MAX BUPA BECOMES THE FIRST TO BENEFIT FROM NEW INSURANCE FDI LIMIT BUPA INCREASED STAKE IN MAX BUPA TO 49%
October, 2015, New Delhi
Max Bupa Health Insurance (Max Bupa) today announced that it has become the first company in India to benefit from the proposed increased limit for foreign direct investment (FDI) in insurance. Bupa, international healthcare group, has now increased its stake in Max Bupa from 26% to 49%. This comes after Bupa’s successful completion of the law-making process as well as all relevant regulatory and legal approvals. Following the Insurance Laws Amendment Ordinance 2014 receiving legislative assent in the 2015 Budget Session of Parliament, Bupa had proposed to make the increase in stake.
Max Bupa, a leading Indian standalone private health insurer, is a joint venture between Max India, one of India’s leading multi business corporates, which owned 74% of Max Bupa, and Bupa, the UK-headquartered global healthcare group, which had earlier held 26%. Launched in 2010, Max Bupa is already the 7th largest private health insurer in India. With a customer base of two million across India, it continues to be amongst the fastest growing stand-alone health insurers. Max Bupa has focused on building a retail customer and product portfolio via multiple sales channels including agency, bancassurance, telesales and online.
Commenting on the approval on Bupa’s increased stake in Max Bupa, David Fletcher, Managing Director of International Development Markets at Bupa said: "At Bupa we are always eager towards improving lives, and this move is a commitment from us, along with our partner Max India, in working towards a better tomorrow. We are honored to be the first company to benefit from the FDI hike and we are enthusiastic of bringing about significant change in enhancing life.”
Rahul Khosla, Managing Director, Max India Limited, Bupa’s JV partner, welcomed the decision. “This move is an affirmation towards the huge growth opportunity in health insurance in India. We are optimistic of the benefits this move will bring in to the sector as well as to Max Bupa. Together Max Bupa and Bupa will further work towards strengthening the innovations brought about by the partnership in the health insurance space, and we are hopeful of continuing the positive impact that the partners have created over the last few years.”
Max India has successfully managed several joint venture partnerships in the diverse businesses that it has. Apart from Bupa, it also has partnerships with Japan’s Mitsui Sumitomo for its Life Insurance business and Life Healthcare, South Africa for its healthcare institute. Lauding the move, Mr.Khosla further added, “The Insurance Laws (Amendment) Bill 2015 comes as a great encouragement. This will not only strengthen the sector but also create a positive impact on the lives of the consumers. I therefore welcome the move and congratulate the government on taking such a positive stride towards enriching lives.”
About Max Bupa Health Insurance
Max Bupa is a, 74:26, joint venture between Max India Limited, a multi-business corporate with expertise in life insurance and health care and Bupa, a leading international healthcare provider with 65 years of healthcare knowledge. Max Bupa brings together a combination of Bupa’s health insurance 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 1400 people and its network of 26 offices across 16 cities - Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi, Kolkata, Patna, Goa, Jodhpur and Ludhiana. Max Bupa offers individual and family oriented health insurance policies for Indians across all age groups.
Max Bupa has a direct working relationship with a network of over 3500 top quality hospitals and healthcare providers, with plans to extend its network of hospitals to other parts of the country. Max Bupa services customers directly without third party involvement. For more details about the company and a list of all our network hospitals please visit www.maxbupa.com.
As a leading international healthcare group, Bupa offers health insurance and other health funding products, and runs care homes, retirement villages, hospitals, diagnostic and primary care centres and dental clinics. Bupa also provides workplace health services, home healthcare, health assessments and long-term condition management services.
Bupa has over 22 million customers in 190 countries and territories. With no shareholders, it invests its profits to provide more and better healthcare and fulfill its purpose: longer, healthier, happier lives.
Bupa employs more than 70,000 people, principally in the UK, Australia, Spain, Poland, New Zealand and Chile, as well as Saudi Arabia, Hong Kong, India, Thailand and the USA.
For more information, please visit: www.bupa.com
About Max India
Max India Group is a leading Indian multi-business corporate with a commanding presence in the Life Insurance, Healthcare and Health insurance sectors. In the financial year 2014, the Group recorded a consolidated turnover of Rs 117 billion. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2014. Max India Limited is a widely held company, listed on the BSE and the NSE. Its founder sponsor Analjit Singh holds 40.5% stake in the company. Other shareholders include some of world’s best Institutional Investors such as Goldman Sachs, Temasek, IFC (Washington), Fidelity and New York Life.
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