Max New York Life to infuse Rs 50 cr
By Venkatachari Jagannathan | 25 Mar 2002
Chennai: The two joint venture partners of Max New York Life Insurance Max India and New York Life International will be infusing Rs 50-crore additional capital to meet solvency norms and the companys expansion costs.
"The company will get the money very soon," says Max New York Life managing director Tony Singh. "We expect another infusion of a similar amount early next fiscal."
Among the new private life insurers, Max New York Life is the largest in terms of number of policies sold and the total sum assured. "The companys total sum assured is over Rs 1,500 crore and the exact figures will be out after closing our accounts," says Singh.
Apart from the solvency norms, money is required towards product promotion, training of agents and the likely increase in salaries due to the branch network expansion.