Max New York Life to infuse Rs 1,618 cr in next 3 years
Private sector life insurer Max New York Life Insurance today said it will infuse Rs 1,618 crore in the next three years for company's expansion.
By PTI |
NEW DELHI: Private sector life insurer Max New York Life Insurance today said it will infuse Rs 1,618 crore in the next three years for company's expansion.
It is looking at a total capital infusion of Rs 2,650 crore by 2011, more than doubling its existing total paid-up capital of Rs 1,032 (as on March 31, 2008), the company said in a release.
It aims to grow its offices and employee strength three-fold by setting up 650 offices and increasing staff strength to 24,000 in the next three years, it added.
The insurer also plans to expand its network of agent-advisor's by almost five-fold, enlisting about 200,000 agents by 2011.
The aggressive growth strategy aims six-fold growth by 2011, it said, adding, it is looking at increasing the First Year Premium (FYP) at least four-fold in the next 3-4 years.
Besides, the company also promoted Rajesh Sud to Deputy Managing Director and Rajit Mehta to Deputy Chief Operating Officer.
Announcing the organisational changes Max India and Max New York Life Insurance Chairman Analjit Singh said: "In order to achieve these targets, we will need to concentrate and converge strengths. Towards this end, the company has strengthened senior positions to focus responsibilities aggressively as well as integrate related areas of activity."
In addition, the company has promoted several other senior executives, creating focused vertical responsibilities to boost targeted growth strategies.
It is looking at a total capital infusion of Rs 2,650 crore by 2011, more than doubling its existing total paid-up capital of Rs 1,032 (as on March 31, 2008), the company said in a release.
It aims to grow its offices and employee strength three-fold by setting up 650 offices and increasing staff strength to 24,000 in the next three years, it added.
The insurer also plans to expand its network of agent-advisor's by almost five-fold, enlisting about 200,000 agents by 2011.
The aggressive growth strategy aims six-fold growth by 2011, it said, adding, it is looking at increasing the First Year Premium (FYP) at least four-fold in the next 3-4 years.
Besides, the company also promoted Rajesh Sud to Deputy Managing Director and Rajit Mehta to Deputy Chief Operating Officer.
Announcing the organisational changes Max India and Max New York Life Insurance Chairman Analjit Singh said: "In order to achieve these targets, we will need to concentrate and converge strengths. Towards this end, the company has strengthened senior positions to focus responsibilities aggressively as well as integrate related areas of activity."
In addition, the company has promoted several other senior executives, creating focused vertical responsibilities to boost targeted growth strategies.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
