| Its total premium income, including new premium income and renewal premium income, in 2005-06 was Rs 851 crore, up 96 per cent from a year earlier. |
| The life insurer's first-year premium was up by 102 per cent in the last year to Rs 471 crore from Rs 233 crore a year earlier. It sold one million policies with sum assured of Rs 28,000 crore compared with Rs 16,500 crore in 2004-05. |
| The company plans to increase the number of its offices to 250 from 102 currently and increase its agent force to 35,000 by the year 2008 from 16,000 currently. |
| Max New York Life has a paid-up capital of Rs 587 crore. The company ranks third in new individual life policies sold. |
| Its agent advisor productivity increased to three policies per month. |
| It is the only life insurance company certified by Irda as an in-house training institute for agents. It currently has 160 in-house trainers. More than 25 per cent of its new business has come from alternative channels. |
| The company signed nine new bancassurance relationships this year. The corporate agency channel grew by 145 per cent. |
| Max New York has ramped up its rural business significantly by setting up 14 new offices. Now it has 31 offices catering to rural areas. |
| Gary Bennett, managing director and CEO of Max New York Life, said, "Our performance has exceeded our business plans year on year. It is evident from our consistent performance that we are setting standards in the marketplace and are well positioned to be a long-term player in the life insurance space. Our future plans are equally aggressive and we will continue to build on our distribution strengths to improve profitability and deliver long term shareholder value. We will aim to achieve triple digit growth in the year ahead." |
Top Section
Explore Business Standard