs 3650 Cr

Honourable Health and Family Welfare Minister, UP, Shri Ahmed Hasan inaugurates the Secondary Care Hospital in Greater Noida

Life Healthcare to equalize its stake in Max Healthcare at an Enterprise Value of Rs 3650 Cr
LHC will invest upto an additional Rs. 794 Cr in an all cash deal at Rs 67.50 per share
MHC valued at industry leading multiple of 31 times FY14 EBITDA translating to an Equity Value of Rs. 2,884 Cr
Stake equalisation is in line with original joint venture agreement between the two partners
MHC to utilize funds for its 3rd wave of growth and to retire debt

New Delhi, 22 July 2014 Life Healthcare (LHC), a USD 2 Bn South African healthcare major, is set to invest upto an additional Rs. 794 Cr in Max Healthcare (MHC), one of India’s leading private healthcare providers. LHC will pay Rs. 67.50 per share to equalize its stake with Max India in MHC, in an all cash transaction which puts the enterprise value of MHC at Rs 3,650/- Cr and its Equity value at Rs. 2,884 Cr.

In January 2012, Life Healthcare had invested Rs 50.24 per share, translating to Rs 516.5 Cr, to acquire a 26% stake in Max Healthcare. The current transaction will lead to equalization of stake of both joint venture partners as envisaged in their original JV agreement.

Post transaction, both JV partners will have equal representation on the MHC Board. The brand name of Max Healthcare will remain unchanged.

Max India is one of India’s leading multi business corporates with interests in Life Insurance, Healthcare and Health Insurance. Since its inception almost three decades ago, it has had an experience of managing successful joint venture partnership due to its philosophy of open and transparent relationships always managed in the spirit of equal ownership.

Speaking on the development, Mr Rahul Khosla, Managing Director, Max India and Chairman, Max Healthcare, said, “Max India and Life Healthcare’s joint venture has evolved into a mutually beneficial partnership with a clear meeting of minds on critical decisions such as business development, growth strategies, talent management and driving performance to achieve the highest standards of medical and service excellence. As MHC prepares itself for its third wave of growth it will stand to benefit immensely from LHC’s considerable experience in managing a large and widespread network of hospitals. Both the joint venture partners are committed to expand and grow the company rapidly.”

Commenting on the transaction, Andre Meyer, CEO, Life Healthcare, said, “India is a very important market for us. Our relationship with Max had been very constructive. Both Max and LHC were very keen on growing our partnership and the stake equalization is an important step in this direction.”

LHC will invest upto Rs. 397 Cr directly in MHC by subscribing to fresh equity at Rs. 67.50 per share. It will also acquire upto 13.3% of existing stake in the Company from Max India at Rs. 67.50 per share for upto Rs. 383 Cr, to achieve an equal shareholding as that of its JV partner Max India.

IFC, Washington currently holds 7.5% stake in MHC and has the option of either maintaining its 7.5% stake, by converting a portion of its preference shares to equity, or exercising a proportionate tag along right with Max India so as to dilute its shareholding to 5.4 %. The actual amount invested by Life Healthcare (and thus the amount received by Max Healthcare and Max India) will vary depending on IFC, Washington’s decision.

Speaking at the occasion, Mr Mohit Talwar, Dy Managing Director, Max India, who led this deal said, “The transaction would provide LHC a stronger platform to participate in the high growth Indian private healthcare space. We have multiple growth opportunities lined up, including expansion of our flagship super-speciality hospitals in Delhi. A portion of the proceeds will also be used to retire some debt which will further improve the financial performance.”

Max Healthcare operates 12 hospitals in North India, with a focus on high end tertiary and quaternary care. It undertook an exponential phase of organic expansion a year ago, by launching four new hospitals in Delhi-NCR and North India to nearly double its capacity to almost 2000 beds. The company’s revenue in FY 14 was Rs. 1,407 crore, a growth of 22% YoY. Its EBITDA in the same period grew by 59% YoY, to Rs. 113 crore.

The Boards of Max India, Life Healthcare and Max Healthcare approved the transaction earlier today. The transaction is subject to execution of definitive agreements and receipt of requisite statutory approvals.

The Max India Group is a leading Indian multi-business corporate with a commanding presence in the Life Insurance, Healthcare and Health insurance sectors. In the financial year 2014, the Group recorded a consolidated turnover of Rs 117 billion. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2014. Max India Limited is a widely held company, listed on the BSE and the NSE. Its founder sponsor Analjit Singh holds 40.5% stake in the company. Other shareholders include some of world’s best Institutional Investors such as Goldman Sachs, Temasek, IFC (Washington), Fidelity, New York Life.

Life Healthcare is the second largest private hospital operators in South Africa. It currently owns and operates 63 facilities with 8322 beds in a comprehensive geographic spread over seven South African provinces and Botswana. It is also a leading provider of acute rehabilitation and mental health services in the country.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Garima Sharma Nijhawan

Text100
Cell: 98991752759899175275
E-mail : Garima.sharma@text100.co.in

Anisha Rakyan

Manager-Brand & Communications
Max India Limited
Max House, Okhla – III, New Delhi-110 020
Tele # 2693 3610 Extn. 240, Cell # +91 9811024077+91 9811024077
E-mail:arakyan@maxindia.com

Max Super Speciality Hospital, Bathinda awarded the coveted NABH Accreditation

First Super Speciality Hospital in Malwa region to receive NABH Accreditation

Bathinda, 15th July, 2014: Max Super Speciality Hospital, Bathinda- leading healthcare service provider of the region was awarded the prestigious NABH (National Accreditation Board for Hospitals & Healthcare Providers) Accreditation, making it the first super specialty hospital in Malwa region to be awarded this coveted certification. NABH is regarded as the highest national recognition for quality patient care and safety and Max Hospital is proud to be in the league of premier hospitals recognized for its focus on providing quality services to its patients.

Speaking on the occasion, Mr Haresh Dahyalal Trivedi, General Manager– Operations, Max Super Speciality Hospital, Bathinda stated, “Patients will be the biggest beneficiaries of this accreditation as getting NABH accreditation, fully endorses the fact that the hospital has a 360 degree approach towards patient care which entails ethical & safe practices at par with the National Standards; that patients interests are kept foremost and patient and family’s rights are respected. Max Super Specialty Hospital, Bathinda has won the trust of several lakhs of patients since its inception. It is a matter of great honor to be the first super specialty hospital in the entire Malwa region to achieve this successful accreditation. The esteemed certification is a milestone in our journey of progress and reaffirms our ability to deliver world-class integrated healthcare services to our patients. NABH Standards are known to strengthen the patient and community’s confidence in the quality and safety of care, treatment and services provided at the hospital. We are delighted with this respected recognition and will continue to live up to the standards set by NABH.”

Dr. Manoj Majhi, Medical Advisor at Max Super Speciality Hospital, Bathinda said, “Max Super Speciality Hospital, Bathinda began its journey in September 2011 and within almost 3 years of its operations, it has become the leading choice of the residents of Bathinda for their healthcare needs. The NABH accreditation is a recognition of our commitment to provide service and medical excellence with an all round focus on patient care. We underwent almost a year of rigorous screening process to receive the coveted accreditation.”

NABH is a constituent board of Quality Council of India, set up to establish and operate accreditation and allied programs for healthcare organizations. The board is structured to cater to much desired needs of the consumers and to set benchmarks for the progress of health industry. The 636 standards of NABH form the check points for the accreditation and have been developed to cover all aspects of patient care, with particular emphasis on patient rights, safety, infection control, and clinical protocols. In order to receive NABH Accreditation, the hospital must adhere to all the standards mentioned in the Guidelines issued by NABH and must maintain these standards over time.

Over the last three years Max Super Speciality Hospital, Bathinda has earned the reputation of being the most trusted hospital for its scientific work with humane touch. Since its commencement, doctors from Max Hospital have touched upon the lives of numerous patients. Based on globally accepted practices with world-class ‘man & machine’, this facility of 220 bedded Hospital is designed to deliver the highest level of professional expertise and care. With a team of approximately 60 expert doctors and more than 520 total staff Max Hospital caters to the healthcare needs of the residents of not only Bathinda, but also the neighboring towns of Faridkot, Mansa, Barnala, Sirsa, Ganganagar, Dabwali, Hisar, Hanumangarh, Malout, Mukatsar, Kotkapura, Abohar and Faridkot The hospital has access to some of the most advanced technologies in medical care which are amongst the first in the region.

Notes to the editor

About Max Healthcare:

Max Healthcare is the country’s leading comprehensive provider of standardized, seamless and international-class healthcare services. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education.

Max Healthcare has 12 facilities in North India, offering services in over 30 medical disciplines. Of this 9 facilities are located in Delhi & NCR and the others in Mohali, Bathinda and Dehradun. The Max network includes state-of-the-art tertiary care hospitals in Saket, Patparganj, Shalimar Bagh, Mohali, Bathinda and Bathinda, secondary care hospitals at Gurgaon, Pitampura and Noida and an out-patient facility and a speciality centre at Panchsheel Park. The 12 hospitals together have over 1900 beds.

The tertiary care hospitals at Saket, Patparganj and Shalimar Bagh are centres of excellence for Cardiac Care, Minimal Access, Metabolic & Bariatric Surgery, Cancer Care, Orthopaedics& Joint Replacement, Neurosciences, Paediatrics, Obstetrics &Gynaecology, Aesthetic & Reconstructive Plastic Surgery and Internal Medicine. In addition, they offer services in the disciplines of Urology, ENT, Gastroenterelogy, Nephrology, Dermatology, Mental Health & Behavioural Sciences amongst others.

