Max New York Life crosses over Rs. 3,000 Crore in collected premium
November 25th, 2008 - 9:04 pm ICT by ANINew Delhi, Nov 25 (ANI/Business Wire India): Max New York Life Insurance, one of the leading life insurance companies of India, today announced that it has crossed Rs. 3,000 crore in collected premium since January 2008 recording a growth of 61 per cent over the corresponding period last year.
Of this, first year premiums contributed Rs. 1,653 crore, while earnings from renewal premium stood at Rs 1,375 crore.
The company has also acquired more than 1 million policies since January 2008, and is ranked number four amongst private life insurers in terms of number of policies sold (YTD September).
The Assets under Management have also increased to over Rs.4, 185 crore on October 31, 2008 as compared to Rs. 2,851crore on October 31, 2007.
Commenting on the continued high growth of the company, Rajesh Sud, CEO and Managing Director, Max New York Life Insurance, said, We have built a robust and value driven business model supported by the best in class agent advisors and distribution partners. We stay focused not only in the quantum of business that we do, but also on the process of how we do it. We have added one million policyholders till date during the year through our multi-channel distribution network. India is largely underinsured and it is up to us to harness the untapped potential.
During the period January - October 2008, Max New York Life Insurance has added more than 8500 employees and now has over 15,000 employees. The company agent advisors strength is now touching 61,500 agents.
During the calendar year 2008, Max New York Life Insurance has further strengthened its distribution network. The company has launched more than 250 new offices and now has presence in 295 cities across the country through 475 offices. The rural business of Max New York Life Insurance started its hub and spoke operations in Haryana after witnessing stupendous success in Punjab.
The company also strengthened its distribution channel by signing strategic alliance with IndianOil by using their Kisan Sewa Kendra’’s to reach out to the rural hinterland. During the year the company also Introduced ”MAX VIJAY”, a revolutionary business model that not only fulfils the customers” primary need of protection, but also facilitates long-term savings.
Max Vijay has been designed specifically for the underserved segment of the society to meet the unique challenges of unpredictability in life and their income flow. (ANI)
- Non-life insurers post 19 percent growth in April - May 31, 2011
- United India Insurance targets Rs.8,000 crore premium - Nov 10, 2011
- Non-life insurers log 27 percent business growth in May - Jun 25, 2011
- Rakesh Jain to head Reliance General Insurance - Oct 21, 2011
- IRDA asks life insurers to defy SEBI ban (Lead) - Apr 11, 2010
- HDFC Standard Life to consolidate gains of direct sales force - Mar 08, 2012
- ING Vysya Life to raise equity base by Rs.227 crore - Aug 24, 2010
- Life insurers asked to defy SEBI ban - Apr 11, 2010
- Life insurance had a great fall in September - Oct 21, 2010
- Profitability big challenge for Indian insurers: Report - Apr 11, 2011
- Max New York Life launches two new ULIPs - Sep 09, 2010
- Insurers relieved as Tamil Nadu scraps health scheme - Jun 10, 2011
- Shriram Life to tap clients of group companies - Jan 12, 2011
- Analjit Singh to be non-executive chairman of Vodafone India - Feb 10, 2012
- Star Health says it is in good health despite business loss - Jan 05, 2012
Tags: assets under management, business model, crore, distribution network, distribution partners, driven business, haryana, india today, life insurance companies, life insurers, managing director, multi channel distribution, new york life insurance, october 31, one million, policyholders, premiums, private life, rs 2, today announced that
