Annual Report 2018-19

Rebalancing for Value Creation

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Our Enterprise

Max Financial Services (MFS), a multi-business corporate, is part of the US $3.2 billion Max Group.

Focussed on Life Insurance, it owns and actively manages a 71.8% stake in Max Life Insurance, India’s largest non-bank, private life insurance company. MFS earned a revenue of ` 17,538 crore in FY 2019. The company is listed on NSE and BSE

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Max India Limited, a multi-business corporate, is part of the US $3.2 billion Max Group.

Focused on Healthcare and Allied business, it owns and actively manages a 49.7% stake in Max Healthcare, a 51% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living. Max India earned revenue of ` 3,688 crore in FY 2019, having a customer base of 7 million.

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Incorporated in 2015, Max Ventures & Industries Limited (MaxVIL), is a part of US $3.2 billion Max Group.

The Company owns and operates real estate business through its 100% subsidiary, Max Estates, and a packaging films business through Max Speciality Films, a 51:49 joint venture with Toppan, Japan. MaxVIL also has an investment subsidiary, Max I., MaxVIL is listed on NSE and BSE.

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Measures of success

Max Healthcare
Network Gross Revenues

`2,921 CR


Max Healthcare’s

`242 CR


Max Bupa Gross Written Premium

`947 CR


Our Values


We encourage a culture of service and helpfulness so that our actions positively impact society. Our commitment to Seva defines and differentiates us.


We gather the experts and the expertise to deliver the best solutions for life’s many moments of truth. We never settle for good enough.


We give you our word. And we stand by it. No matter what. A ‘No’ uttered with the deepest conviction is better than a ‘Yes’ merely uttered to please, or worse, to avoid trouble. Our words are matched by our actions and behaviour.

Chairman & MD’s Letter

Dear Shareholders,

This year has truly been transformative in the journey of Max India, as we embarked upon a corporate restructuring exercise of your company in our two significant businesses, namely Max Healthcare (MHC) and Max Bupa. The key objective behind this restructuring has been to reinvigorate the Max India growth story by seeking new horizons and seeding new businesses with fresh growth potential.

Read Full Letter Max bupa’s divesture will provide a cash inflow of over ` 500 crore to Max india , in addition to freeing up the future capital commitment for the business
ANALJIT SINGHFounder & Chairman
MOHIT TALWARmanaging director

Business Review

Gross Revenue and Average
Revenue per Occupied Bed*

Revenue growth was impacted due to some carryover of Max Shalimar Bagh disruption and turbulence in the international markets.

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Gross Written Premium

GWP increase has been due to healthy growth in new sales as well as renewals.