The Super Speciality Hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab and have tertiary care facilities in cancer care, cardiac care, neurology, orthopedics and trauma. The recently launched Super Speciality Hospital in Dehradun is the latest addition to the Max Healthcare network and offers comprehensive tertiary, secondary and primary care services.

Max Healthcare is a pioneer in the introduction of technology to provide patients with the highest standards in medical care. Examples are the first Brain Suite in Asia at Max Saket and the Electronic Health Record System in use across Max Hospitals. The hospitals are equipped with the advanced medical equipment like state-of-the-art Cath labs, OTs with HEPA, Nuclear Medicine, Gama Camera, LINAC for Radiotherapy and MRI and CT scan machines.

Max Healthcare has over 2100 leading doctors, 9300 employees and has treated over 19,00,000 patients from over 80 countries.

About NABH

NABH is a constituent board of Quality Council of India, set up to establish and operate accreditation and allied programs for healthcare organizations. The board is structured to cater to much desired needs of the consumers and to set benchmarks for the progress of health industry. The board while being supported by all stakeholders including industry, consumers, government has full functional autonomy in its operation.

Participation in NABH accreditation program is on a voluntary basis. Healthcare organization applies to participate in a program run by NABH. The health care organization signs a general Accreditation Agreement stating rights and obligations of all parties concerned. The assessment process is performed using standards and assessment procedures as per policy and procedures made beforehand. These can be seen on NABH website. NABH on its website publishes the accreditation status of the healthcare organizations that participate in its program as applicant or accredited.

NABH is an Institutional Member of the International Society for Quality in Health Care (lSQua). NABH 3rd edition Hospital standards are accredited by ISQua.

The award of NABH Accreditation to the healthcare organization means that the organization ensures:

  • Commitment to create a culture of quality, patient safety, efficiency and accountability towards patient care.
  • Establishment of Protocols and Policies as per National / International Standards for patient care, medication management, consent process, patient safety, clinical outcomes, medical records, infection control and staffing.
  • Patients are treated with respect, dignity and courtesy at all times.
  • Patients are involved in care planning and decision making.
  • Patients are being treated by qualified and trained staff.
  • Feedback from patients is sought and complaints (if any) are addressed.
  • Transparency in billing and availability of tariff list.
  • Continuous monitoring of its services for improvement.
  • Commitment to prevent adverse events that may occur.

For further information, please contact:

Jolly Ahuja

+91 9871026333+91 9871026333

Amit Abhilash

+91 9810805619+91 9810805619

Max Bupa wins the coveted technology award at the fourth edition of India Insurance Awards

  • Awarded for seamless customer service delivery through technological innovation
  • Second recognition in a year for technology expertise

New Delhi, June 26, 2014: Max Bupa has been conferred with top honor for technology maturity at the fourth edition of India Insurance awards. Max Bupa was recognized as the company with the most effective and mature technology infrastructure in the health insurance industry. Max Bupa has received the award ‘Technology Maturity’ for its focused utilization of technology to deliver the best in class service experience to its customers. The awards were presented at a special ceremony attended by the industry leaders in Mumbai

Max Bupa has been an exemplar in providing seamless and personalized customer experience through advanced technological implementation. Max Bupa had made significant investment in its technology capabilities, including in-house development and support teams to ensure agility and responsiveness for changing business needs. The management has a clear roadmap to ensure that the technology implementation maintains its competitive edge and addresses the evolving customer needs. The core policy administration system at Max Bupa was inherited from its parent company BUPA and evolved over 18 years basis the market experience of Bupa across countries.

On receiving the award, Manasije Mishra, Chief Executive, Max Bupa said “We are delighted to be recognized for our continued investment in technology and infrastructure to provide a seamless experience to our customers. Role of technology will be pivotal to the industry’s growth and as the industry continues to evolve, Indian Insurance awards recognize early innovators that lead the way. For us, customer is always at the core and, we will continue to invest in offerings and services that will benefit them.

The Indian Insurance Awards have been conceptualised to honour performance, growth and excellence in the Indian insurance industry, and raise the benchmark year on year for industry participants.

The jury comprised of an esteemed panel from the Indian Insurance industry including S B Mathur, Secretary General, Life Insurance Council, R Chandrasekaran, Secretary General, General Insurance Council and Vepa Kamesam, Managing Director, Institute of Insurance and Risk Management. The jury conducted detailed research and assessment on market performance of the qualifying companies.

Earlier this year, Max Bupa was also conferred with the Model Insurer Asia of the Year 2014 by the analyst firm Celent for usage of advanced technology in insurance.

About Max Bupa Health Insurance

Max Bupa Health Insurance is a, 74:26, joint venture between Max India Limited, a multi-business corporate with expertise in life insurance and health care and Bupa, a leading international healthcare provider with 65 years of healthcare knowledge. Max Bupa brings together a combination of Bupa’s global health insurance expertise and customer service expertise with Max India’s understanding and experience of the Indian health and insurance sectors. Max Bupa offers quality health insurance services through a dedicated team of over 1000 people and its network of 21 offices across 13 cities – Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi, Kolkata and Patna. Max Bupa offers individual and family oriented health insurance policies for Indians across all age groups.

Strong Network of 3500 hospitals

Max Bupa Health Insurance has a direct working relationship with a network of over 3500 top quality hospitals and healthcare providers and at the same time the company plans to extend its network of hospitals to other parts of the country. Max Bupa services customers directly without third party involvement. For more details about the company and a list of all our network hospitals please visit www.maxbupa.com.

About Max India

Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ with its vision is to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mutsui Sumitomo; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Specialty Products for the packaging industry through its strategic business unit Max Specialty Films.

The flagship company Max India Limited is a widely held public listed entity, with the owner sponsors, led by Analjit Singh holding over 39% stake. Its other shareholders include some of world’s best Institutional Investors such as, Goldman Sachs, International Finance Corporation, Washington (IFC) and Temasek Holdings.

About Bupa: 65 years of Health and Care

Bupa’s purpose is to help people lead longer, healthier, happier lives. Established in 1947, it has over 11.3 million customers in more than 190 countries. Employing over 52,000 people, Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the USA, as well as Hong Kong, Thailand, Saudi Arabia, India, China and across Latin America. A leading international healthcare group, Bupa offers personal and company health insurance, runs care homes for older people and hospitals, and provides workplace health services, health assessments and chronic disease management services, including health coaching, and home healthcare. With no shareholders, Bupa invests its profits to provide more and better healthcare and is committed to making quality, patient-centred, affordable healthcare more accessible in the areas of wellness, chronic disease management and ageing

Max Healthcare and GE Healthcare Join Hands to Advance Cancer Care in India through Research & Co-creation of multi-faceted cancer care solutions

  • Partners to set up First of a kind Centre of Excellence for Cancer Care in India
  • To set up Training Institute for bridging talent shortage and advancing the oncology care skill set

NEW DELHI, INDIA, MARCH 26, 2014: Max Healthcare, a leading healthcare services provider and GE Healthcare, a unit of General Electric Company (NYSE: GE), today announced a strategic partnership to advance the standard of cancer care in India through collaborative research and co-creation of futuristic, multifaceted cancer management solutions.

An MoU was signed to this effect by Dr. Ajay Bakshi, MD & CEO, Max Healthcare and Ms. Terri Bresenham, President & CEO, GE Healthcare South Asia, in the presence of Mr Analjit Singh, Chairman, Max India Group; Mr John Dineen, President & CEO, GE Healthcare; Mr. Rahul Khosla, Managing Director, Max India Ltd.; Mr Banmali Agrawala, President & CEO, GE South Asia; and Dr Harit Chaturvedi, Chairman Oncology, Max Healthcare

Speaking at the occasion, Dr Ajay Bakshi, MD & CEO, Max Healthcare said “There is an alarming increase in the incidence of cancer in India. Inadequate screening and a severe shortage of oncologists and other trained staff further compound the problem. With advanced healthcare infrastructure and the availability of one of the largest pools of clinical talent in the country, comprising of 45 oncologists and 220 trained oncology support staff, Max Healthcare is uniquely positioned to partner with GE Healthcare to set new standards for cancer care by innovating on clinical protocols, technology and systems.”

“At GE, we envision a day when Cancer is no longer a deadly disease. When the disease is as complex and multi-faceted as cancer, solutions need to be equally multi-faceted and even more integrated, combining medical imaging, molecular imaging, healthcare IT and cellular technologies. With technology advances, we can see diseases as we have never seen before and provide most personalized treatment eliminating non-responding treatment protocols. Through this partnership with Max Healthcare, we aim to understand the fingerprint of specific cancers in India and co-develop disruptive solutions” said John Dineen, President & CEO, GE Healthcare.

