He would be taking over the chairmanship of the two companies from Group President Rahul Khosla, who would be moving to a non-executive role as group advisor from April 1, 2019, Max India said in a filing to the BSE.
Khosla will also demit his role as Max Healthcare Chairman once regulatory approvals for the transaction with KKR-Radiant are received. This position will then be filled by KKR Radiant, it said. “Khosla joined the Max Group in August 2011, which was at the cusp of my shift to a non-executive role and allowed me to pursue other initiatives,” Singh said. That journey could not have been possible without Khosla taking on the mantle of managing director and subsequently as group president, he added. “Rahul and the team have implemented what ought to be seen as a ‘benchmark’ of succession from sponsor to seasoned professionals leading the Group in various businesses,” Singh said.
Mohit Talwar, who has been with the Group since November 2007, will be elevated to the position of Group vice-chairman with effect from April 1, 2019, Max India said.
“Mohit has made significant contribution, especially in the areas of capital management and corporate finance over the years and his support will be valuable as the Group forges its platforms of future growth including life insurance, real estate, senior living and hospitality,” Singh said.
Max Life Insurance, a subsidiary of Max Financial Services, has reported a 37 per cent increase in the value of new business (VNB) written by it in nine months ending December, 2018, amounting to Rs 466 crore as against Rs 340 crore in the same period last year.
"The higher VNB was a result of higher sales of protection products as well as higher NBM's in the protection business", the company said.
Mohit will also continue to serve as the MD of Max Financial Services and Max India and remain on the Boards of Max Group's operating companies, the company said.
Max Group comprises three holding firms, namely Max Financial Services, Max India and Max Ventures & Industries.