Mitsui Sumitomo Insurance Co. Ltd. will swap 19.98% out of the 25.22% Max Life Insurance Co. Ltd. shares it currently holds for a 21.43% stake in Max Financial Services Ltd.

The Japanese insurer will sell the remaining 5.24% Max Life shares to Max Financial.

The deal is subject to receipt of requisite approvals, including regulatory approvals in India. Through this transaction, Mitsui Sumitomo will consider Max Financial as an equity method affiliated company and nominate directors to its board.

Mitsui Sumitomo is a member of MS&AD Insurance Group Holdings Inc.