New York Life exits insurance venture with Max India Group

Mitsui Sumitomo Insurance Company Ltd,Japanese insurance company, has replaced New York Life International Holdings Ltd as the overseas partner of Max India Group in its insurance joint venture in the country — Max New York Life Insurance Company Ltd.

Mitsui Sumitomo Insurance has acquired 26 per cent stake in the Indian insurance outfit — 16.63 per cent stake from the New York Life International Holdings Ltd and 9.37 per cent from Max India Ltd.

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