Max Life Insurance, a material subsidiary of Max Financial Services, has a new Chairman, Rajiv Anand. This follows the stepping down of Analjit Singh from the Chairmanship and membership of the Board of Directors of Max Life Insurance.

On Monday, the Board of Directors of Max Life Insurance noted the resignation of Analjit Singh and approved the appointment of Rajiv Anand as the Chairman of the Board, Max Financial Services said in a filing with the stock exchanges.

Before this elevation, Anand, a non-executive director of Max Life, was nominated by Axis Bank Ltd as Chairman of Max Life Insurance.

In his resignation letter, Singh said “As the promoter of Max Financial Services and Max Life Insurance Company, it has been most fulfilling and rewarding to be an integral part of the start-up and witnessing the Company’s achievements and growth over the last 23-24 years”.

Max New York Life (MNYL) was the first private sector insurance company to be incorporated in India on July 11, 2000, within a week after IRDAI permitted the incorporation of private sector insurance companies. On November 15, 2020, MNYL received its certification of registration from IRDAI.

Meanwhile, Analjit Singh, in his letter, said that the timing of his retirement is firstly linked to his personal transition and succession as well as to an understanding with Axis Bank to appoint the Chair on a rotational basis. 

Calendar-wise, this was already due in April 2022. However, Axis Bank had asked Singh to continue. 

Singh also said he was mindful of Axis Bank’s equity stake in Max Life and its ability to be the most potent business driver as the Company’s leading Bancassurance partner.

Related Topics
comment COMMENT NOW