Max New York Life Insurance has emerged as a key player in the Life Insurance Industry since the government allowed entry of private players in 2000. The Company’s business model has evolved by earning trust of key stakeholders like Policyholders, Shareholders & Regulator (Insurance Regulatory and Development Authority). During the year, Max New York Life took major steps towards strengthening its multi-channel distribution architecture by entering into corporate agency tie-up with Axis Bank.
Key aspects regarding Max New York Life Insurance’s performance are detailed below. (All figures as of March 31st 2011)
- Max New York Life Insurance covered 127.63 lacs lives (in-force) providing a total insurance cover of over Rs. 1, 54,000 crores to its customers.
- Market Share has increased up to 7.5% on Adjusted Individual First Year PremiumA regular payment made to the insurance company to keep the policy in force..
- Total Capital stood at Rs. 1,976 crores.
- Assets under management at Rs. 13,836 crores.
- Solvency Margins stood at 365% as against the 322% for the previous year.
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