MAX NY LIFE TO EXPAND DISTRIBUTION NETWORK

Ahmedabad: Max New York Life Insurance plans to expand its distribution network by opening more than 250 new offices every year for the next three to four years and increasing the number of agent advisors from the current 46,800 to 3 lakh. The growth in agency distribution will be complemented by strong growth in partnership distribution.

The capital base of the company is expected to expand to Rs 3,600 crore from the current equity base of Rs 1,232 crore. The company has clocked Rs 2,100 crore in collected premium for the January-July 2008 period, recording a growth of 81 per cent over the similar period last year.

Of this, the first year premiums contributed to Rs 1,195 crore, while earnings from renewal premium stood at Rs 905 crore. The company has acquired around 27 lakh policies since inception and is the third largest private life insurer in terms of number of policies sold till June.

The Assets Under Management (AUM) have also increased to over Rs 4,138 crore as on July 31, 2008 as compared with Rs 2,271 crore on July 31, 2007, Mr Rajesh Sud, Deputy Managing Director, said.

Focusing on customer needs, the company entered new product segments such as health insurance and retirement and better customer service delivery and claims settlement record. Between January and July, Max New York Life Insurance added more than 5,000 employees and now has over 11,000 employees. The company’s agent-advisor strength would soon be touching 50,000, he said. During 2008, the company launched more than 100 new offices and now has presence in 212 cities across the country through 311 offices.

It has a portfolio of 38 products and 8 riders for individuals and entered the health insurance segment with the launch of LifeLine Health Insurance Plans in February. Source: The Hindu Business Line