BWI: Max New York Life Crosses over Rs. 3,000 Crore in Collected Premium and Adds 1 Million Policyholders in 2008

Press release from Business Wire India
Source: Max New York Life India
Tuesday, November 25, 2008 04:52 PM IST (11:22 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Financial Analyst
Release no: 18609
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Max New York Life Crosses over Rs. 3,000 Crore in Collected Premium and Adds 1 Million Policyholders in 2008
Results in Line with Aggressive Growth Plans

New Delhi, Delhi, India, Tuesday, November 25, 2008 -- (Business Wire India) -- Max New York Life Insurance, one of the leading life insurance companies of India, today announced that it has crossed Rs. 3,000 crore in collected premium since January 2008 recording a growth of 61% over the corresponding period last year. Of this, first year premiums contributed Rs. 1,653 crore, while earnings from renewal premium stood at Rs 1,375 crore.

The company has also acquired more than 1 million policies since January 2008, and is ranked number 4 amongst private life insurers in terms of number of policies sold (YTD September). The Assets under Management have also increased to over Rs.4, 185 crore on October 31, 2008 as compared to Rs. 2,851crore on October 31, 2007.

Commenting on the continued high growth of the company, Mr. Rajesh Sud, CEO and Managing Director, Max New York Life Insurance, said, "We have built a robust and value driven business model supported by the best in class agent advisors and distribution partners. We stay focused not only in the quantum of business that we do, but also on the process of how we do it. We have added 1 million policyholders till date during the year through our multi-channel distribution network. India is largely underinsured and it is up to us to harness the untapped potential."

During the period January - October 2008, Max New York Life Insurance has added more than 8500 employees and now has over 15,000 employees. The company agent advisors strength is now touching 61,500 agents.

During the calendar year 2008, Max New York Life Insurance has further strengthened its distribution network. The company has launched more than 250 new offices and now has presence in 295 cities across the country through 475 offices. The rural business of Max New York Life Insurance started its hub and spoke operations in Haryana after witnessing stupendous success in Punjab. The company also strengthened its distribution channel by signing strategic alliance with IndianOil by using their Kisan Sewa Kendra's to reach out to the rural hinterland. During the year the company also Introduced 'MAX VIJAY', a revolutionary business model that not only fulfils the customers' primary need of protection, but also facilitates long-term savings. Max Vijay has been designed specifically for the underserved segment of the society to meet the unique challenges of unpredictability in life and their income flow.

About Max New York Life Insurance ( www.maxnewyorklife.com)

Max New York Life is a joint venture between Max India Ltd., one of India's leading multi-business corporations and New York Life, a Fortune 100 company. Max New York Life Insurance, incorporated in 2000, is one of India's leading private life insurance companies. The company offers both individual and group life insurance solutions. It has established a wide distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, Max New York life Insurance is creating a partnership for life with its customers in India.




CONTACT DETAILS
Arpan Basu, Max New York Life India, +91 9818083556, arpan.basu@maxnewyorklife.com
Priya Badshah, Max New York Life India, +91 9820248172, priya.badshah@maxnewyorklife.com
Aparna Sankaran, IPAN, +91 9899957559, aparna.sankaran@ipan.com
Romita Kumar, IPAN, +91 9871179935, romita.kumar@ipan.com

KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, Financial Analyst

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