As one of the most relevant global cancer diagnostic companies, GE is devoting an even greater share of R&D budget (US $ 1 Billion) to continue developing disruptive oncology solutions. Combining Max Healthcare’s expertise and experience in tackling cancer presents a fantastic opportunity to advance technology solutions, processes and protocols to set a new standard of cancer care as well as improving access to quality cancer care for more people. The partnership will give emphasis to the following critical areas:

  • Creation of a first of its kind Centre of Excellence for Cancer in India at Max Super Speciality Hospital, Saket, Delhi. The Centre will be equipped with the latest technology solutions like medical imaging, molecular diagnostics, healthcare IT solutions to integrate data, processes etc.
  • Collaborative research on cancer care & co-creation of technology solutions
  • Improved access to quality cancer care through Healthcare IT Solutions (example. cloud/mobile health platforms).
  • Decision Support System like virtual tumor board – to virtually surround a patient with multi-disciplinary expertise. Oncologists from Max Healthcare network as well as leading experts from around the world will be available to provide best possible personalized treatment course to each patient
  • Development of innovative cancer specific treatment pathways and protocols to make diagnosis and treatment more efficient.
  • Setting up an Oncology Training Institute to advance existing skill set on clinical care and to build a larger pool of talent

Addressing the media, Dr Harit Chaturvedi, Chairman- Oncology, Max Healthcare said, “At Max Cancer Centre, we receive around 10,000 patients every year and the numbers are increasing by the day. With this collaboration with GE Healthcare, we aim to bring together clinical and basic research to find new solutions to cancer. The virtual tumour board will enable experts from different geographies and time zones to review each case of cancer and propose specific solutions for patients.”

The incidence of cancer is sharply rising in India with a prevalence of 3 million and annual new addition of 1.23 million cases.* The mortality rates are very high due to late detection, access and affordability to care. India has highest rates of cervical, gall bladder, oral and pharynx cancers. Breast cancer is the second largest cancers among women in India. As per a GE commissioned study, 70-80% of cancer patients are diagnosed late which renders any form of treatment less effective. The need of the hour is to improve awareness leading to more early diagnosis, improve access to diagnosis and treatment as well as significantly improve the treatment protocols and care pathways to enhance quality of outcome – survival and leading a healthier life.

“Every two minutes India loses three people to Cancer. Two new people are detected with cancer every minute in India. It is a ticking bomb. We can save many of these lives with early detection and precise treatment. The partnership with Max Healthcare reflects our shared commitment in tackling the deadly disease early and with precision” said Terri Bresenham, President & CEO, GE Healthcare South Asia.

“We hope to learn much more about each type of cancer and their cellular behaviour and develop solutions through this collaboration” she added.

Max Healthcare has been working towards addressing the scourge of Cancer. Recently Max Healthcare partnered with the Government of Punjab to organize the world’s largest Cancer Screening Camp across 22 districts of Punjab, helping 20,000 patients. This partnership with GE Heatlhcare is a definitive step in tackling cancer head-on by working together to develop unique, disruptive solutions as well as by improving access to quality care

About Max Healthcare:

Max Healthcare is the country’s leading comprehensive provider of standardized, seamless and international-class healthcare services. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education.

Max Healthcare has 12 facilities in North India, offering services in over 30 medical disciplines. Of this 9 facilities are located in Delhi & NCR and the others in Mohali, Bathinda and Dehradun. The Max network includes state-of-the-art tertiary care hospitals in Saket, Patparganj, Shalimar Bagh, Mohali, Bathinda and Dehradun, secondary care hospitals at Gurgaon, Pitampura and Noida and an out-patient facility and a speciality centre at Panchsheel Park. The 12 hospitals together have over 1900 beds.

The tertiary care hospitals at Saket, Patparganj and Shalimar Bagh are centres of excellence for Cardiac Care, Minimal Access, Metabolic & Bariatric Surgery, Cancer Care, Orthopaedics & Joint Replacement, Neurosciences, Paediatrics, Obstetrics & Gynaecology, Aesthetic & Reconstructive Plastic Surgery and Internal Medicine. In addition, they offer services in the disciplines of Urology, ENT, Gastroenterelogy, Nephrology, Dermatology, Mental Health & Behavioural Sciences amongst others.

The Super Speciality Hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab and have tertiary care facilities in cancer care, cardiac care, neurology, orthopedics and trauma. The recently launched Super Speciality Hospital in Dehradun is the latest addition to the Max Healthcare network and offers comprehensive tertiary, secondary and primary care services.

Max Healthcare is a pioneer in the introduction of technology to provide patients with the highest standards in medical care. Examples are the first Brain Suite in Asia at Max Saket and the Electronic Health Record System in use across Max Hospitals. The hospitals are equipped with the advanced medical equipment like state-of-the-art Cath labs, OTs with HEPA, Nuclear Medicine, Gama Camera, LINAC for Radiotherapy and MRI and CT scan machines.

Max Healthcare has over 2,100 leading doctors with 9,300 employees and has treated over 19,00,000 patients from over 80 countries.

About GE Healthcare

GE Healthcare provides transformational medical technologies and services to meet the demand for increased access, enhanced quality and more affordable healthcare around the world. GE (NYSE: GE) works on things that matter – great people and technologies taking on tough challenges. From medical imaging, software & IT, patient monitoring and diagnostics to drug discovery, biopharmaceutical manufacturing technologies and performance improvement solutions, GE Healthcare helps medical professionals deliver great healthcare to their patients.

GE Healthcare is at work for a healthier India. We are focusing on some of the toughest healthcare challenges of India – lowering maternal and infant deaths; enable early detection of cancer for early treatment, addressing heart disease the burden etc. We design, develop and manufacture technologies in India for India and the world that will enhance access to quality healthcare at affordable costs to more people.

For our latest news, please visit http://newsroom.gehealthcare.com.

For additional information, please contact:

Jolly Ahuja

Max Healthcare
+91 9871026333+91 9871026333

Swati Verma

+91 8826430008+91 8826430008

98710263339871026333

Manoj V Menon

Communications Leader,
GE Healthcare
Email: manoj.menon@ge.com
T: +91 9845199852+91 9845199852
Twitter: @GEHealthIndia

*Source: Globocan 2008, Globacan 2012, ICMR, GE Studies

Max Speciality Films appoints Jaideep Wadhwa as Chief Executive Officer

17th Feb 2014: Max Specialty Films (MSF), a business division of Max India Ltd, has appointed Jaideep Wadhwa as Chief Executive Officer. Jaideep will focus on profitably growing the business, achieving optimal scale and strengthening key customer relationships. He will report to Rahul Khosla, Managing Director, Max India. Jaideep will succeed Sudhir Mathur who successfully led MSF as Chief Executive Officer for 8 years, steering growth of five times in revenues, over three times in profits and establishing a market share of over 30% in the Indian Speciality Films category.

Sudhir, who retires on March 31, 2014, led MSF to grow domestically and expand in diverse international markets. In FY ’13, MSF exported 30% of its production to South Africa, Middle East and Europe. It has a steady base of blue chip customers with its top 15% clients contributing nearly 70% of its sales. MSF operates at the higher value end of the market. While it has 11% of the installed BOPP capacity in India, it has a disproportionately high market share of 15%. The company has won many recognitions that endorse its innovation and quality orientation, including India’s most coveted packaging award, the India Star Award and the premier international packaging award, the World Star Award. The Company’s environment sensitivity won it the National Energy Conservation Award 2012 from Ministry of Power.

As India grows to become the 5th largest consumer market in the world by 2020, MSF will be a leading player in the speciality packaging film industry. Its current installed capacity is 52,000 tonnes per annum and its turnover for FY ’13 was Rs 713 crore.

Speaking about the appointment, Rahul Khosla, Managing Director of Max India said, “I am delighted to welcome Jaideep to the Max family. His deep yet diverse expertise in specialized manufacturing businesses will be invaluable for Max Speciality Films. His track record of consistent and profitable growth will stand us in good stead for the growth, development and value creation that MSF is set to embark upon.”

Jaideep is a consummate professional with 27 years of experience in leading manufacturing businesses. He has held P&L responsibilities, managed business development, sales as well as manufacturing across India & China during his career. He last held the position of Director, Actis Advisors, Mumbai, intensively engaged in guiding and supporting the management teams at Actis’ investee companies to improve operations and optimize returns. Prior to joining Actis, he was President of Tomkins Plc’s Industrial & Automotive Businesses in India.

Commenting about his latest assignment, Jaideep Wadhwa said, “I look forward to being a part of the Max India family as there is a great alignment of culture and values between us. I believe this opportunity will allow me to build on a strong foundation and further enhance value”

Jaideep started his career with Wadco Tools Ltd. and worked several years at Ingersoll Rand managing various leadership roles in India & China. He last served as Vice President & General Manager, Industrial Technologies, India and Managing Director Ingersoll Rand (India) Ltd.

Jaideep studied at Modern School and graduated from St. Stephens College in New Delhi. He is also an MBA from the Darden Graduate School of Management, Virginia.

About Max India

The Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Businesses of Life’ with its vision to be one of India’s most admired corporates for service excellence – in what we do, how we do it and the positive impact we have on society and our stakeholders. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mitsui Sumitomo Insurance, Japan; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its SBU Max Speciality Films.

The Group’s businesses have built commanding presence in their respective sector, through a total customer base of nearly 7 million, over 300 offices spread across India and a people strength of over 70,000 persons. Max India remains committed to excellence in Corporate Governance and recognizes that in today’s world, it is an important driver for building all round excellence, attracting high-quality talent and intelligent capital. The Group and its companies are Shareholder steered, Board governed and Executive managed. The Board thoroughly evaluates business performance on nine strategic levers – enhancing business performance, investing in people and organisational development, creating efficiency in capital management, adopting an integrated enterprise-wide approach, investing sensibly in new growth opportunities, maintaining the highest standards of governance, continuously improving service quality, developing a distinct corporate brand and effectively managing risk.

