MNYL TO GET RS 3,600 CR INFUSION

Mumbai: Max New York Life Insurance (MNYL) has clocked a first year premium of Rs 1195 crore. The assets under management (AUM) have increased to over Rs 4138 crore on July 31, 2008, compared with Rs 2271 crore in the year-ago period.

The insurer plans to significantly expand its distribution footprint by opening more than 250 new offices every year for the next three to four years. During the period, the number of agent advisors is expected to touch 3,00,000 from current 46,800, while the company’s capital base will increase to Rs 3,600 crore from current equity base of Rs 1,232 crore.

This year alone, MNYL has launched more than 100 new offices. It has a presence in 212 cities through 311 offices. The rural business of MNYL started its hub-and-spoke operations in Haryana and Punjab.

The company has entered into a distribution tie-up with four corporate agents, five broking houses and bancassurance through eight referral tie-ups with banks.
During January-July 2008, MNYL has added more than 5,000 employees and now has over 11,000 employees.

“We have acquired around 27 lakh policies since inception and have moved to number three position among private life insurers in terms of number of policies sold (YTD June),” said Rajesh Sud, deputy managing director, MNYL.

Source: Business Standard