Birla Sun Life, Max Life initiate merger talks

Max Life Insurance is reportedly in discussion with Aditya Birla Group on the prospect of merging with Birla Sun Life. If the deal goes through the combined entity will become one of the top 3 private life insurers in the country. Max Group Founder Analjit Singh is also said to be parallely holding preliminary discussions with private equity firm Apax Partners and UK-based Northern Trust to sell his 30 percent stake in Max Financial Services. Max Life is the fourth largest private life insurer in the country with a market share of 7.9 percent and Birla Sun Life has a market share of 7.1 percent.