Max India Group - An Introduction
The Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. The Company's vision is to be one of India's most admired corporates for service excellence – in what we do, how we do it and the positive impact we have on society and our stakeholders. (www.maxindia.com)
Max India is in the 'Business of Life'. It 'Protects Life' through its Life Insurance subsidiary Max Life, 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; 'Rejuvenates Life' through its Senior Living business Antara, a fully owned subsidiary of Max India and 'Improves Life' through its Clinical Research business. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its SBU Max Speciality Films.
The Group's businesses have built commanding presence in their respective sector, through a total customer base of nearly 7 million, over 300 offices spread across India and a people strength of over 70,000 persons. These businesses are in 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 a consolidated revenue of Rs 106 billion in FY2013 and has a strong treasury corpus of around Rs 4.0 billion.
The flagship company of Max Group, Max India Limited is a widely held public limited company, listed on the BSE & the NSE. Analjit Singh, Founder & Chairman, is the lead shareholder in Max India with over 39% holding. Other key shareholders in the company include some of world's leading Institutional Investors, such as Goldman Sachs, International Finance Corporation, Washington (IFC), and Temasek Holdings.
Max India remains committed to excellence in Corporate Governance and recognizes that in today's world, it is an important driver for building all round excellence, attracting high-quality talent and intelligent capital. The Group and its companies are Shareholder steered, Board governed and Executive managed. The Board thoroughly evaluates business performance on nine strategic levers - enhancing business performance, investing in people and organisational development, creating efficiency in capital management, adopting an integrated enterprise-wide approach, investing sensibly in new growth opportunities, maintaining the highest standards of governance, continuously improving service quality, developing a distinct corporate brand and effectively managing risk.
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, Healthcare and Health Insurance space, namely Mitsui Sumitomo Insurance, Life Healthcare and Bupa Plc. Through the years, Max India has successfully established partnerships that stood the test of time, and grew consistently and developed and matured into strong relationships.
Max India Subsidiaries & Businesses
Max Life Insurance Co. Ltd
Max Life Insurance Company Ltd. (Formerly Max New York Life)(www.maxlifeinsurance.com)- is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Mitsui Sumitomo Insurance, is a part of MS&AD Insurance Group, which is amongst the leading general insurers in the world. Established with a vision to be the most admired life insurance Company in India, Max New York Life Insurance was incorporated in the year 2000 in partnership with New York Life, a Fortune 100 company. As a part of global strategic alignment across the globe, New York Life decided to step out of the MNYL, and Max India has partnered with Mitsui Sumitomo Insurance Company Ltd (MSI).
Today, known as Max Life Insurance, the Rs 79 billion(USD 1.43 billion) Company is one of India's leading life insurers, 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 is in the business of protecting lives & ensuring dignity of families. It is this larger cause that has driven this company to secure around 3.5 million lives with a sum assured in excess of Rs 1,700 billion. With the customer at its core, a solvency margin of 521% (significantly higher than stipulated level 3.7 times), Assets Under Management(AUM) of over Rs. 205 billion, the company's quality business model has come to be recognized and admired by its industry peers, regulator & policyholders. The Business Excellence Journey of this company has been commended by CII-EXIM Bank Quality Award, three years in a row. Max Life's multi-channel distribution with agency distribution at its core has built strengths in need based selling processes for long term saving & protection solutions.
Max Life was recognized as a Superbrand of the Year 2013-14. It has been ranked amongst the best places to work for, by BT-Mercer, Gallup, Business World and the Great Place to Work Institute and its investment performance has been rated in top quartile by Outlook Money. As the company enters its second decade of existence, a stable management team is guiding it to even higher customer-centricity, people-orientation and quality focus.
Max Healthcare Institute Ltd
Max Healthcare Institute Ltd. (MHC) (www.maxhealthcare.in) is a joint venture with Life Healthcare, South Africa, and 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 12 facilities in North India, offering services in over 30 medical disciplines. Max Healthcare has 12 facilities in North India, offering services in over 30 medical disciplines. Of this 9 facilities are located in Delhi & NCR and the others in Mohali, Bathinda and Dehradun. The Max network includes state-of-the-art tertiary care hospitals in Saket, Patparganj, Shalimar Bagh, Mohali, Bathinda and Dehradun, secondary care hospitals at Gurgaon, Pitampura and Noida and an out-patient facility and a speciality centre at Panchsheel Park. The Super Speciality Hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab.
Max Healthcare has a base of over 2100 leading doctors, 5500 employees and around 2 million patients from 80 countries, across its network of 12 hospitals.
Max Bupa Health Insurance Company Ltd. (www.maxbupa.com) is a 74:26 joint venture between Max India Ltd. and Bupa Finance Plc, UK, a leading international healthcare provider with 65 years of healthcare knowledge. The Company 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 offers quality health insurance services through a dedicated team of over 1200 people and its network of 21 offices across 13 cities - Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi, Kolkata and Patna. Max Bupa has a customer base of 1.4 million and it offers individual and family oriented health insurance policies for Indians across all age groups.
Max Bupa Health Insurance has a direct working relationship with a network of 3500 top quality hospitals and healthcare providers and at the same time the company plans to extend its network of hospitals to other parts of the country. Max Bupa services customers directly without third party involvement.
Antara ( www.antaraseniorliving.com): Max India Group has entered the Senior Living Business to support its next phase of growth in the businesses of life. Due to the fast changing social milieu, the concept of Senior Living presents a rapidly growing yet inadequately serviced business opportunity in India. Antara Senior Living focuses on people over the age of sixty and the first initiative is to create vibrant residential communities for progressive seniors that offer "Lifestyle with Lifecare". Keeping in line with the Max Group values of "Sevabhav, Excellence and Credibility", Antara truly aims to create a difference to the lives of seniors in India. With its initial focus for building these communities in North India, Antara has partnered with best in the class international architects and industry experts, to design and develop its first community in Purukul, Dehradun. Spread across 16 acres, this community will comprise 220 resident apartments and approximately 50 wellness suites that will cater to the advanced healthcare needs of its residents and seniors. This community will be ready for residents to move into by 2016.
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 specializes in manufacturing specialty barrier and packaging (BOPP) films to cater to the needs of a wide range of sophisticated packaging applications including food packaging, overwrap, consumer products and label manufacture. MSF's leather finishing foil business division manufactures a range of leather finishing and laminating foils. The Company has an installed capacity of 52,000 tons per annum.
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 nearly 5,00,000 people across more than 360 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 three 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.