Max Financial, the country's largest non-bank private life insurance company, is the parent entity of Max Life Insurance in which Axis Bank is a co-promoter with a 12.99% stake. Mitsubishi Sumitomo Insurance owns 21.86% of Max Financial Services. The Japanese group in 2012 bought out New York Life by buying its entire 26% stake in the then Max New York Life joint venture for ₹2,731 crore in cash, a deal that was then dubbed as the second largest in the insurance sector.