The flagship company Max India Limited is a widely held public limited company, listed on the BSE & the NSE. Analjit Singh, Founder & Chairman, is the lead shareholder in Max India with over 39% holding. Other key shareholders in the company include some of world’s leading Institutional Investors, such as Goldman Sachs, International Finance Corporation, Washington (IFC), and Temasek Holdings.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Anisha Rakyan

Manager-Brand & Communications
Max India Limited
Max House, Okhla – III, New Delhi-110 020
Tele # 2693 3610 Extn. 240, Cell # +91 9811024077+91 9811024077
E-mail:arakyan@maxindia.com

Max India’s FY14 Consolidated Revenue increases 19%* to Rs 11,683 Cr, PAT up 44% to Rs 209 Cr.

Financial Highlights

  • Max India’s FY 2014 net revenue increases 19%* over previous fiscal to Rs 11,683 Cr
  • Max India announces 90% final dividend taking annual dividend to180% **
  • Max Life reports strong new sales growth of 17% over previous fiscal, outperforming industry de-growth of 3%. The Company’s gross premium increases 10% over previous fiscal to Rs 7279 Cr.
  • Max Healthcare turns cash profitable. Net Revenue increases 22% over previous fiscal to Rs 1407Cr
Below is a summary of the consolidated financials of Max India
ghhgh Quarter ended March 2014 Quarter ended March 2013 Change Year ended March 2014 Year ended March 2013 Change
Revenue Rs 3740 Cr. Rs 2468 Cr. 52% Rs 11683 Cr. Rs 9820 Cr. 19%
EBIDTA Rs 121 Cr. Rs 87 Cr. 39% Rs 506 Cr. Rs 419 Cr. 21%
PBT Rs 62 Cr. Rs 28 Cr. 120% Rs 274 Cr. Rs 197 Cr. 39%
PAT Rs 52 Cr. Rs 29 Cr. 84% Rs 209 Cr. Rs 146 Cr. 44%

Press statement:

New Delhi, 12 February 2014: Max India Ltd., one of India’s leading multi-business corporates,today announced its results for FY 2014. The Company reported a net increase in consolidated revenue in FY 2014, by 19% over the previous fiscal to Rs 11,683 Cr. The rise in EBITDA for the same period was 21% and stood at Rs 506 Cr. Profit After Tax (PAT) rose 44%, to Rs. 209 Cr., on a consolidated basis.

The Q4 FY 2014 figures were equally impressive with consolidated revenue rising 52% to Rs 3740 vs. Q4 FY 2013. Profit After Tax (PAT) rose by 84% to Rs 52 Cr during the same period.

The key contributing factors to the sterling performance of the company have been MLIC’s 10% growth in premium income and Max Healthcare turning cash positive, reporting a 22% increase in net revenue over last fiscal year.

Key highlights of subsidiaries

Max Life, a 71% life insurance subsidiary of Max India, continued to outperform the industry, leading the Group’s growth charge by posting an impressive new sales growth of 17% over the previous fiscal. Its overall revenues increased by 19% to stand at Rs 9633 Cr. The increase in revenue was supported by a 10% growth in Gross Premium during the period. Embedded Value as at the end of the current period is at Rs.3,953 Cr., with operating Return on Embedded Value (RoEV) at 15.6%. The Assets Under Management (AUM) of the Company rose by 21%, during the fiscal year, to Rs 24,716 Cr.

Max Healthcare, a 66% subsidiary of Max India, reported growth of 22% in Gross Revenue to Rs 1407 Cr, and 59% growth in EBIDTA, to Rs. 113 Cr supported by higher average occupancy which increased to 74% this fiscal vs 69% in the previous fiscal despite 12% expansion in operational beds to 1470 from 1300 beds in the last fiscal year.

Max Bupa Health Insurance, a 74% subsidiary of Max India recorded a 49% rise in net revenue in FY14 to stand at Rs 309 Cr. The company strengthened its distribution through four new bancassurance tie-ups with Ratnakar Bank, Standard Chartered Bank, Deustche Bank and Federal Bank.

Antara Senior Living, a 100% subsidiary of Max India serving the high potential Senior Living industry, continued to generate considerable media and public interest and witnessed encouraging sales momentum for its maiden senior living community being built at Dehradun[1]

Max Speciality Films (MSF), a division of Max India till last fiscal, and now a subsidiary of Max India since 1 April 2014, saw stabilization of the industry leading to margin and revenue improvement. This translated to a 33% growth in EBIDTA to Rs. 57 Cr. MSF continues to operate at peak capacity vis-à-vis average industry capacity utilization of around 70%.

Commenting on the Company’s performance, Mr. Rahul Khosla, Managing Director, Max India Ltd. said, “Our Businesses of Life continue to set the pace in their respective industries, while focusing on sustained profitability and growth over key fiscal metrics. The macro environment looks positive with the new government in place. Backed by a high quality leadership team we are well placed for another successful year.

Mr. Mohit Talwar, Deputy Managing Director, Max India Ltd. added, “Our businesses have performed admirably even in challenging business environment. Max Life has outperformed the industry, Max Healthcare has turned cash profitable and we continue to be extremely bullish about the growth prospects of Max Bupa As a Group, we are well positioned for growth in our businesses”

About Max India

The Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Businesses of Life’ with its vision to be one of India’s most admired corporates for service excellence – in what we do, how we do it and the positive impact we have on society and our stakeholders. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint [2]venture between Max India and Mitsui Sumitomo Insurance, Japan; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its fully owned subsidiary Max Speciality Films

The Group’s businesses have built commanding presence in their respective sector, through a total customer base of nearly 7 million, over 300 offices spread across India and a people strength of over 70,000 persons. Max India remains committed to excellence in Corporate Governance and recognizes that in today’s world, it is an important driver for building all round excellence, attracting high-quality talent and intelligent capital. The Group and its companies are Shareholder steered, Board governed and Executive managed. The Board thoroughly evaluates business performance on nine strategic levers – enhancing business performance, investing in people and organisational development, creating efficiency in capital management, adopting an integrated enterprise-wide approach, investing sensibly in new growth opportunities, maintaining the highest standards of governance, continuously improving service quality, developing a distinct corporate brand and effectively managing risk.

The flagship company Max India Limited is a widely held public limited company, listed on the BSE & the NSE. Analjit Singh, Founder & Chairman, is the lead shareholder in Max India with around 40% holding. Other leading shareholders in the company include some of world’s leading Institutional Investors, such as Goldman Sachs, International Finance Corporation, Washington (IFC), and Temasek Holdings.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Anisha Rakyan

Manager-Brand & Communications
Max India Limited
Max House, Okhla – III, New Delhi-110 020
Tele # 2693 3610 Extn. 240, Cell # +91 9811024077+91 9811024077
E-mail:arakyan@maxindia.com

Connect with Max India on social media:

LinkedIn: Max India Ltd I Twitter: @maxindialtd
Facebook: maxindialimited I YouTube: channelmaxindia

Max Bupa recognised for its innovative Customer Education Initiative

‘Satya Mythya ki Paathshala’

Awarded Best Client Agency Idea at the Loyalty Awards 2014

New Delhi, Feb 11, 2014: A first of its kind customer education initiative by Max Bupa, Satya Mythya ki Paathshala has been awarded the Best Client Agency Idea at the seventh edition of the Loyalty Awards held in Mumbai recently. This is the first time a health insurance player has been felicitated with this honour. The award recognizes the efforts undertaken by an organisation in the area of customer loyalty to improve customer relationships while building long term profitability.

With the objective to de-mystify health insurance for customers, which is often perceived to be complicated, the initiative launched in 2013, saw two virtual characters Satya and Mythya drive conversations around health insurance in an engaging manner. The initiative is in line with Max Bupa’s belief that health insurance awareness and penetration will be driven by industry’s ability to win customer’s trust.

In a first of its kind effort by an insurer, Max Bupa introduced a unique customer education initiative Satya Mythya ki Paathshala on Facebook and Twitter last year. The initiative launched two virtual characters Satya and Mythya, to drive conversations around health insurance in an engaging manner and de-mystify the common misconceptions about the category. While Mythya propagates common myths prevalent about the category, Satya helps bust them to guide the customer in the right direction.

The penetration of health insurance in India is as low as five to seven percent and as a result, most people don’t know much about health insurance and its benefits. The widespread mistrust about the health insurance industry is also a key barrier to the growth of the sector. Through this initiative, Max Bupa aims to overcome people’s lack of involvement and negative disposition towards health insurance and increase their likelihood to consider buying health insurance. Some of the issues that will be tackled through the initiative include the perception of insurance as a tax saving instrument to doubts on the benefit of buying health insurance at a young age.

Manasije Mishra, Chief Executive Officer, Max Bupa said, “We are delighted to witness such a positive response for Satya Mythya Ki Paathshala by our customers and the industry. Our constant endeavour is to simplify the concept of health insurance and create a greater acceptance for it. Customers must be empowered to make informed decisions.”

“The idea was to narrate a compelling story which gets everyone involved and has a high recall value. We wanted the message execution to be clutter breaking to draw people’s attention towards the category,” added Sevantika Bhandari, Director – Marketing, Max Bupa.

The initiative increased Max Bupa’s engagement metric scores significantly on social media and also added to its follower base. Max Bupa has also used the two mascots for agent and sales training.

The initiative is an ongoing effort and will run through a course of comic strips, infographics, contests and games.

