Max Life cash levels hit two-year high as mood in stock market sours

Max Life Insurance Co. raised its cash levels to the highest since November 2016 as the nation’s stocks head for their worst month since October.

India’s fourth-largest insurer is holding about 10% of its assets in cash, a five-fold jump over levels it usually maintains, as it doesn’t expect a turnaround in sentiment anytime soon, according to Chief Investment Officer Mihir Vora.

“We are not taking big calls on equities,” Vora, who helps oversee about 640 billion rupees ($9.3 billion), said in an interview. “We are keeping a bit more cash than usual.”

Indian equity indexes have slid 6.4% from