The long-term intent of the partnership, according to the statement given to exchanges, is to merge Max Financial Services (MFS) with Max Life
Axis Bank said it has entered into a confidentiality and exclusivity arrangement to explore the possibility of entering into a long-term strategic partnership with Max Life.
Tune in to In The News for top news from India and around the world.
Axis Bank is likely to hike its stake in Max Life Insurance to get a 'promoter' tag, subject to RBI and IRDAI approvals.
The clarification came in response to media reports that Axis Bank may have to shell out more money to increase its stake in Max Life.
Max Life has also announced a separate agreement with New York Life for the latter to provide certain offshore support services to its former executives.
The annualised growth in EV in the first half of FY2018 (H1 FY2018) was 17 percent. The Value of New Business (VNB) written during H1 FY2018 was Rs 204 crore, growing 16 percent over the corresponding period last year.
In November last year, Irdai had posed reservations on the present form of amalgamation of Max Life and HDFC Life into a single entity to comply with Section 35 of the Insurance Act, 1938.
The much awaited Max-HDFC Life deal has been delayed further. Watch Yash Jain of CNBC-TV18 giving more details.
Mihir Vora, Director and Chief Investment Officer, Max Life in an interview to CNBC-TV18 shared his views on market fundamentals and his expectation from the Reserve Bank of India monetary policy today.
Sources have told CNBC-TV18 that the insurance regulator has sought a legal review on the proposed structure of the combine.
These insurers have already presented their views to the regulator after concerns were raised on the structure of the deal.
SBI Life was valued at Rs 46,000 crore during a recent stake sale in December when the State Bank of India (SBI) announced it would divest 3.9 percent stake in its insurance arm for Rs 1794 crore. This made the insurer the highest valued life insurer.
That is a complex issue. I won't be able to explain it," Irdai Chairman T S Vijayan told reporters on the sidelines of the Ficci Annual Health Insurance Conference when asked about hurdles to the merger.
Speaking to CNBC-TV18, TS Vijayan, Insurance Regulatory and Development Authority (IRDA) said that the body has asked HDFC Life and Max to rework on some aspects of the deal.
After ICICI Prudential received remarkable valuations, he is confident that other insurance companies will also follow suit. He expects SBI Life to also be listed very soon.
Some of the stocks that should be on your radar are: Larsen and Toubro, Vardhman Textiles, HDFC Life, Max Life, Multi Commodity Exchange of India, IFCI, ITD Cementation India, Magma Fincorp, Hindustan Zinc.
Speaking to CNBC-TV18, Anil Singhvi, Chairman of Ican Investment Advisors, said that Rs 850 crore coming from the same coffer should be divided equally among the shareholders.
Rationale behind the non-competent fees is unclear, says Amit Tandon, Founder and Managing Director of IiAS. The minority shareholders will also have to bear part of the expense.
Private equity currently seems to be concentrated on the start-up sector, says Prashant Mehra, Partner, Grant Thornton, adding, even in this particular month 55 percent of USD 1.1 billion invested was in the start-up sector.
To make listing of insurance firms compulsory, sector regulator Irdai will soon release an exposure draft on the issue.
Santosh Singh of Haitong Securities does not expect the insurance business deal with Max Financial Services to lead to more than 1-2 percent further up move in HDFC stock price.
Some of the stocks that should be on your radar are: Marico, PFC, HDFC Life, Max Life, Hero Motocorp, Idea Cellular, Tata Motors, Rural Electrification Corporation,I NOX Leisure, SRF.
Keki Mistry CEO, HDFC, said both are strong entities. â€œWe have a strong distribution platform and there is a lot of synergy. It will create a huge amount of value for HDFC Life and Max Life."
The boards of HDFC Life and Max Life on Monday approved a scheme for the merger of the two entities. According to the contours of the deal, the life insurance business of Max Financial Services will be demerged into HDFC Life, reports CNBC-TV18‘s Nisha Poddar.