MAX New York Life to increase paid up capital
By Our Banking Bureau | 22 Apr 2004
New
Delhi: MAX New York Life (MNYL) has said that with
increased business growth it will increase its paid up
capital by another Rs 110 crore during the current fiscal.
The present capital base of the company is Rs 346 crore.
This decision is against the background of MNYL recording
a premium income of Rs 214 crore for fiscal 2003-04, as
against the previous year's figure of Rs 97 crore.
MNYL's
sum assured has also doubled to Rs 11,000 crore in 2003-04
from Rs 5,400 crore in 2002-03. The company has sold 2,85,000
policies during the year. According to MNYL. its group
insurance business is one of the fastest growing segments
with 1,55,000 lives covered under it.
MNYLs product basket comprises 13 base products and nine
riders,
which can be customised to over 400 combinations. MNYL
has a presence in 27 cities in the country with 35 offices.
