Japan’s Mitsui picks up 26 percent in Max NY Life

60

Mitsui Sumitomo Insurance Company (MSICL) of Japan acquired a 26 percent stake in Max New York Life (MNYL), the country’s fourth largest private life insurance company, for Rs 2,731 crore. This is the second largest deal in the Indian insurance sector after Reliance Life sold its 26 percent stake to another Japanese insurer Nippon Life at about Rs 3,062 crore last year. As per existing regulation, a foreign partner can hold only up to 26 percent stake in an insurance joint venture. After the deal, MNYL will be renamed as Max India Insurance Company. However, MSICL will have two representatives on the board of the new joint venture company.