Max Life

Earlier this year, Axis Bank's board of directors approved the proposal to acquire Max Life shares

Max Financial Services on Friday said its promoter group firm has sold a 3.19 per cent stake to repay their debt. Max Ventures Investment Holdings Pvt Ltd, a promoter company of Max Financial Services Ltd, sold 1.10 crore equity shares or 3.19 per cent in Max Financial Services on September 5. "The promoters have cleared all its debt and the pledge of shares held by the promoter in the target company (Max Financial Services) will be Nil," Max Financial said in a BSE filing. After the share sale, Max Ventures Investment Holdings Pvt Ltd's stake was reduced to 3.22 per cent from 6.40 per cent in Max Financial Services.

VNB margin measures the profitability margin for life insurers

Max Healthcare Institute on Friday said it has acquired Nagpur-based Alexis Multi-Speciality Hospital Pvt Ltd for Rs 412 crore. The 200-bed hospital is set up on a land parcel of 2-acre at Mankapur, north of Nagpur. The facility has potential to increase its bed capacity from 200 operational beds to 340 beds after necessary regulatory approvals. "The acquisition of Alexis Hospital is in line with our vision to expand our footprint in tier-2 cities with abundance of clinical talent and developed private healthcare infrastructure," Max Healthcare Institute Chairman and Managing Director Abhay Soi said. Alexis Hospital acquisition will strengthen company's presence in Maharashtra region, he added. Shares of Max Healthcare were trading at a loss of 0.42 per cent at Rs 866.4 apiece on the BSE.

The proposed infusion by Axis Bank in Max Life will help it to support its future growth ambitions, Max Financial Services said in a statement

Max Life Insurance Company on Monday announced a partnership with the Indian Industries Association (IIA) to provide life insurance plans to the workforce of micro, small, and medium enterprises (MSME) in Uttar Pradesh. Under the recently announced Irdai's State Insurance Plan, Max Life aims to enhance accessibility and drive insurance penetration across Uttar Pradesh, the insurer said in a release. IIA has an extensive network across industrialized districts, it added. "Through this partnership, we aim to reach the underserved population in Uttar Pradesh, the country's most populous state, and financially secure the future of more than 11 lakh MSME workforce and their families," said V Viswanand, Deputy Managing Director, Max Life Insurance. Ashok Kumar Agarwal, President, Indian Industries Association said that for close to four decades, IIA has been working consistently towards creating an environment conducive to industrial growth, especially for MSMEs in India. The activities

Analysts expect stocks to remain under pressure in the near-term as the government's new tax regime push, with no tax saving deductions, could hurt demand for insurance products

Through this tie-up, the two firms aim to financially secure the lives of TMB's customers across 500 bank branches by offering a comprehensive suite of savings, protection and retirement plans

The regulator indicated that the deal between Max Life and Axis Bank circumvented regulations on commission limits

Check the return for your age, tenure, and premium variant, and if proceeds will be tax-free

Max Life Insurance Company Ltd has incorporated a wholly-owned subsidiary Max Life Pension Fund Management Ltd and will infuse Rs 55 crore into the firm by subscribing to 5.5 crore shares

India's awareness towards life insurance grew significantly over the last two years due to COVID, according to Max Life's annual flagship survey.

According to an analysis of its initial public offer (IPO) filings by Swiss brokerage Credit Suisse, SBI Life, ICICI Prudential, HDFC Life and Max Life will face the maximum impact of the LIC move

A total of 26.2 million shares have been allocated to over 150 funds at Rs 980 per share

The pandemic has brought in a lot of awareness among the people and this is evident from the fact that sale of pure protection plan has seen a significant jump post COVID-19.

In line with the proposed deal, Axis Bank is likely to raise its stake in Max Life Insurance to about 20 per cent over the next 12-18 months, said the insurance company's CEO Prashant Tripathy said. Currently, Axis Bank and its two subsidiaries -- Axis Capital Ltd and Axis Securities Ltd -- collectively own 12.99 per cent in Max Life Insurance post approval of the deal in April this year. With this, Axis entities have now become co-promoters of Max Life with three board seats. "Axis Bank is to increase to 19.99 per cent in tranches. Thirteen per cent is already done over the next two quarters, we will seek approval for the balance seven per cent. So, it will reach about 20 per cent and that will be the ownership of Axis Bank," Tripathy told PTI. When asked about the timeline for the completion of the remaining stake transfer, he said: "It should happen in the next 12 to 18 months." Under the deal, the Axis entities also have the right to acquire an additional stake of up to seven

In addition, Axis entities have the right to acquire an additional stake of up to 7 per cent in Max Life in one or more tranches which they intend to acquire in the next few years

Axis Entities will have the right to acquire another 7 per cent in the life insurance company, in or more tranches

Earlier in October, the Reserve Bank of India (RBI) did not approve Axis Bank''s proposal to raise its stake up to 29 per cent but scaled it down to an aggregate of 19.02% with the subsidiaries

After over six months and three different structures, the deal could be in its final stages of completion