Note to the editor

About Max Bupa Health Insurance

Max Bupa Health Insurance is a, 74:26, joint venture between Max India Limited, a multi-business corporate with expertise in life insurance and health care and Bupa, a leading international healthcare provider with 65 years of healthcare knowledge. Max Bupa brings together a combination of Bupa’s global health insurance expertise and customer service expertise with Max India’s understanding and experience of the Indian health and insurance sectors. Max Bupa offers quality health insurance services through a dedicated team of over 1000 people and its network of 21 offices across 13 cities – Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi, Kolkata and Patna. Max Bupa offers individual and family oriented health insurance policies for Indians across all age groups.

Strong Network of 3400 hospitals

Max Bupa Health Insurance has a direct working relationship with a network of over 3400 top quality hospitals and healthcare providers and at the same time the company plans to extend its network of hospitals to other parts of the country. Max Bupa services customers directly without third party involvement. For more details about the company and a list of all our network hospitals please visit www.maxbupa.com.

About Max India

Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ with its vision is to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mutsui Sumitomo; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Specialty Products for the packaging industry through its strategic business unit Max Specialty Films.

The flagship company Max India Limited is a widely held public listed entity, with the owner sponsors, led by Analjit Singh holding over 39% stake. Its other shareholders include some of world’s best Institutional Investors such as, Goldman Sachs, International Finance Corporation, Washington (IFC) and Temasek Holdings.

About Bupa: 65 years of Health and Care

Bupa’s purpose is to help people lead longer, healthier, happier lives. Established in 1947, it has over 11.3 million customers in more than 190 countries. Employing over 52,000 people, Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the USA, as well as Hong Kong, Thailand, Saudi Arabia, India, China and across Latin America. A leading international healthcare group, Bupa offers personal and company health insurance, runs care homes for older people and hospitals, and provides workplace health services, health assessments and chronic disease management services, including health coaching, and home healthcare. With no shareholders, Bupa invests its profits to provide more and better healthcare and is committed to making quality, patient-centred, affordable healthcare more accessible in the areas of wellness, chronic disease management and ageing.

LinkedIn: Max India Ltd I Twitter: @maxindialtd
Facebook: maxindialimited I YouTube: channelmaxindia

Standard Chartered Bank enters into a bancassurance tie up with Max Bupa

~ Standard Chartered Bank to offer comprehensive health plans of Max Bupa to its 2 million customers across 99 branches in 42 cities

Mumbai/ New Delhi, Feb 3, 2014: Standard Chartered Bank and Max Bupa today announced their bancassurance Corporate Agency arrangement to provide Max Bupa’s comprehensive health insurance offerings to the diverse customer base of Standard Chartered Bank across the country.

The arrangement comes on the back of IRDA’s guidelines which permits a stand-alone health insurance company to avail the services of Corporate Agents of other Life and / or Non-Life insurance companies to distribute their products in addition to the existing arrangements of the Corporate Agents with one life and one general insurance company. Standard Chartered will distribute Max Bupa’s health insurance products to its customers across its 99 branches spread over 42 cities in India. Max Bupa will work with Standard Chartered Bank to ensure sales training, product support and smooth operational processes in order to offer Max Bupa’s health insurance products to customers seeking a health cover for themselves and their family. This arrangement will reflect the core philosophy of Max Bupa of building unique product proposition around customer needs and Standard Chartered Bank’s philosophy to provide best in class customer experience.

Speaking about the Corporate Agency arrangement with Max Bupa, Sanjeeb Chaudhuri, Regional Head, South Asia & Chief Marketing Officer,Consumer Banking, Standard Chartered Bank, said, “”We are delighted to enter into Corporate Agency arrangement with Max Bupa and believe that the inherent synergies of this relationship will benefit our customers. This arrangement will enable us to further augment the comprehensive range of third party products and services by offering innovative health insurance solutions of Max Bupa. Our endeavour has always been to explore avenues to enhance suit of products and services offered to our customers. We are confident that this will be a mutually beneficial relationship and pave the way for greater access to a wide range of products and services to our customers.”

Talking about Max Bupa’s commitment towards making quality Health Insurance more accessible for customers, Manasije Mishra, CEO, Max Bupa said, “Max Bupa and Standard Chartered Bank reflect the long standing commitment in providing quality product and service to customers. The forging of this relationship is an important milestone for us as bancassurance is an important part of our growth strategy.”

Manasije added, “We want people to live healthier and more successful lives and this will become a reality when people across India use Health Insurance to protect their families’ health. It is our endeavour to continuously innovate and make our products more widely available. This arrangement will meet the mission of helping customers live a healthier and happier life. We are confident that we will be successful in providing the right mix of products to cater to our customers’ diverse health insurance needs.”

The HNI and Personal Banking clients of Standard Chartered Bank will have an access to a rich bouquet of health insurance products from Max Bupa catering to the varied needs of the customers.

The comprehensive product suite will include Max Bupa’s flagship product Heartbeat, one of the most comprehensive offering in the market with exclusive product and service propositions like coverage upto 50 lakhs, 24X7 customer service helpline, coverage for day care procedures, OPD benefit, among others. Health Assurance, a first of its kind three in one assured cash benefit plan from Max Bupa that covers critical illness, personal accident and hospital cash, will also be offered to Standard Chartered customers.

Note to the editor

About Max Bupa Health Insurance

Max Bupa Health Insurance is a, 74:26, joint venture between Max India Limited, a multi-business corporate with expertise in life insurance and health care and Bupa, a leading international healthcare provider with 65 years of healthcare knowledge. Max Bupa brings together a combination of Bupa’s global health insurance expertise and customer service expertise with Max India’s understanding and experience of the Indian health and insurance sectors. Max Bupa offers quality health insurance services through a dedicated team of over 1000 people and its network of 21 offices across 13 cities – Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi, Kolkata and Patna. Max Bupa offers individual and family oriented health insurance policies for Indians across all age groups.

Strong Network of 3400 hospitals

Max Bupa Health Insurance has a direct working relationship with a network of over 3400 top quality hospitals and healthcare providers and at the same time the company plans to extend its network of hospitals to other parts of the country. Max Bupa services customers directly without third party involvement. For more details about the company and a list of all our network hospitals please visit www.maxbupa.com.

About Max India

Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ with its vision is to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mutsui Sumitomo; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Specialty Products for the packaging industry through its strategic business unit Max Specialty Films.

The flagship company Max India Limited is a widely held public listed entity, with the owner sponsors, led by Analjit Singh holding over 39% stake. Its other shareholders include some of world’s best Institutional Investors such as, Goldman Sachs, International Finance Corporation, Washington (IFC) and Temasek Holdings.

About Bupa: 65 years of Health and Care

Bupa’s purpose is to help people lead longer, healthier, happier lives. Established in 1947, it has over 11.3 million customers in more than 190 countries. Employing over 52,000 people, Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the USA, as well as Hong Kong, Thailand, Saudi Arabia, India, China and across Latin America. A leading international healthcare group, Bupa offers personal and company health insurance, runs care homes for older people and hospitals, and provides workplace health services, health assessments and chronic disease management services, including health coaching, and home healthcare. With no shareholders, Bupa invests its profits to provide more and better healthcare and is committed to making quality, patient-centred, affordable healthcare more accessible in the areas of wellness, chronic disease management and ageing.

Standard Chartered – leading the way in Asia, Africa and the Middle East

Standard Chartered is a leading international banking group. It has operated for over 150 years in some of the world’s most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank’s growth in recent years. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges as well as the Bombay and National Stock Exchanges in India.

With 1,700 offices in 70 markets, the Group offers exciting and challenging international career opportunities for 88,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. Standard Chartered’s heritage and values are expressed in its brand promise, ‘Here for good’.

For further information please visit www.standardchartered.com. Follow Standard Chartered at www.facebook.com/standardcharteredand on Twitter@StanChart.

Standard Chartered Bank in India

Standard Chartered Bank is India’s largest international bank with 99 branches in 42 cities, serving 40,000+SMEs, over 2,500 key Corporate and Institutional Relationships and approx 2 million retail customers. Key businesses comprise Consumer Banking, including Deposits, Loans, Wealth Management, Private Banking and SME Banking; and Wholesale Banking, which includes Cash Transaction Banking, Treasury, Corporate Finance and Custody Services. For more information, visit www.standardchartered.co.in.

Standard Chartered Bank, India is a licensed Corporate Agent of Max Bupa Health Insurance Company Limited for standalone health Insurance products vide composite license number 1096736.

Max Bupa Health Insurance plans for Standard Chartered Bank customers are underwritten and issued by Max Bupa Health Insurance Company Limited. Claims will be settled by Max Bupa Health Insurance Company Limited as per the terms and conditions of the policy.

For more details or risk factors, terms and conditions, please read the sales brochure carefully (or refer to the policy wordings), before concluding a sale. Please refer policy document for exact terms and conditions and specific details applicable to the Insurance Policy.

Insurance is the subject matter of solicitation.

Max India ‘s consolidated Q2FY14 PBT jumps 11 6 % to Rs 93 Cr, declare s interim dividend of 90%

Max Life’s1 market share increases 60[1] basis points to 9.7%; announces dividend of Rs 128 Cr.
MHC[2] turns cash positive in H1FY14; Q2FY14 EBIDTA up 6 times
Max Bupa’s Net Earned Premium up 96%, signs Deustche Bank as a bancassurance partner
Antara commences prelaunch sales in Q2FY14
Max Speciality Films Q2FY14 EBITDA up 46%

New Delhi, 8 Nov 2013: Max India Ltd., one of India’s leading multi-business corporates, today announced its results for the quarter ended 30 September, 2013. The consolidated Profit Before Tax (PBT) for Q2FY14 rose by 116% to reach Rs. 93 Cr. The Operating Revenue registered an increase of 12% to Rs. 2158 Cr. The Board of Director’s of Max India Limited have proposed an interim dividend of 90%, translating to Rs. 1.80 per share and aggregating to Rs. 48 Cr. This follows a consolidated dividend of 610%, aggregating Rs. 324 Cr., paid by Max India in FY13.

