Max Life Insurances Board of Directors

Chairman, Max Life Insurance Co. Ltd

Mr. Rajiv Anand has been appointed as the Chairman of Max Life Insurance w.e.f. December 5, 2023. He has been associated with the Company as a Non-Executive Director w.e.f. April 6, 2021.

He is the Deputy Managing Director at Axis Bank. He is the Chairman on the Board of Axis Securities Limited and A. Treds Limited. He is the co-chair of the Banking Taskforce at CII – Western region, a member of the National Committee on Banking at CII and holds several key positions in other committees and industry bodies. He has also served as the Managing Director & CEO of Axis Asset Management Co. Ltd.

Over a career spanning more than 30 years, Mr. Rajiv Anand has focused on various facets of the financial services industry having held key management positions at leading global financial institutions. He is renowned for his strengths in capital markets and successfully building new businesses to scale. He has led an award winning investment management team at the erstwhile Standard Chartered AMC.

Mr. Rajiv Anand is a Commerce graduate and a Chartered Accountant by qualification.

Managing Director & Chief Executive Officer, Max Life Insurance Co. Ltd

A seasoned professional with about three decades of experience across business leadership, organisational strategy, Finance, Operations, and Investor Relations, Prashant Tripathy has led Max Life Insurance as the Chief Executive Officer and Managing Director since January 2019.

Prashant's journey with Max Life began in 2007 as Head of Strategy. In this role, he spearheaded strategic initiatives that significantly enhanced the company's growth and profitability. His role extended to managing Investor Relations and Communications for Max Financial Services Ltd., the parent company of Max Life Insurance, where he played a pivotal role in fortifying investor confidence and corporate transparency.

In his 17-year association with Max Life, Prashant has also served as Chief Financial Officer (CFO), where he led Financial Management and Corporate Strategy for the organization. As CFO, Prashant was instrumental in positioning Max Life Insurance as a premier private life insurance provider, adeptly navigating the company through complex regulatory landscapes and significant corporate actions. His business acumen has been crucial in driving the company's expansion, growth, and strategic partnerships.

Under his leadership, Max Life strengthened its partnership with Axis Bank which became a co-promoter in 2021. The company maintained steady growth, exiting FY24 with a 9.4% market share and Assets Under Management exceeding Rs. 1.5 lakh crores. A staunch believer of customer obsession, his commitment drove Max Life to consistently achieve the industry’s highest Claims Paid Ratio, maintaining an Individual Death Claims Settlement Ratio of over 99% for the past five years.

Prashant has also been a passionate advocate for fostering a high-trust, high-performance culture, propelling Max Life to consistently rank among India’s Best Workplaces. Under his vision, Max Life received the prestigious ‘Laureate’ status from the Great Place to Work® (GPTW®) Institute, an exclusive honour given to organizations recognized for the 10th year in India's 'Best Companies to Work For' list.

Before his tenure at Max Life, Prashant garnered extensive international experience with GE and Genpact in India and the UK. His career foundation was laid at Tata Steel, Jamshedpur, where he oversaw steel plant operations, showcasing his operational expertise early on. A Quality Six Sigma Green Belt holder, Prashant's academic credentials include a degree in Chemical Engineering from IIT Kharagpur and a Post Graduate in Management from IIM Bangalore.

Non-executive Director, Max Life Insurance Co. Ltd.

Mr. Arjun Chowdhry has been appointed as a Non-executive Director of Max Life Insurance Co. Ltd. with effect from April 29, 2024.

Arjun Chowdhry is a Group Executive for Affluent Banking, NRI, Cards & Payments at Axis Bank since March 2023. He joined Axis Bank post the acquisition of Citibank India’s consumer business on March 1,2023. He shepherded this merger as the Country Consumer Business Head for Citibank India.

Arjun has 29 years of very diverse experience across consumer banking businesses, with Citibank India. His experience spans across operations, sales, strategic functions and running large & diversified businesses. Over his tenure, he was instrumental in building the cards, wealth and salary franchises at Citibank India. He also set up Citi’s first US facing offshore consumer operations, growing it rapidly from its inception and leading it for over 5 years, during his long stint in the operations function.

Arjun is an alumnus of St Stephens College, Delhi, and the Indian Institute of Management(IIM), Bangalore.

Independent Director, Max Life Insurance Co. Ltd.

Mr. Girish S. Paranjpe has been appointed as an Independent Director of Max Life Insurance with effect from April 6, 2021

He served as the Co-CEO of Wipro's IT Business from 2008-2011 and was a member of the Board of Directors of Wipro Ltd.

