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Max Financial Services disclosed that Mr. Mitsuru Yasuda, a Non-executive Director, resigned from the board of Axis Max Life Insurance Limited (its material subsidiary) effective May 6, 2026. He was replaced by Mr. Toru Nakabayashi, appointed as an Additional Director in a Non-executive capacity effective May 7, 2026, to hold office until the next AGM. Mr. Nakabayashi is a senior insurance executive with over 20 years of experience across Japan, Indonesia, and Malaysia, currently serving as Head of Japan Desk & Strategic Business Development at Hong Leong Assurance Berhad, Malaysia. He is nominated by Max Financial Services as its representative on the Axis Max Life board, as identified by Mitsui Sumitomo Insurance Company Ltd., and is confirmed not debarred from holding a director position.
This is a routine board composition change at the subsidiary level. The replacement of a Japanese nominee director reflects the ongoing governance arrangement between Max Financial Services and its joint venture partner Mitsui Sumitomo. No immediate impact on Max Financial Services' stock is expected.