Rajiv Anand to replace Analjit Singh as Chairman of Max Life Insurance

Max Financial Services on Monday informed the stock exchanges that Rajiv Anand will take over as the Chairman of the insurance arm -- Max Life Insurance Company Limited. He will be replacing Analjit Singh effective from December 5, 2023.

Rajiv Anand, served as the non-executive director of Max Life Insurance effective from April 2023 after being nominated by Axis Bank. Currently, he is the Deputy Managing Director of Axis Bank. He has also served as the Managing Director & CEO of Axis Asset Management Co. Ltd.

"As part of a planned transition, I have considered it timely, to retire as the Chairman of Max Life Insurance Company Limited and as a member of the Board, with effect from December 4, pursuant to a Board of Directors meeting where my resignation will be formally tabled," said Analjit Singh is the Founder & Chairman of the Max Group in a statement to the Board of Directors of Max Life Insurance.

"Max New York Life, was the first private sector insurance company to be incorporated in India on July 11, 2000, within about a week after IRDA permitted incorporation of private sector insurance companies in the country. And further, the same year, now 23 years ago, precisely on November 15, 2020, MNYL received its certification of registration from the IRDA," he added.

Axis Bank, along with its subsidiaries announced the acquisition of the remaining 7 per cent stake in Max Life Insurance for Rs 1,612 crore driving the total stake to 19.02 per cent in 2023 from 12.99 per cent stake held earlier.