Max New York Life reports profit
By Our Banking Bureau | 09 Feb 2005
New
Delhi: Max New York Life (MNYL) has turned profitable on the US GAAP accounting
basis. The company in its fourth year of operation recorded Rs21 crore profit
in GAAP terms.
During 2004, MNYL's total premium income touched Rs348 crore, which was more than double that in 2003. While the company's first year premium income climbed to Rs206 crore, the renewal premium income touched Rs 142 crore. Renewal income registered a 132-per cent growth over the preceding calendar year.
The company's total income has touched Rs370 crore. The sum assured has crossed Rs15,000 crore with excess of 4,00,000 policies being sold till date. In 2004, the company sold more than 2,14,000 policies, an 89-per cent increase over the preceding year.
