Analyst meet notes - Max India

July 22, 2008

Highlights

- In a restructuring exercise, Max India Ltd. (MIL) announced increase in its equity stake in Max New York Life Insurance, the life insurance JV with New York Life, from 50% to 74%.

- New York Life will also have the option to increase its stake by 24% over a period of 8 years from the date of the amended JV agreement. This option will be priced at fair market value less discount of 10%.

- MNYL targets 20mn annual policyholders and Annualised First Year Premium target of Rs12,000Cr by FY12.

- Embedded value of life insurance business as at March 31, 2008 is Rs1316Cr.

- The company also forayed into healthcare segment through 8 hospitals and 800 beds, clinical research business and specialty packaging business.

- The company recently forayed into health insurance business through a JV with UK based Bupa Finance Plc.

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