Max Financial Services, a subsidiary of the Max Life Insurance Company, announces that it has appointed Analjit Singh (currently the Founder & Chairman Emeritus of the Max Groups) as its new Non-Executive Chairman. Anajit, who is also the sponsor & principal shareholder of MFS, MaX India & MVIL, replaces Naina Lal Kidwai who was given for the same position in January 2016. Post this, Naina will continue on the Board of MFS for her full term as an independent, Non-Executive Director, along with Rahul Khosla and Mohit Talwar who will also continue in their present roles of President - Max Group and Vice Chairman - Max Ventures & Industries, respectively.

I have known Naina for over four decades and have immense regard for her at a personal and professional level. I have accepted her recommendation and am happy to Chair Max Financial Services,” says Analjit.

Commenting on the occasion, Naina says, “After Chairing the Board of Max Financial Services for the last two and a half years I have come to realize the amazing strengths of the company and the high quality of its underlying life insurance business, and management. I suggested to Analjit, that as the “principal sponsor” of MFS, it is only appropriate that he chairs the Board of the Company”.

“I have known Naina for over four decades and have immense regard for her at a personal and professional level. I have accepted her recommendation and am happy to Chair Max Financial Services,” says Analjit.

A listed holding company for Max Life Insurance Company, Max Financial Services (MFS) was formed after the demerger of Max India Limited, which led to the establishment of three independent listed entities – Max Financial Services, Max India Limited, and Max-Ventures & Industries Limited. Among the three, MFS owns and actively manages a majority stake in Max Life Insurance, making it India’s first listed company focusing exclusively on life insurance. It operates through the Business Investment segment, which is engaged in growing and nurturing its business investments and providing management advisory services to its subsidiaries. MFS is listed on the Bombay Stock Exchange as well as the National Stock Exchange, and its investor base includes marquee global financial institutions such as KKR, Baron, Vanguard, Aberdeen, Jupiter, Wasatch, Norges and Alliance Bernstein.

“I am pleased to see the Group sponsor assuming the role of Chairman of MFS. Analjit and I have also agreed that we will mutually determine appropriate non-executive roles within the Max Group and family-owned private enterprises after my executive roles end in August 2019,” says Rahul.