Max New York to raise its paid up capital
Life insurance provider Max New York Life Insurance Company plans to raise its paid up capital from Rs 620 crore to Rs 1,500 crore by 2008.
By TNN |
NEW DELHI: Life insurance provider Max New York Life Insurance Company plans to raise its paid up capital from Rs 620 crore to Rs 1,500 crore by 2008.
With the existing FDI caps in the insurance sector which allow the foreign partner of an insurance JV to own 26% of the equity, Max will bring in 74% of the additional capital.
Max New York Life Insurance, a joint venture between Max and New York Life, is also mulling entering the general insurance market.
"We are looking at raising the paid up capital to Rs 1,000 crore in the next year and another Rs 500 crore by 2007-08. Max will put in the additional capital over the next two-three years," said Analjit Singh, Chairman, Max New York Life Insurance Company.
The company is already in talks with a few players for entering the general insurance space. "The general insurance sector provides interesting options and we are in talks with a couple of players. It is premature to talk about the specific players that we are in talks with," said Gary Bennett, CEO and Managing Director, Max New York Life Insurance.
The company, which is hoping to break-even in the financial year 2008-09, is also on an expansion drive and is looking to double its sales offices from 115 to 250 by the end of 2008. The insurance company has sold over 1.2 million policies and recorded a sum of assured of $7.5 billion.
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