Commenting on the Company’s performance, Mr. Rahul Khosla, Managing Director, Max India Ltd. said, “Our Businesses of Life are positioned for sustained and profitable growth, and are setting the pace in their respective industries. These results are especially pleasing when evaluated against the backdrop of a generally challenging macroeconomic and regulatory environment. This positive financial performance, a healthy balance sheet and a comfortable liquidity position has led the Board of Directors to approve an interim dividend of 90%. I am confident that our commitment to core values and strategies will continue to deliver superior results in the future”

Mr. Mohit Talwar, Deputy Managing Director, Max India Ltd. added that, “The liquidity position continues to be healthy at Rs. 2,300 Cr., across operating companies and the listed entity. This will ensure that the Group is well positioned to tap future growth opportunities”.

Last week, Max Life, a 71% subsidiary of Max India declared a dividend of Rs 128 Cr. supported by 20% growth in its Q2FY14 Profit Before Tax(PBT), and a 8% growth in the Gross Premium. The company outperformed in the private life insurance segment, with a 60 basis point increase in market share to 9.7%. During the period its Assets Under Management (AUM) rose 13% to Rs. 21,735 Cr. The company’s Solvency Ratio of 521%, is more than 3 times the mandatory 150%, reflecting its strong and stable financial position.

Max Healthcare, a 66% subsidiary of Max India, turned cash positive in H1FY14. The company recorded a 6 fold jump in its Q2FY14 EBIDTA to Rs. 31 Cr., which was backed by nearly 8% increase in average occupancy to 78%.

Max Bupa Health Insurance, a 74% subsidiary of Max India, signed a bancassurance distribution agreement with Deustche Bank, which will help the company develop a balanced distribution mix. Alongside, Max Bupa continued its rapid growth, recording a 69% rise in the lives covered in Q2FY14.

[1] Adjusted First Year Premium
[2] MHC Network of Hospitals

The customer confidence in Max Bupa continued to rise with the persistency level increasing 3% in Q2FY14 to 83%.

Antara Senior Living, a 100% subsidiary of Max India, laid the foundation for its first senior living community in Dehradun and also awarded the civil contract for its maiden community to renowned infrastructure firm, Shapoorji Pallonji Co. Ltd. Alongside, the Company kicked off its pre-launch sales and has received a positive response.

Max Speciality Films (MSF), a division of Max India registered a 46% rise in Q2FY14 EBITDA to Rs 16 Cr. as the temporary pricing pressure due to oversupply eased and the European markets started stabilizing after witnessing a slowdown.

About Max India’s Subsidiaries

Max Life Insurance Company Ltd. (MLIC) – is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Mitsui Sumitomo Insurance, is a part of MS&AD Insurance Group, which is amongst the leading general insurers in the world. Max Life Insurance, one of India’s leading life insurers, offers comprehensive life insurance and retirement solutions for long-term savings and protection. A financially strong and stable company with focus on quality of advice, sound investment expertise and service excellence, Max Life Insurance has set in place values driven culture and corporate governance through its superior human capital. The Company has a country wide diversified distribution model, including the country’s leading agent advisors, exclusive corporate agency arrangement with Axis Bank and several other partners.

Max Healthcare (MHC)is a joint venture with Life Healthcare, South Africa, and is the Country’s leading comprehensive provider of standardized, seamless and international-class healthcare services. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education.

Max Healthcare operates 12 facilities in North India, offering services in over 30 medical disciplines. Max Healthcare has 12 facilities in North India, offering services in over 30 medical disciplines. Of this 9 facilities are located in Delhi & NCR and the others in Mohali, Bathinda and Dehradun. The Max network includes state-of-the-art tertiary care hospitals in Saket, Patparganj, Shalimar Bagh, Mohali, Bathinda and Dehradun, secondary care hospitals at Gurgaon, Pitampura and Noida and an out-patient facility and a speciality centre at Panchsheel Park. The Super Speciality Hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab.

Max Healthcare has a base of over 1900 leading doctors, 5500 employees and around 1.9 million patients from 80 countries, across its network of 12 hospitals.

Max Bupa Health Insurance Limited 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. The Company brings together a combination of Bupa’s global health insurance expertise and customer service expertise with Max India’s understanding and experience of the Indian health and insurance sectors.

Max Bupa offers quality health insurance services through a dedicated team of over 1000 people and its network of 21 offices across 13 cities – Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi, Kolkata and Patna. Max Bupa has a customer base of 1.4 million and it offers individual and family oriented health insurance policies for Indians across all age groups.

Max Bupa Health Insurance has a direct working relationship with a network of 3000 top quality hospitals and healthcare providers and at the same time the company plans to extend its network of hospitals to other parts of the country. Max Bupa services customers directly without third party involvement.

Antara Senior Living(Antara): Max India Group has charted its next phase of growth by entering the Senior Living Business. Due to the fast changing social milieu, the concept of Senior Living presents a rapidly growing yet inadequately serviced business opportunity in India. Antara Senior Living focuses on people over the age of sixty and the first initiative is to create vibrant residential communities for progressive seniors that offer “Lifestyle with Lifecare”. Keeping in line with the Max Group values of “Seva bhav, Excellence and Credibility”, Antara truly aims to create a difference to the lives of seniors in India. With its initial focus for building these communities in North India, Antara has partnered with best in the class international architects and industry experts, to design and develop its first community in Purukul, Dehradun. Spread across 20 acres this community will comprise of 217 resident apartments and approximately 50 wellness suites that will cater to the advanced healthcare needs of the residents and seniors. Launched on 24th May 2013, this community will be ready for residents to move into by early 2016.

Max Speciality Films (MSF) specializes in manufacturing specialty barrier and packaging (BOPP) films to cater to the needs of wide range of sophisticated packaging applications including food packaging, overwrap, consumer products and label manufacture. MSF’s leather finishing foil business division manufactures a range of leather finishing and laminating foils. The Company has an installed capacity of 52,000 tons per annum.

Max Neeman Medical International (MNMI) provides Clinical Research services across the entire value chain of new drug development. MNMI conducts Phase II, III, IV of clinical trial studies and has access to over 2000 ICH-GCP trained investigators and 230 research coordinators across 43 cities to offers services to a growing list of Pharmaceutical, Biotech and Clinical Research clients, in India and abroad. MNMI is focusing on developing alliances with midsized pharma and biotech companies to transition their drug development work to India. The Company has an employee base of 250 at five Regional offices in India & one business development office in USA

About Max India

Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ with its vision to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mitsui Sumitomo Insurance, Japan; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its SBU Max Speciality Films.

The Group’s businesses have built commanding presence in their respective sector, through a total customer base of nearly 6.8 million, over 300 offices spread across India and a people strength of 60,000 persons. The flagship company Max India Limited is a widely held public ltd company, listed on the BSE & the NSE. Mr. Analjit Singh, Founder & Chairman, is the lead shareholder in Max India with over 39% holding. Other leading shareholders in the company include some of world’s best Institutional Investors, such as Goldman Sachs, International Finance Corporation, Washington (IFC), Temasek Holdings.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Rahul Gossian

Communications Specialist
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228
E-mail: rgossain@maxindia.com

Connect with Max India on social media:

Linkedin: Max India Ltd I Twitter: @maxindialtd I
Facebook: maxindialimited I Youtube: channelmaxindia I

Boston University confers the ‘Distinguished Alumni’ award to Mr. Analjit Singh, Founder & Chairman, Max India Group

New Delhi, Monday, 28 October, 2013: Mr. Analjit Singh, Founder & Chairman, Max Group has been accorded the ‘Distinguished Alumni’ award from his alma mater, Boston University. The award was conferred upon him on Saturday, October 26th in the Metcalf Ballroom of Boston University, by Dr. Robert Brown, President of the University.

In the past, Boston University, one of the top universities in the world, has conferred this recognition on its illustrious alumni from across the globe that includes six Nobel laureates, top economists, leading statesmen, literary geniuses, top musicians, famous artists and business tycoons.

Mr. Analjit Singh often describes his time at Boston University as one of the turning points of his life. He topped the Dean’s merit list and believes that it was the beginning of his journey in excellence.

A self-made entrepreneur, Mr. Analjit Singh founded the Max Group in 1985 and currently, he has been leading the charge of reinventing and restructuring the Max Group with a vision to be amongst India’s most admired companies for Service Excellence. Today, Max India Limited is a multi-business corporate, focused on People and Service oriented Businesses of ‘Life’. Max India Group is present in the areas of Life Insurance, Healthcare, Health Insurance, Senior Livingand Clinical Research and Packaging Films & Speciality Foils.

Recognizing Mr. Analjit Singh’s contribution towards building India Inc., he has been awarded one of India’s highest civilian honors, the Padma Bhushan, by the President of India in 2011. He has also been recently awarded Ernst & Young, Entrepreneur of the Year – Services. As one of India’s leading business-persons, Mr. Analjit Singh is a Member of the Prime Minister’s Joint Indo-US CEOs Forum. He earlier received a similar honour by Sri Ram College of Commerce.

