Max NY Life to bank on India business growing

Mumbai: Max New York Life has decided to raise its capital base from Rs 807 crore to around Rs 2,400 crore in three to four years. India is its fastest growing operation in the world. The company expects India to account for 10 per cent of New York Life's total new business premium of $3 billion in 2007. New York Life expects the proportion of its Indian operations to rise significantly in the next few years. The US insurer, which has $250 billion of total assets, operates in eight countries outside the home turf.

Max New York Life registered a growth of 90 per cent in its new business premium for the first six months of the fiscal at Rs 593 crore. Currently, around 60 per cent of Max New York Life's business comes from ULIPs while the rest is from traditional policies. This is in contrast to many of its peers, which have over 90 per cent of their premium coming from ULIPs.