Mr. Paranjpe served at Wipro Limited, India's third-biggest software company, for over two decades, contributing to the rise of India’s IT industry from its infancy to its current globally dominant position. He led the Wipro's IT business worth USD 5.8 billion and employee strength of over one lakh, spread over 54 countries. More recently, he was the Managing Director for Bloom Energy International, a Silicon-Valley-based alternative energy company. Mr. Girish S. Paranjpe along with his IT industry colleagues has promoted a venture fund, Exfinity Venture Partners, which invests in tech start-ups. He is also a General Partner at Exfinity.

Mr. Girish S. Paranjpe serves on the board of Advent invested company Modenik Lifestyle Private Limited. He is an independent director on two publicly listed companies CRISIL Ltd. (subsidiary of S&P Global) and Axis Bank, among top three private banks in India. He is also an Independent Director of IBS Software Ltd.

Mr. Girish S. Paranjpe is a Commerce graduate and a member of the Institute of Chartered Accountants of India and the Institute of Cost and Works Accountants of India.

Independent Director, Max Life Insurance Co. Ltd.

Mr Jai Arya has been appointed as an Independent Director of Max Life Insurance Co. Ltd. with effect from April 1, 2024.

Singapore-based Mr Jai Arya is a distinguished professional with a wealth of experience in the financial sector and academia. He serves as the Senior Adviser to the Dean of the NUS Business School, Asia’s leading business school. He is also an independent director on the boards of The Official Monetary and Financial Institutions Forum (OMFIF) - a UK based research consultancy and Max Financial Services Ltd.

Mr Arya has also held roles as a Senior Adviser for Asian banking to a global consultancy firm, and consulted on projects for the Asian Development Bank. His extensive career in banking includes 27 years with Bank of New York Mellon and 10 years with Bank of America, working in multiple countries. At BNY Mellon, he served as an Executive Vice President and global head of business with sovereign institutions, as well as being a member of the bank’s Global Operating Committee and Asia Executive Committee. His earlier responsibilities included overseeing Asia client relationships and managing Asian country offices.

Mr Arya holds an MBA from the Faculty of Management Studies, Delhi University, and a BA (Honours) in Economics from St. Stephen’s College, Delhi University.

Non-executive Director, Max Life Insurance Co. Ltd.

Ms. Theron was appointed Director of Max Life Insurance with effect from May 2009. Ms. Theron, a Fellow of the Society of Actuaries, has over 40 years’ experience in the financial service industry. She is a Principal of Erlen Street Corporation, Switzerland, a company that specialises in strategic investment and management consulting solutions.

Prior to that, Ms. Theron worked in both consulting and corporate roles for multi-national companies and governments across Europe, Asia, Australia, New Zealand and South Africa, advising on insurance and investment related solutions. She holds a B.Sc. majored in Actuarial Science from Laval University, Canada and is a Fellow of the Society of Actuary (FSA).

Non-executive Director, Max Life Insurance Co. Ltd.

Mr. Mitsuru Yasuda has been appointed as a Director of Max Life Insurance Co., Ltd. effective from July 24, 2020. He is General Manager at Mitsui Sumitomo Insurance Co. Ltd. (“MSI”) as well as MS&AD Insurance Group (”MS&AD”). He has more than 26 years of experience in life insurance business, M&A service advisory business and audit business. He holds a Japanese CPA license.

He is currently a Director of Hong Leong Assurance and Hong Leong MSIG Takaful in Malaysia.

He joined MSI in 2015 and took on a supervisory role in Sinarmas MSIG Life, MSI’s life insurance subsidiary in Indonesia until he got appointed as a Director of Max Life Insurance Co. Ltd. He has broad experiences in life insurance industry including sales channel & product portfolio, budget & profit management, asset management, risk management and others. He also takes a strategic role in helping MS&AD acquire overseas insurance businesses by analyzing transaction structures and accounting/ tax impacts as well as estimating value of the business, including the additional share purchases of Sinarmas MSIG Life and Reassure in UK.

Prior to joining MSI, Mr. Yasuda spent 12 years with Deloitte in its M&A service function in both Tokyo and New York. During the tenure, he provided accounting and tax advices as well as valuation support to his clients including both life and non-life insurance companies. He also spent 4 years with E&Y Tokyo in its audit function before joining Deloitte

Non-executive Director, Max Life Insurance Co. Ltd.

Mr. Mohit Talwar has been associated as a Non-executive Director of the Company w.e.f January 30, 2016.

