New York Life the 26% partner in Max New York Life Insurance Company in India may exit the
business soon. The other 74% is held by Indian partners
.
New York Life is planning to exit this business in keeping with their overall strategy of exiting all markets and concentrating on their North American market only. It has already exited other markets like China and other Asian countries.
Max New York Life Insurance is a joint venture between Max India, headed by Analjit Singh and New York Life and started operations in the year 2001. The company has a large range of both traditional and investment products catering to the entire
life insurance product spectrum. It has a tie-up with Axis Bank as a Bancassurance partner.
It remains to be seen who will buy-out the 26% help by New York Life – another interested foreign entity or some Indian group.
