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Rebalancing for Value Creation

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Rebalancing for Value Creation Annual Report 2018-19 Rebalancing for Value Creation Annual Report 2019 Read Inside 05-19 70-87 CORPORATE REVIEW CORPORATE GOVERNANCE Our Enterprise 06 REPORT Measures of Success 08 Corporate Governance Report 72 Our Path 10 Our Values 11 Board of Directors 12 20-25 88-93 STRATEGIC REVIEW GENERAL SHAREHOLDER Chairman & MD’s Letter 22 INFORMATION Business Review 24 General Shareholder Information 90 26-69 94-318 MANAGEMENT DISCUSSION FINANCIAL REVIEW AND ANALYSIS Directors’ Report 96 Max India 28 Standalone 144 Max Healthcare 34 Consolidated 218 Max Bupa 44 Antara Senior Living 54 Max SkillFirst 60 Business Responsibility Review 64 05-19 CORPORATE REVIEW Our Enterprise 06 Measures Of Success 08 Our Path 10 Our Values 11 Board Of Directors 12 Max India Limited Our Enterprise Max Financial Services (MFS), a multi-business corporate, is part of the US $3.2 billion Max Group. Focussed on Life Insurance, it owns and actively manages a 71.8% stake in Max Life Insurance, India’s Launched in 2000, Max Life is a joint venture with largest non-bank, private life insurance company. MFS Mitsui Sumitomo Insurance, a Japan-headquartered earned a revenue of ` 17,538 crore in FY 2019. The global insurance leader. Max Life is India’s largest non- company is listed on NSE and BSE. Besides a 28.3% bank private life insurer and the fourth largest private life insurance company, with revenues of ` 14,575 crore, a holding by Analjit Singh sponsor family, some other claims paid ratio of 98.74% and a customer base of shareholders include KKR, New York Life, Baron, 4 million with more than 322 offices across India. Vanguard, Aberdeen, First Voyager, Jupiter and the Asset Management Companies of Reliance, HDFC, ICICI Prudential, Motilal Oswal, Aditya Birla Sun Life, Mirae, and Kotak. Max India Limited, a multi-business corporate, is part of the US $3.2 billion Max Group. Focused on Healthcare and Allied business, it owns and actively Launched in 2000, Max Healthcare is India’s leading manages a 49.7% stake in Max Healthcare, a 51% provider of standardised, seamless and world-class stake in Max Bupa Health Insurance and a 100% stake healthcare services, focussed on tertiary and quaternary in Antara Senior Living. Max India earned revenue of care. Max Healthcare has revenues of ` 2,921 crore. from ` 3,688 crore in FY 2019, having a customer base of 7 over 2,500 beds across 14 hospitals. With a base of more million. The Company is listed on NSE and BSE. Besides than 3,000 doctors offering services in 30 specialities a 40.9% holding by Analjit Singh sponsor family, some across a network of 14 hospitals, Max Healthcare remains other shareholders include New York Life, Briarwood completely committed to the highest standards of medical Capital, IFC, Nomura, Doric Capital, HDFC Standard and service excellence, patient care,and scientific and Life and Asset Management Companies of L&T and medical education. UTI Mutual Fund. Launched in 2008, Max Bupa, a subsidiary of Max India, Launched in 2013, Antara Senior Living is a 100% is a 51:49 JV with Bupa Finance Plc., UK. It is one of India’s subsidiary of Max India. It is pioneering the concept of leading standalone health insurance companies with Gross ‘Age in Place’ for people over 55 years of age, by developing Written Premium (GWP) of ` 947 crore. It has a customer Senior Living communities in India. The first Antara base of nearly 2.5 million people, offering individual community was launched in April 2017 near Dehradun, and family-oriented health insurance policies across Uttarakhand with 190 apartments spread over 14 acres all age groups through its 31,000+ agents and 12 bank of land. relationships. 6 Rebalancing for Value Creation Annual Report 2018-19 Incorporated in 2015, Max Ventures & Industries Limited (MaxVIL), is a part of US $3.2 billion Max Group. The Company owns and operates real estate business through its 100% subsidiary, Max Estates, Launched in 1988, Max Speciality Films, a subsidiary of and a packaging films business through Max Speciality MaxVIL., is an innovation leader in the Speciality Packaging Films, a 51:49 joint venture with Toppan, Japan. Films business. It has a strategic partnership with Japan’s MaxVIL also has an investment subsidiary, Max I., Toppan Printing Co. Ltd., a leading global printing company. MaxVIL is listed on NSE and BSE. Besides a 47.1% Max Speciality Films is a top supplier of speciality holding by Analjit Singh sponsor family, some other packaging, labels, coating and thermal lamination films for shareholders include New York Life and First State the India and overseas markets. Investments Established in 2016, Max Estates Limited is the real Max I. Limited is MaxVIL’s wholly-owned subsidiary, which estate