Max New York Life Insurance Company finds a new foreign promoter when New York Life exited the life insurance company by selling its 26% stake to Mitsui Sumitomo for around Rs. 2,730 crores.

A simple calculation – if 26% is equal to Rs. 2,730 crores, then the life insurance company is valued at Rs. 10,507 crores. This is a healthy valuation for the 10 year old life insurance  venture. This is by far the second highest valuation received so far by a life insurance company in India, barring...  Read More »

Private insurance company Max New York Life announced its unaudited results for the first half of FY 2011-12. During this period, the company has seen an impressive rise of Rs 375 crore in its net profits and an 8% growth in its gross revenue of Rs 2,873 crore.

Max New York Life has also done well on other factors like sum assured which increased by 3% and the AUM crossing Rs 14,500 crore mark. Also with a rise in the solvency margin to 456% as compared to only 282% during the corresponding...  Read More »

New business premium of life insurance companies have collectively declined by 2.5% for the month of July 2011 as compared to that in July 2010.
 

Out of the 23 life insurance companies in India, only 7 of them have shown a positive growth. These companies are Life Insurance Corporation of India (LIC), SBI Life Insurance, Max New York Insurance, Aviva Life Insurance, Kotak Life Insurance, Met Life Insurance and ING Vysya Life.

Aviva Life Insurance has taken the highest jump of 94% by...  Read More »

Most people get busy in their lives and do not give much thought to investing in an insurance plan at an early age. Keeping this in mind, Max New York Life Insurance has launched ‘Fast Track Plan’ which is a unit-linked insurance policy (ULIP).

Fast Track Plan is designed to maximize savings along with the benefits of life insurance coverage. It also offers the flexibility to make partial withdrawals to meet any unplanned expenses.

This plan allows a minimum premium investment of Rs. 1...  Read More »

Life insurance companies in India focused on controlling costs and renewal business which enabled them to make higher profits in 2010-2011 as compared to the previous year.

Last year, when insurance companies were worried about the new guidelines on Unit Linked Insurance Plans (ULIPs) and how it would affect their business, Insurance Regulatory and Development Authority (IRDA) suggested them to cut down on costs in order to stay profitable. This suggestion hinted towards redesigning of...  Read More »

Max New York Life Insurance has reported a twelve-fold increase in its net profits to Rs 283 crores for the fiscal 2010-11, up from previous year’s Rs 24 crores.

The company MD and CEO, Rajesh Sud told reporters that, "In spite of significant challenges in the market, we responded extremely well and demonstrated superior all-round performance. While Max New York Life recorded 20% growth in gross revenue, the profit has increased 12 times."

He also added that their assets under management...  Read More »

Private insurer Max New York Life Insurance announced that it has taken all the regulatory approvals from IRDA allowing them to dilute 4% stake to Axis Bank.

Rajesh Sud, MD and CEO of Max New York, said, “We are in the final stage of diluting 4% stake. We have already received approval from Insurance Regulatory and Development Authority (IRDA) to dilute 4% stake to Axis Bank.”

Max New York Life Insurance started its operations in the April 2001, and is a joint venture between Max India...  Read More »

Cricket in India is the biggest event for any sponsor that aims to get maximum coverage and instill instant brand recall in the minds of consumers.  Max New York Life Insurance is now the official team partner and principal sponsor for Pune Warriors Team for IPL season 4.

 
Yuvraj Singh is the captain of the Pune Warriors India and there is no denying the huge publicity he has gained in the recent World Cup Match. Most companies will be happy to put in a chunk of their advertising spends into...  Read More »

Max New York Life Insurance has added a new unit linked insurance plan (ULIP) to its existing product basket. The ULIP is aptly called ‘Flexi Fortune’ as it allows policyholders the flexibility to customize the plan according to their individualistic needs.

Rajesh Sud, CEO and Managing Director of Max New York Life Insurance, in a statement said “We are excited to offer life insurance products that respond realistically to consumers needs. Max New York Life has designed FLEXI Fortune keeping...  Read More »