Mr. Mohit Talwar brings a wealth of experience of over 40 years in Corporate Finance and Investment Banking. He spent 24 years in Wholesale Banking in Standard Chartered, ANZ Grindlays and Bank of Nova Scotia. Prior to this, he spent almost 6 years with the Oberoi Group.Mr. Talwar joined Max Financial Services Limited, the holding company of the Company (MFSL) on November 1, 2007, as Director-Business Development. He was appointed as the Deputy Managing Director of MFSL on February 14, 2012. Mr. Talwar was thereafter elevated as the Managing Director of MFSL with effect from January 15, 2016, for a period of five years. Further, Mr. Talwar was also appointed as the Managing Director of Erstwhile Max India Limited for a period of five years with effect from January 15, 2016. He was also the Vice Chairman of Max Group of companies.

During his tenure with the Max Group, he has successfully leveraged his relationships with institutional investors, hedge funds, banks and private equity firms and has led several complex corporate finance and financial structuring deals to ensure adequate investment and liquidity for the Group’s operations. Given his wealth of experience and the critical matters which are handled by him, the Board of Directors of MFSL engaged him as a Business Advisor to MFSL on completion of his term as the Managing Director of the Company with effect from January 15, 2023. Mr. Mohit Talwar is a post-graduate from St. Stephen's College and completed his management studies in Hospitality from the Oberoi School.

Non-executive Director, Max Life Insurance Co. Ltd.

Mr Munish Sharda has been appointed as a Non-executive Director of Max Life Insurance Co. Ltd. with effect from April 29, 2024.

Munish Sharda is an Executive Director at Axis Bank. He was earlier Group Executive & Head- Bharat Banking, Axis Bank since September 2021. In his role as Executive Director, he is responsible for driving business growth in Rural & Semi urban markets across all product offerings of the Bank and is also responsible for Retail Lending businesses for the bank. He is also the Chairman of A.TReDS Limited (Axis Bank’s subsidiary), and a trustee at Axis Bank Foundation.

He has worked for over 25 years in banking and financial services sectors across product categories in all the major markets of the country. He brings in rich leadership experience in scaling businesses, leveraging digital &technology to drive business outcomes, building people capabilities, and enhancing customer experience.

Munish started his financial services career with Global Consumer Bank, Citibank India, where he worked across geographies, products and businesses for over a decade.

Prior to joining Axis Bank, Munish was the Managing Director & CEO of Future Generali India Life Insurance for over 7 years where he led transformation & growth & scaled up the business with improved profitability. He has also worked in the consumer goods industry with Blow Plast Limited and with engineering major Larsen & Toubro Limited.

Munish holds a Bachelor’s degree in Mechanical Engineering from Punjab Engineering College and has completed his post graduate diploma in Management from IIM Lucknow. He also holds a Certification in ESG Investing by CFA Institute, USA.

Independent Director, Max Life Insurance Co. Ltd.

Mr Pradeep Pant was appointed as an Independent Director of Max Life Insurance with effect from February 07, 2019. He is a highly experienced senior business leader, with active involvement in business consulting and education, and holds several board positions. With over 37 years of experience in the FMCG industry, Mr Pradeep Pant is an expert in building businesses in both mature and emerging markets. He has a deep understanding of market dynamics and cultural diversity. He has a proven track record and passion for turning organisations around.

Mr Pant was Executive Vice President and President of Asia Pacific (AP) and Eastern Europe, Middle East and Africa (EEMEA) for Mondelēz International till the end of 2013. He has served as the President of Asia Pacific, since 2008, and he assumed his responsibility for the EEMEA region in 2012. Previously, Mr Pant was the Regional Managing Director for Asia, Africa, and the Middle East for Fonterra Brands. He was a member of the Fonterra leadership team as well as the company’s global brands marketing group. Prior to Fonterra, he spent 19 years with The Gillette Company working in India, Russia, Turkey, and as President Asia Pacific. Mr Pant has also worked with Nestle, J Walter Thompson, and the Tata group.

Mr. Pant is also the Founding President of Food Industry Asia (FIA) and now serves as Honorary Advisor to the Council. He was an Advisory Board Member of SMU Lee Kong Chian School of Business 2010-2018 and an Affiliated Faculty, Centre for Marketing Excellence and Dean’s Fellow till early 2024.

He sits on the Supervisory Boards of DSM-Firmenich (previously Royal DSM N.V. Netherlands), Niva Bupa Health Insurance India, Max India and Antara Senior Living India. He is also Chairman of Nurasa Pte Ltd, the Asia Sustainable Foods platform at Temasek as well as its holding company Nurasa Holdings Pte Ltd.

Mr Pant holds a Master of Management Studies degree from the Jamnalal Bajaj Institute of Management Studies, Bombay University, and a BA Honours degree in Economics from Shri Ram College of Commerce, Delhi University.

Independent Director, Max Life Insurance Co. Ltd.

Mr. Rajesh Khanna has been appointed as an Independent Director with effect from April 6, 2021.

