Leadership shift at Max Life Insurance as Analjit Singh steps down, Rajiv Anand takes over

Max Financial Services Ltd (MFSL) on Monday (December 4) said Chairman Analjit Singh has formally resigned from his position, effective end of the day on Monday, December 4.

Max Financial Services is the holding firm for Max Life Insurance Company.

Singh's decision to step down was communicated through a resignation letter, and the Board of Directors of Max Life took note of his departure during a meeting on the same day, according to a stock exchange filing.

Following Singh's resignation, the board approved the appointment of Rajiv Anand as the new chairman effective from December 5. Anand, a non-executive director of Max Life, had been nominated by Axis Bank Ltd.

"As the promoter of Max Financial Services and Max Life Insurance Company, it has been most fulfilling and rewarding to be an integral part of the start-up and witnessing the Company's achievements and growth over the last 23 to 24 years," Singh said in his resignation letter to the board members.

"I am grateful to Axis Bank to have asked me to continue, though, I am of the view that the natural time has now come. I am also mindful of their equity stake in Max Life and ability to be the most powerful driver of business as the Company's leading Bancassurance partner," Singh said.

"I must also take this opportunity to convey my immense gratitude to New York Life and Tony Singh as the true structural architects that, built the foundation of our Life Insurance Company. And succeeding New York Life, I am grateful to Mitsui Sumitomo for being outstanding partners," he added.

Shares of Max Financial Services Ltd ended at ₹1,025.00, up by ₹4.25, or 0.42% on the BSE.