Max Financial Services has filed a joint application seeking Competition Commission of India’s (CCI’s) approval for amalgamation of Max Life Insurance Company and Max Financial Services into HDFC Standard Life Insurance Company. In August 2016, the board of HDFC had approved the merger of Max Life and Max Financial Services with its insurance arm HDFC Standard Life Insurance Company (HDFC Life). After completion of this amalgamation, the amalgamated entity is expected to have total premium of about Rs 26,000 crore and assets under management would be over Rs 1 lakh crore.
Max Financial Services, formerly known as Max India, the newly de-merged entity of the Max Group, holds around 72 percent in Max Life. The fourth-largest life insurer in the private sector, Max Life is a joint venture with Japan-headquartered Mitsui Sumitomo Insurance. The company has reported over 4-fold jump in its net profit at Rs 107.12 crore for the quarter ended June 30, 2016 as compared to Rs 24.73 crore for the same quarter in the previous year.
Company Name | CMP |
---|---|
Max Financial | 1000.55 |
Delphi World Money | 210.00 |
SBFC Finance | 81.70 |
Anand Rathi Wealth | 3982.65 |
Prudent Corporate | 1613.75 |
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