Max New York Life eyes Rs 1000cr premium

Max New York Life Insurance Company is aiming for a Rs 1,000-crore premium collection during this calendar year, as against Rs 634 crore collected in 2005.

Speaking to mediapersons on the sidelines of opening a branch here on Monday, Max New York Life managing director and chief executive officer Gary R Bennett said, "We have achieved 100 per cent growth in insurance business in the last two-three years. We expect 75-100 per cent growth in business in 2006 too."

Max New York Life is planning to embark on a massive expansion drive this year and expects its business to grow accordingly.

The company currently has 66 branches across the country. It plans to open about 36 new branches in the country during the current year besides adding another 5,000 insurance advisors to the existing 15,000 advisors, he said.

This apart, it is in talks with more banks to sell its products as about 25 per cent of the total business is generated through alternative channels like banks.

"Currently, we have an understanding with 15 banks, including Yes Bank, to sell our products. We will tie up with a few more banks in the near future," he said.

So far, the company has sold 9.3 lakh policies and recorded a sum assured of over Rs 27,000 crore. By the first week of June, the company would touch the 10-lakh mark in terms of policies sold, he added.