Max New York Life Insurance announced the completion of 26 per cent of its stake transfer to Mitsui Sumitomo Insurance Co Ltd, a MS&AD Insurance Group Holdings. Consequently, the company has also changed its name to Max Life Insurance Co Ltd.
Mitsui has paid Rs 2,731 crore for the stake and with the stake transfer, New York Life exited from the joint venture, which is majority (70 per cent) owned by Max India. It also announced the appointment of Toshinara Tokoi, and Hideaki Nomura on the MNYL board as representatives of Mitsui Sumitomo Insurance Co.
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