Mr. Analjit Singh has always taken keen interest in enhancing India’s academic excellence. He is currently an Executive Board Member of the Board of Governors, Indian School of Business, Hyderabad, where he is jointly funding a new campus at Mohali, Punjab and actively facilitating it as the Chairman, Mohali Campus Advisory Board, ISB. In addition he is the Chairman, Board of Governors, The Doon School, Dehradun.

Mr. Analjit Singh is actively involved in social service, through his role as the Chairman and Chief Patron of Max India Foundation (MIF), the Social Service arm of Max India Group. Committed at fostering an inclusive society, MIF spearheads the CSR initiatives of the various Max India Group companies and also partners with several reputable NGOs such as SOS Children’s Village, Manav Seva Sannidhi, CanSupport and Chinmaya Mission. He is also the Life Chairman, Bhai Mohan Singh Foundation.

In addition to Boston University where he attended the Graduate School of Management, Mr. Analjit Singh is an alumnus of Doon School, Dehradun; Shri Rram College of Commerce, University of Delhi; School of Management. He is married and has three children.

Awards and recognitions in the past:

  • Padma Bhushan, India’s second highest civilian honour
  • Recognized by Senator Hillary Clinton, on behalf of The Indian American Center for Political Awareness (IACPA), awarded Mr. Analjit Singh for his ‘outstanding achievement’ in presenting the international community with an understanding of a modern and vibrant India
  • Ernst & Young, Entrepreneur of the Year – Services
  • Prestigious Alumni award by Sri Ram College of Commerce

Roles he plays at present

  • Founder & Chairman of the Max Group
  • Member of Prime Minister’s Joint Indo-US CEOs Forum
  • Non-executive Chairman of Vodafone India, India’s second largest mobile telephony services
  • Consul General (Honorary) of the Republic of San Marino in India
  • Director on the Board of leading companies such as Tata Global Beverages and Sofina NV/SA, Belgium
  • Chairman of CII’s National Committee on Insurance & Pension
  • Executive Board Member of the Board of Governors, Indian School of Business (ISB), Hyderabad, where he has jointly funded the new campus at Mohali, Punjab
  • Chairman of the Board of Governors, Indian Institute of Technology, Roorkee.

About Max India:

Max India is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company’s vision is to be one of India’s most admired corporates for Service Excellence. (www.maxindia.com)

Max India is in the ‘Business of Life’. It ‘Protects Life’ through its Life Insurance company Max Life Insurance (Previously Max New York Life), a joint venture of Max India which underwent a change of JV partner from New York Life to Mitsui Sumitomo Insurance, Japan; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its SBU Max Speciality Films.

These businesses are high growth yet under penetrated sectors, which will continue to benefit from India’s demographic dividend and increasing purchasing power. Max India’s financial performance reflects this potential. The Group earned a consolidated revenue of Rs 106 billion (Approx USD 1.9 billion##) FY2013 and has a strong treasury corpus of around Rs 4.0 billion (USD 73 million).

Supported by nearly 5.7 million strong customer base, each business has developed strong brands and a commanding presence in its respective sector. The Group has around 300 offices across India and people strength of 60,000 persons.

Max India is a publically listed company. It is listed on both national exchanges in India, The Bombay Stock Exchange and The National Stock Exchange. The largest shareholding is of the owner sponsors, led by Mr. Analjit Singh, at over 39 per cent. Other significant shareholders include some of world’s most prestigious financial institutions such as Goldman Sachs, International Finance Corporation, Washington (IFC), Temasek Holdings and till recently, Warburg Pincus.

About ‘The Distinguished Alumni Award from Boston University':

The College of Arts & Sciences Collegium of Distinguished Alumni and the Graduate School of Arts & Sciences Academy of Distinguished Alumni honor alumni whose accomplishments in their professions, communities, and University service reflect the strength and excellence of the Boston University liberal arts education.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Rahul Gossian

Communications Specialist
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228
E-mail: rgossain@maxindia.com

Garima Sharma Nijhawan

Text100
Cell: 98991752759899175275
E-mail : Garima.sharma@text100.co.in

Analjit Singh conferred with US-India Busines Council Leadership Award

The award ceremony was held in Washington USIBC’s 38th Anniversary Leadership Summit

16th July 2013: The U.S. -India Business Council (USIBC) during its 38th Anniversary Leadership Summit in Washington DC conferred Analjit Singh, Founder and Chairman, Max India Limited with the prestigious Global Leadership Award. With a strong legacy of over 3 decades, the Council has over the years become one of the premier business advocacy organizations advancing U.S.-India commercial ties. Analjit Singh, a member of Prime Minister’s Joint Indo-U.S. CEOs Forum, has been honoured with this award for his passion and pursuit of excellence and his outstanding contributions to the U.S. -India growth story.

Finance Minister P. Chidambaram and Minister of Commerce & Industries, Anand Sharma were also present at the USIBC Summit as a part of their recent U.S. visit to encourage foreign investment from the region. Michael Froman, United States Trade Representative along with U.S. Secretary of Commerce – Penny Pritzker were also present at the event. -.

The award was presented by USIBC Chairman Ajay Banga, a global Indian who has been actively involved in enhancing India-U.S. relationship and is the President & CEO of an American transnational, MasterCard. Analjit Singh has been at the forefront of India-U.S. business relationship and has played a strong role in strengthening and redefining the business ties for over 2 decades. The Max India Group, has had successful American joint ventures since as far back as 90’s – from Motorola becoming a partner in mid-90’s to New York Life being a partner in Max Life Insurance Company till recently. Mr Analjit Singh promoted Max India, a 10,624 crore (Approx US$1.9 bln) group is one of India’s strongest and fastest growing business conglomerate present in the segment of – life Insurance, health insurance, healthcare, senior living, clinical research and the packaging industry. The group’s businesses have built commanding presence in their respective sectors, through a total customer base of nearly 5.5 million, over 300 offices spread across India and a people strength of 63,000 persons.

In the past, Mr Singh has been felicitated by Senator Hillary Clinton, former U.S. Secretary of State on behalf of Indian American Centre for Political Awareness for his outstanding achievement in presenting the international community with an understanding of a modern and vibrant India and for creating several successful joint ventures with leading American companies and promoting business ties with the USA.

Analjit Singh was awarded Padma Bhushan, one of India’s top civilian honours, by the President of India in 2011

About USIBC:

Formed in 1975 at the request of the U.S. and Indian governments, the U.S.-India Business Council (USIBC) is the premier business advocacy organization advancing U.S.-India commercial ties. Today, USIBC is the largest bilateral trade association in the United States, headquartered in Washington, DC, with liaison presence in New York, Silicon Valley, and New Delhi, comprised of more than 350 of the top-tier U.S. and Indian companies. Ajay Banga, President & CEO of MasterCard, is USIBC’s chairman. For more information, visit www.usibc.com

About Max India:

Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ with its vision to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mitsui Sumitomo Insurance, Japan; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its SBU Max Speciality Films.

The Group’s businesses have built commanding presence in their respective sector, through a total customer base of nearly 5.5 million, over 300 offices spread across India and a people strength of 63,000 persons. The flagship company Max India Limited is a widely held public ltd company, listed on the BSE & the NSE. Mr. Analjit Singh, Founder & Chairman, is the lead shareholder in Max India with over 39 per cent holding. Other leading shareholders in the company include some of world’s best Institutional Investors, such as Goldman Sachs, International Finance Corporation, Washington (IFC), Temasek Holdings.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Rahul Gossian

Communications Specialist
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228
E-mail: rgossain@maxindia.com

Garima Sharma Nijhawan

Text100
Cell: 98991752759899175275
E-mail : Garima.sharma@text100.co.in

Max India Consolidated Net Profit jumps 406% to Rs 784 Cr Announces 110% Dividend taking Annual Dividend to 610%

New Delhi, 29 May 2013: Max India Ltd, one of India’s leading multi-business corporates, today announced consolidated Profit After Tax (PAT) for the year ended March 31, 2013 of Rs. 784 Cr, more than four times the PAT for FY 2012 (Rs 155 Cr). Profit for the year ended March 31, 2013 included a onetime gain from the transaction that involved the entry of Mitsui Sumitomo Insurance, Japan as a joint venture partner in Max India’s subsidiary Max Life Insurance. Consolidated revenues for FY 2013 grew by 24% to Rs 10,624 Cr.

The Board of Directors of Max India recommended a Dividend of 110% for its shareholders, which translates to Rs 2.20 per share. The total Dividend for the year thus stands at 610% or Rs 12.20 per share and will result in an outgo of Rs. 324 Cr.

Commenting on the company’s performance, Mr. Rahul Khosla, Managing Director, Max India Ltd. said, “We have performed well despite a generally challenging macroeconomic environment and a fluid regulatory situation. A healthy balance sheet coupled with good performance has given us the flexibility to reward shareholders in the form of substantial Dividends this year (610%). Each of our businesses of life insurance, health insurance and healthcare enjoy strong positions in their respective categories, continue to grow faster than the market and represent significant headroom for sustained high growth in their respective categories. In addition, our new businesses, such as senior living show great promise.”

Max India has complemented excellent operational performance with a focus on enhancing capital efficiency, capturing enterprise synergies and seeding future growth through expansion in the business portfolio. In FY 2013, Mitsui Sumitomo Insurance, of MS&AD Group, Japan acquired 26% stake in Max India’s life insurance business, Max Life Insurance Company. Additionally, in Jan 2012, Life Healthcare, a leading healthcare operator in Africa, acquired 26% stake in Max India’s healthcare business, Max Healthcare for Rs 516 Cr.

