Max Financial Services Limited

Management Discussion & Analysis

Max Financial Services Limited (‘MFSL’ or ‘the Company’), a part of the $ 3 Bn Max Group, is the holding company for Max Life Insurance Company Limited (Max Life). It owns and actively manages a 72.52% majority stake in Max Life - India’s largest non-bank owned, private life insurance company.

Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan-headquartered global leader in life insurance, which owns a 25.48% stake.

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Annual Report 2019 - 2020