arm of the Max Group and a subsidiary of MaxVIL. facilitates Intellectual & Financial Capital to promising and Its vision is to bring the Group’s values of Excellence, proven early-stage organisations across identified sunrise Credibility and Sevabhav to the Indian real estate sector. sectors. Its investment model is a hybrid of accelerators Its marquee projects include a one-of-its-kind commercial and venture funding, providing both mentoring and growth office space Max Towers, on the edge of South Delhi capital for the organisations it invests in. that opened its doors in 2019 and 222 Rajpur, a luxury residential villa community in Rajpur, Dehradun. It aims to create, build and operate Grade A+ office spaces in Delih-NCR. Launched in 2008, Max India Foundation (MIF) represents the Max Group’s social responsibility efforts. The Foundation’s work has been focussed on healthcare for the underprivileged and has benefitted more than 34 lakh people in over 800 locations since its inception. 7 Max India Limited Measures of Success Max Healthcare Max Healthcare’s Network Gross EBITDA Revenues ` 2,921 CR ` 242 CR 5% 9% Max Bupa Max Bupa Gross Written New Business Premium Premium ` 947 CR ` 355 CR 26% 38% 8 Rebalancing for Value Creation Annual Report 2018-19 Max Healthcare’s Antara Senior New Business Living pursuing Lines an Operating & Max@ Home Maintenance-led asset-light model 58% in Delhi NCR Max Labs Investor base 86% comprising marquee global financial institutions Max India such as New York Foundation Life, Briarwood benefitted over Capital, IFC, Nomura, Doric Capital, HDFC Standard Life AMC’s 34 LAKH of and L&T & UTI lives across India Mutual Fund All figures as on March 31, 2019 9 Max India Limited Our Path Our Vision Our Mission To be the most admired • Be the most preferred category company for protecting choice for customers, policy holders, and enhancing the shareholders and employees financial future of its • Do what is right for our customers, customers. and treat them fairly • Lead the market in quality and reputation • Be the go-to standard for partnerships and alliances with all distributors and partners • Maintain cutting-edge standards of governance 10 Rebalancing for Value Creation Annual Report 2018-19 Our Values Sevabhav We encourage a culture of service and helpfulness so that our actions positively impact society. Our commitment to Seva defines and differentiates us. Excellence We gather the experts and the expertise to deliver the best solutions for life’s many moments of truth. We never settle for good enough. Credibility We give you our word. And we stand by it. No matter what. A ‘No’ uttered with the deepest conviction is better than a ‘Yes’ merely uttered to please, or worse, to avoid trouble. Our words are matched by our actions and behaviour. 11 Max India Limited Board Of Directors Dr. S.S. Baijal Mentor Dr. S.S. Baijal served ICI (India) Limited for over 35 years and was the Chairman of ICI companies in India from 1983 to 1987. He then played an active role on the erstwhile Max India Board from 1988 to 2009, where he added immense value to the Company. He was the Chairman of the erstwhile Max India during the years 1998-2000. On his retirement from the Board in 2009, he was elevated to the position of ‘Chairman Emeritus’ in 2009 and to ‘Mentor’ of new Max India in January 2016 after the demerger of the erstwhile Max India. 12 Rebalancing for Value Creation Annual Report 2018-19 differentiators in the hospitality businesses aided by a strong relationship with Everard Read, SA and Franchesca Watson. A self-made entrepreneur, Mr. Analjit Singh was awarded the Padma Bhushan, India’s third highest civilian honour, by the President of India in 2011. An alumnus of The Doon School and Shri Ram College of Commerce, University of Delhi, Mr. Analjit Singh holds an MBA from Graduate School of Management, Boston University. He has been conferred with an honorary doctorate by Amity University. Professionally, he is the Non-executive Chairman of multiple Max Group companies - Max Financial Services, Max India, Max Ventures & Industries, Max Life and Antara Senior Living. He is also a Director on the Board of Sofina NV/SA, Belgium. Till October 2018, he was the Non-executive Chairman of Vodafone India. Mr. Analjit Singh is a member of the Founder Executive Board of the Indian School of Business (ISB), India’s top ranked B-School, and has served as the Chairman of the Board of Governors of Indian Institute of Technology (IIT), Roorkee - Analjit Singh India’s oldest and most prestigious engineering college, and Chairman Doon School, a premier Indian boarding school. Mr. Analjit Singh is the Founder & Chairman of the Max Group, Mr. Analjit Singh has also served on the Prime Minister’s a US$ 3 billion multi-business enterprise, with interests in life Indo US CEO Council.
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