Max Financial Services is the holding company of Max Life, a non-bank, private life insurance firm.
Over the past couple of days, New York Life had also acquired shares of MFS from the open market.
The development comes six years after New York Life exited from Max New York Life, a joint venture it had formed in 2001 with Analjit Singh-led Max Group.
In 2012, the US insurance major sold its 26 per cent stake in the JV to Japan's Mitsui Sumitomo Insurance and Max India. The move followed New York Life's then decision to pare back its international footprint, including China and Thailand.
According to a source, "The latest development is a sign of revival of New York Life's interest in the life insurance business of its erstwhile partner."
In January last year, New York Life Insurance had picked up 22.51 per cent stake for Rs 1.21 billion in Max Ventures and Industries, the holding company of Max Speciality Films which is into speciality packaging films business.
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