Earlier this week, Max Life, a 71% subsidiary of Max India declared a final dividend of Rs 159 Cr supported by a 17% growth in PBT for FY 2013 to Rs 860 Cr. This takes the total Dividend from Max Life for FY 2013 to Rs 259 Cr.

Subsidiaries

Max Life Insurance Company Ltd. (Formerly Max New York Life Insurance Co. Ltd.) – The Company was incorporated in the year 2000 in partnership with New York Life (NYL), a Fortune 100 company. In April 2012, Mitsui Sumitomo Insurance Co. Ltd. (MSI), an MS&AD Insurance Group Holdings Company, which is amongst the top general insurers in the world acquired 26% stake in the company from New York Life Enterprise (NLYE). Subsequently the company was renamed Max Life Insurance Co. Ltd.

Max Life Insurance, a Rs 66 billion (USD 1.2 billion) company, has retained its position as the largest non-bank-promoted private life insurance company and is the 4th largest private life insurance company in India. The company offers comprehensive product solutions for long-term savings and protection to its over 30 lakh customers. It has a country-wide diversified distribution model including 35,000 agent advisors, exclusive arrangement with Axis Bank – India’s 3rd largest private bank and several other partners.

Max Life Insurance is a quality business focused on delivering excellence to customers through advice based sale process, customer centric approach to business, financial stability & investment expertise and strong human capital.

Max Healthcare (MHC)

is the country’s leading comprehensive provider of standardized, seamless and international-class healthcare services, especially focused on tertiary and quaternary care. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education.

Max Healthcare operates 12 facilities in North India, offering services in over 30 medical disciplines. Of this, 9 facilities are located in Delhi & NCR and the others in Mohali, Bathinda and Dehradun. The Max network includes state-of-the-art tertiary care hospitals in Saket, Patparganj, Shalimar Bagh, Mohali, Bathinda and Dehradun, secondary care hospitals at Gurgaon, Pitampura and Noida and an out-patient facility and a speciality centre at Panchsheel Park. The super speciality hospitals in Mohali, Bathinda, Dehradun and Shalimar Bagh were commissioned in FY 2012 and have led to doubling of Max Healthcare’s capacity to nearly 2000 beds.

The tertiary care hospitals at Saket, Patparganj and Shalimar Bagh are centres of excellence for Cardiac Care, Minimal Access, Metabolic & Bariatric Surgery, Cancer Care, Orthopaedics & Joint Replacement, Neurosciences, Paediatrics, Obstetrics & Gynaecology, Aesthetic & Reconstructive Plastic Surgery and Internal Medicine. In addition, they offer services in the disciplines of Urology, ENT, Gastroenterology, Nephrology, Dermatology, Mental Health & Behavioural Sciences amongst others.

The Super Speciality Hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab and have tertiary care facilities in cancer care, cardiac care, neurology, orthopaedics and trauma. The recently launched Super Speciality Hospital in Dehradun is the latest addition to the Max Healthcare network and offers comprehensive tertiary, secondary and primary care services.

Max Healthcare is a pioneer in the introduction of technology to provide patients with the highest standards in medical care. Examples are the first Brain Suite in Asia at Max Saket and the Electronic Health Record System in use across Max Hospitals. The hospitals are equipped with the advanced medical equipment like state-of-the-art Cath labs, OTs with HEPA, Nuclear Medicine, Gama Camera, LINAC for Radiotherapy and MRI and CT scan machines.

Max Healthcare has over 1,600 leading doctors, 5,400 employees and has treated over 16, 00,000 patients from over 80 countries.

Max Bupa Health Insurance Limited is a joint venture between Max India Limited and Bupa Finance Plc, UK, a leading international healthcare provider with 65 years of healthcare knowledge. The Company started its operations in March 2010 with the vision to be the most admired health insurance company in India. Max Bupa’s mission is to ensure that families’ live healthier, more successful lives and to be a healthcare partner providing expertise for life through its consistent, high quality, health insurance services.

Through its direct distribution and its indirect spread (Online, Telesales, Agency Network) in 300 plus cities, and a team of over 1000 employees, Max Bupa now covers over 1.2 million customers. Its Gross Written Premium grew more than 100% in FY 2013. The company was awarded Health Insurance Company of the Year as well as Excellence in Growth Award at India Insurance Awards 2012.

Max Bupa has a direct working relationship with a network over 1800 top quality hospitals and healthcare providers. It services customers directly without third party involvement.

Antara Senior Living

Max India Group has charted its next phase of growth by entering the Senior Living Business. Due to the fast changing social milieu, the concept of Senior Living presents a rapidly growing yet inadequately serviced business opportunity in India. Max India’s strong belief in service and ‘sevabhav’ will provide a unique value proposition to its customers, and is intended to build communities that meet international standard and fulfill lifestyle, wellness and health related requirements for seniors over 60 who want to be independent and active. Antara Senior Living is working with best in the class international experts to design & develop its communities in North India. The first such community of 217 apartments is coming up at Dehradun. Launched on 24th May 2013, the community will be operational by the beginning of 2016.

Max Speciality Films (MSF)

Specializes in manufacturing specialty barrier and packaging (BOPP) films to cater to the needs of wide range of sophisticated packaging applications including food packaging, overwrap, consumer products and label manufacture. MSF’s leather finishing foil business division manufactures a range of leather finishing and laminating foils. The Company has an installed capacity of 52,000 tons per annum.

Max Neeman Medical International (MNMI)

Provides Clinical Research services across the entire value chain of new drug development. MNMI conducts Phase II, III, IV of clinical trial studies and has access to over 1800 ICH-GCP trained investigators and 230 research coordinators across 43 cities to offers services to a growing list of Pharmaceutical, Biotech and Clinical Research clients, in India and abroad. MNMI is focusing on developing alliances with midsized pharma and biotech companies to transition their drug development work to India. The Company has an employee base of 320 at five Regional offices in India & one business development office in USA.

About Max India

Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ with its vision to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mitsui Sumitomo Insurance, Japan; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its SBU Max Speciality Films.

The Group’s businesses have built commanding presence in their respective sector, through a total customer base of nearly 5.5 million, over 300 offices spread across India and a people strength of 63,000 persons. The flagship company Max India Limited is a widely held public ltd company, listed on the BSE & the NSE. Mr. Analjit Singh, Founder & Chairman, is the lead shareholder in Max India with over 39 per cent holding. Other leading shareholders in the company include some of world’s best Institutional Investors, such as Goldman Sachs, International Finance Corporation, Washington (IFC), Temasek Holdings.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Rahul Gossian

Communications Specialist
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228
E-mail: rgossain@maxindia.com

Max India Rewards its Shareholders with Special Interim Dividend of 500%

New Delhi, 9 November 2012: The Board of Directors of Max India Ltd, one of India’s leading multi-business corporates, today announced a Special Interim Dividend of 500% for its shareholders for the financial year 2012-13, which translates to Rs. 10 per share and outgo of Rs. 297 crore1

Sustained increase in profitability, inflow from the maiden dividend declared by Max Life (70% owned by Max India) coupled with Rs. 802 crore received by Max India from the recent transaction involving acquisition of 26% stake in its life insurance subsidiary Max Life insurance by Mitsui Sumitomo, has significantly boosted the treasury corpus of the Company.

The record date for the dividend has been set at 23 November, 2012.

Announcing the Special Interim Dividend, Mr. Analjit Singh, Chairman, Max India Ltd. said, “Max India has successfully led the transition of its businesses from incubation to performance and growth. Our shareholders have stayed patiently with us through this period, and it is only fair that we reward them in the form of this dividend.”

2012 has been a year of transformation for the Rs 8600 crore Max India Group, achieving profitability on a consolidated basis consistently for the last 8 quarters. The consolidated profit before tax for H1FY2013 is Rs 918 crore. The company’s businesses of life insurance, health insurance and healthcare enjoy strong positions in their respective categories and are continuing to grow at a healthy pace.

In his message to shareholders, Mr. Rahul Khosla, Managing Director, Max India Ltd. said, “The healthy balance sheet of the Company gives us the flexibility to reward shareholders, while also exploring opportunities for both organic and inorganic growth. Max India is well set for sustained growth with existing businesses that have strong fundamentals and new businesses showing encouraging promise and progress.”

Max India has complemented excellent operational performance with a focus on enhancing capital efficiency, capturing enterprise synergies and seeding future growth through expansion in the business portfolio. This year, Mitsui Sumitomo Insurance, of MS&AD Group, Japan acquired 26% stake in Max India’s life insurance business, Max Life Insurance Company. Additionally, in Jan 2012, Life Healthcare, a leading healthcare operator in Africa, acquired 26% stake in Max India’s healthcare business, Max Healthcare for Rs 516 crore. Max India is in the process of selling its packaging business, Max Speciality Films to German multinational, Treofan. These three transactions, will collectively yield over Rs. 2000 cr. for the Max India Group.

About Max India

Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ with its vision is to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mitsui Sumitomo; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its strategic business unit Max Speciality Films.

The flagship company Max India Limited is a widely held public listed entity, with the owner sponsors, led by Analjit Singh holding over 39% stake. Its other shareholders include some of world’s best Institutional Investors such as, Goldman Sachs, International Finance Corporation, Washington (IFC) and Temasek Holdings.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Rahul Gossian

Communications Specialist
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228
E-mail: rgossain@maxindia.com