Max India Group - An Introduction
Max India is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company's vision is to be one of India's most admired corporates for Service Excellence. (www.maxindia.com)
Max India is in the 'Business of Life'. It 'Protects Life' through its Life Insurance company Max Life Insurance, a joint venture between Max India and Mitsui Sumitomo Insurance, Japan; 'Cares for Life' through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; 'Enhances Life' through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; 'Improves Life' through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India and 'Rejuvenates Life' through its Senior Living business, Antara, a fully owned subsidiary of Max India. Max India also continues its interest in manufacture of Speciality Products for the packaging industry through its SBU Max Speciality Films.
These businesses are high growth yet under penetrated sectors, which will continue to benefit from India's demographic dividend and increasing purchasing power. Max India's financial performance reflects this potential. The Group earned consolidated revenue of Rs. 8,562 crore in FY 2012.
Supported by nearly 51 lakh strong customer base, each business has developed strong brands and a commanding presence in its respective sector. The Group has 500 offices across India and people strength of 57,000 persons.
Max India is a publically listed company. It is listed on both national exchanges in India, The Bombay Stock Exchange and The National Stock Exchange. The largest shareholding is of the owner sponsors, led by Mr. Analjit Singh at over 37%. Other significant shareholders include some of world's most prestigious private equity investors such as Goldman Sachs, International Finance Corporation, Washington (IFC) and Temasek Holdings.
For the last few years, the Max India Group has set itself to achieve a high benchmark in the area of Governance. Today, the parent company and all its subsidiaries have highly active and effective Governing Boards, with Board members who are locally and internationally acclaimed as domain experts in their area of expertise. As a Board Governed company, this is a shift from only an eminent, to eminent and specific expertise representation of Board members at the Board level.
Over its 25 years of existence, Max India has had a history of forging and nurturing strong and successful joint venture with leading global companies such as New York Life, Hutchinson Telecommunications, Motorola, Schering AG, Avent Inc., Gist Brocades(GB), The Upjohn Company, Comsat International Ventures, Atotech BV. Today, the Company shares excellent relationships with its Joint Venture partners in the Life Insurance and Health Insurance space, namely Mitsui Sumitomo Insurance and Bupa Plc. Not only have these partnerships stood the test of time, they have consistently grown, developed and matured into strong relationships.
Max India Subsidiaries
Max Life Insurance Co. Ltd
Max Life Insurance Co. Ltd (www.maxlifeinsurance.com) - Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world. Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection to thirty lakh customers. It has a country-wide diversified distribution model including the country's leading agent advisors, exclusive arrangement with Axis Bank and several other partners. Max Life Insurance is a quality business focused on delivering excellence to customers through advice based sale process, customer centric approach to business, financial stability & investment expertise and strong human capital.
Max Life Insurance offers comprehensive life insurance and pension solutions for long-term savings and protection to thirty lakh customers. It has a country-wide diversified distribution model including the country's leading agent advisors, exclusive arrangement with Axis Bank and several other partners. Max Life Insurance is a quality business focused on delivering excellence to customers through advise based sale process, customer centric approach to business, financial stability & investment expertise and strong human capital.
In the financial year 2011-12 Max Life Insurance ranked fourth among private life insurers with a market share of 8.6%. The Company has been one of the fastest growing life insurance companies with total revenue of Rs. 6,391 crore and enterprise profit of Rs. 733 crore for the Financial Year 2011-12. The Company's share capital of Rs.2,127 crore with a solvency margin of 534% is indicative of its financial strength and stability. As on 31st March 2012, Max Life Insurance had assets under management of Rs.17,215 crore.
Max Life Insurance is today recognized as a Powerbrand. It has been ranked amongst the best places to work for, by BT-Mercer, Gallup and Businessworld. As the company enters the new phase of growth, a stable management team is guiding the company to even higher customer-centricity, people-orientation and quality focus.
Max Healthcare Institute Ltd
Max Healthcare Institute Ltd. (MHC) (www.maxhealthcare.in) Max Healthcare is the country's leading comprehensive provider of standardized, seamless and international-class healthcare services. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education. Max Healthcare operates nine facilities in Delhi & NCR, offering services in over 30 medical disciplines. Max Healthcare has an out-patient facility, Max Medcentre and a Speciality centre focused on Eye and Dental care at Panchsheel Park, secondary care hospitals at Pitampura Noida and Gurgaon & state-of-the-art tertiary care facilities at Saket, Patparganj & Shalimar Bagh in Delhi.
The tertiary care hospitals at Saket include Max Super Speciality Hospital (East Block), which is a centre of excellence for Cardiac Care, Minimal Access, Metabolic & Bariatric Surgery and Cancer Care and Max Super Speciality Hospital (West Block), a super speciality facility in Orthopaedics & Joint Replacement, Neurosciences, Paediatrics, Obstetrics & Gynaecology, Aesthetic & Reconstructive Plastic Surgery and Internal Medicine. In addition, it offers services in the disciplines of Urology, ENT, Gastroenterelogy, Nephrology, Dermatology, Mental Health & Behavioural Sciences amongst others.
Max Healthcare recently significantly expanded its capacity with commissioning of two super speciality hospitals in Mohali and Bathinda, Punjab through a public-partnership model with the Government of Punjab and a super speciality hospital in Dehradun, Uttrakhand.