Mr. Rajesh Khanna is the founder & CEO of Arka Capital Advisors Pvt. Ltd., and is an investor in various companies. He is a Senior Advisor of Kae Capital. Previously, he served as a Managing Director and India Head of Warburg Pincus, a global private equity firm, and was a member of its global Executive Management Group.

Mr. Rajesh Khanna is a PGDM from the Indian Institute of Management, Ahmedabad and is a Chartered Accountant.

Non-executive Director, Max Life Insurance Co. Ltd.

Mr. Rajesh Kumar Dahiya has been appointed as a Non-executive Director on the Board of Max Life with effect from April 6, 2021.

He was an Executive Director (Corporate Centre) of the Axis Bank. In his role at Axis bank, he used to supervise all functions under Corporate Centre viz. Internal Audit, Human Resources, Compliance, Company Secretary, Corporate Communications, Administration & Security, Corporate Real Estate Services, Chief Business Relations Officer (CBRO), Corporate Social Responsibility, Ethics & Sustainability, and Law. In addition, Mr Rajesh Kumar Dahiya oversaw the functioning of the Axis Bank Foundation.

Before Axis Bank, he was associated with the Tata Group for 20 years, where he handled various responsibilities in domains such as Human Resources, Manufacturing, Exports, Distribution, and Institutional Sales.

He is a qualified engineer with a Master's degree in Management from Punjab University.

Non-executive Director, Max Life Insurance Co. Ltd.

Mr Sahil Vachani has been appointed as a Director of Max Life Insurance Co., Ltd. effective from May 18, 2018.

Mr Sahil Vachani is the Vice Chairman & Managing Director of Max Estates Limited, one of the three listed companies of the USD 5 billion Indian conglomerate – The Max Group. Max Estates Limited is emerging as a most preferred brand in real estates in NCR. Sahil is the driving force behind Max Estates Ltd. and aims to revolutionize the Indian real estate landscape by bringing in Max Group’s values of Sevabhav, Excellence and Credibility to the sector. He also serves as a Director on the Boards of Max Financial Services Limited as a representative of the Owner Sponsor Group led by Mr. Analjit Singh.

Sahil joined the Max Group in 2016 with a focus on creating a powerful Real Estate brand – Max Estates Limited and steering Max Ventures and Industries Limited (“MaxVIL”) (Now merged with Max Estates Limited) and other businesses towards growth. Since assuming his role at MaxVIL, Sahil has successfully completed key transactions which will have an enduring impact on the Company’s growth journey over the next few years.

He started his career as an investment banker with Citigroup in London, where he worked on Mergers and Acquisitions across the Middle East and Africa region. In 2004, he joined Dixon Technologies, a consumer appliance manufacturing firm as Business Head and setup new verticals across multiple locations and was involved in the launch of new products, setting up of new manufacturing facilities and establishing relationships with leading brands as customers.

His next career progression was in 2008 as Co-founder and Managing Director of Dixon Appliances Pvt. Ltd., where he was responsible for the business from inception including designing of products, building the team, setting up the manufacturing facility, operations and building relationships with leading brands in India such as Panasonic, Godrej, LG, among others. The Company emerged as the single-largest third party contract manufacturer of Washing Machines for the Indian market. In July 2015, Sahil sold his shareholding in the company to pursue opportunities in Max Group.

He holds a Bachelor’s degree in Management Sciences from the University of Warwick, U.K. backed up by an Executive Management Program on Disruptive Innovation from the Harvard Business School.

Non-executive Director, Max Life Insurance Co. Ltd.

Mr. Subrat Mohanty has been appointed as a Non-executive Director of Max Life Insurance on the Board of Max Life with effect from April 6, 2021.

He is the Executive Director – Banking Operations & Transformation at Axis Bank, where he leads all functions under Retail & Wholesale Banking Operations, Information Technology, Strategy, M&A, Business Intelligence, and Internal Audit of the Bank.

Mr. Mohanty has more than 23 years of experience, spanning different industries and functions. In his previous stint, he served as the Group President at Manipal Education & Medical Group responsible for business performance and strategy across the group’s interests in Education, Healthcare and Insurance. Prior to joining Manipal group, he was the COO, HDFC Life responsible for a wide range of functions including Strategy, Operations, Technology, Digital and Health Insurance. Previously, in Infosys, he has been in a variety of leadership roles across Operations, Solutions, Strategy, and technology-led Transformation Programs. He started his career with Andersen Consulting (now Accenture).

Mr. Mohanty is an alumnus of NIT, Rourkela and IIM Calcutta. In his personal time he runs marathons, writes about movies and has an interest in popular Indian culture.