Japanese insurer Mitsui Sumitomo has acquired a 26 per cent stake in Max New York Life Insurance Company, a JV between New York Life and Max India, for a reported Rs2,700 crore ($528 million).
The deal comes after Mitsui Sumitomo last year acquired a 50 per cent stake in Indonesia's PT Asuransi Jiwa Sinarmas for about 67 billion yen.
Max India will continue to own 70 per cent stake in the JV, Mitsui Sumitomo will get board seats on Max New York Life Insurance Company and run the JV with Max India.
Under the deal, New York Life sold part of its 26-per cent stake directly to Mitusi Sumitomo and partly to Max India, which in turn sold a part to the Japanese insurer.
The transaction is yet to be announced, but The Economic Times, which reported the sale, said the board of Max India met today morning and approved the deal.
Founded in 2000, Max New York Life Insurance, India's largest non-banking private insurance company. Analjit Singh's Max India Ltd holds a 70-per cent stake in the JV and US-based New York Life International holds the remaining 26 per cent.