Max Healthcare has a base of over 1,700 leading doctors, 4,600 employees and 13,75,000 patients, with number of beds growing to over 1,900 by the end of Year 2012.
Max Bupa Health Insurance Company Ltd. (www.maxbupa.com) is a Joint Venture between Max India Limited and Bupa, a leading international healthcare provider with over 60 years of healthcare knowledge. Max Bupa brings together a combination of Bupa's global health insurance expertise and customer service expertise with Max India's understanding and experience of the Indian health and insurance sectors. Max Bupa is one of the three standalone health insurance companies in India. Driven by a philosophy that promotes 'Your Health First', the Company started operations in March 2010 with the mission to help customers' live healthier and more successful lives. Max Bupa recently achieved the distinction of surpassing 2,00,000 customers inside two years of its operations. The Company's vision is to become India's most admired health insurer with consumer centricity being the key to delivering high quality and consistent service experience.
Max Bupa has a direct working relationship with a strong network of nearly 1,200 top quality hospitals and healthcare providers. The Company services its customers directly through an in-house team of over 850 and also has a 24/7 health line for easy and friendly access to health advice through network of offices across eleven major Indian cities - Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Jaipur and Surat, Kochi and Kolkata.
Max Bupa offers individual and family oriented health insurance policies for Indians across all age groups and has set new benchmarks in the Indian health insurance industry by incorporating innovative customer centric features such as Maternity benefits, insurance cover for new born baby, covering all 'Day Care' procedures, providing health check-ups etc. Max Bupa has a target of covering over a million lives by 2015.
Max Neeman Medical International (MNMI) (www.neeman-medical.com) is a leading provider of clinical research services across the entire value chain of new drug development to global pharmaceutical, biotech and devices companies, both in India and abroad. The Company operates through a dual-shoring model, with marketing based in USA and clinical trial operations in India with 6 regional offices and access to hospitals and health care facilities across India.
An ISO 9001:2008, 27001, 14155 firm, Max Neeman has been awarded 282 trials for global sponsors across wide range of therapeutic areas and has successfully completed 5 US FDA GCP Audits for highest enrollment globally. MNMI operates in seven specialization areas and conducts Phase II, III, IV of clinical trial studies at 240 sites across 43 cities in India with access to over 1800 ICH-GCP trained investigators.
Antara Max India Group has charted its next phase of growth with the entry into the Senior Living Business. Due to the fast changing social milieu, Senior Living presents a rapidly growing yet inadequately tapped business opportunity in India. Max India's strong belief in service and seva will provide a firm foundation for this venture, intended to build international standard communities that will fulfill all lifestyle, wellness and health related requirements for seniors aged 60 and above. The company will begin with developing communities in North India and seeks to cater to affluent seniors looking to be independent and active.
Unlike other players in India who see this business as a part of their real estate portfolio, our Senior Living initiative will be focused on providing the residents an extensive range of facilities and activities which contribute to a lifestyle that is engaged and enjoyable. The company is working with best in the class international experts to design & develop its communities.
Max Speciality Films (MSF) (www.maxspecialityfilms.com) is a Strategic Business Unit of Max India. It is the only manufacturing business that Max India continues to operate after its reinvention and shift to service oriented businesses in 2000.
MSF is a Leader in manufacture of wide range of Bi-axially Oriented Polypropylene (BOPP) and other sophisticated Barrier and Packaging Films. The Product range covers plain, pigmented, ultra high barrier films & Leather Finshing Foils. The business has continuously strived to be a specialized film producer and has expanded into value added films viz metalized, and coated films for thermal lamination. MSF Offers superior packaging solutions for a wide range of consumer products like tea, tobacco, confectionery, labels, cigarette overwrap, decorative uses; some industrial uses like cable insulations, CD & textile grade & publishing industry. MSF currently has a fully integrated manufacturing facility in Railmajra, Punjab with capacity of 52,000 tpa.
MSF is the first BOPP manufacturing unit to sign the MSG CII – Code for Ecologically Sustainable Business Growth, run by the premier Indian industry association, CII. It has voluntarily committed to reduce the consumption of energy, water and waste to increase use of recyclables, incorporate life cycle assessment & adopt green purchase policy. MSF has been awarded with the prestigious Golden Peacock Award 2011, India Star 2010 award and World Star 2010 award for its innovative product development.
Max India Foundation (MIF)(www.maxindiafoundation.org) spearheads the CSR initiatives of the Max India Group entities. The foundation has been working relentlessly in the areas of healthcare, immunization, healthcare and environment, in its endeavour to improve the quality of life. MIF operates across the country in association with Max India Group companies and closely involves all employees of the Group.
In a short span of four years, MIF has been able to make a difference in the lives of over 2,00,000 people across more than 296 locations across India. MIF has partnered regularly with reputable NGO's such as CanSupport, SOS Children's Village, Manav Seva Sannidhi and Chinmaya Mission to undertake initiatives like pan India immunization programme, surgeries for underprivileged, artificial limb and polio calipers camp, multi-speciality camps, blood donation camps, onboard rail operation theater - Life Line Express, 'Clean Delhi Clean Yamuna' campaign, support for disaster relief victims amongst others. Max India Foundation has been awarded the Golden Peacock Global Award for Best CSR two years in running, the BSE Award, the Indy's Award, for CSR, for the significant impact the Foundation has made to the lives of the needy.