MNYLI capital base croses Rs 587 cr

Mumbai, July 7: Max New York Life Insurance (MNYLI) has declared that the company's capital base has crossed Rs 587 crore in this financial year ended on March 31.

The company's Managing Director and CEO Gary Bennett said to reporters here today that, ''The number of individual life policies sold, soared to one million during the company's fifth consecutive full year of operations with sum assured of over 28,000 crore. It recorded a 102 per cent growth in its first year premium in the financial year. The company's capital base crossed Rs 587 crore, making it amongst the highest capitalised life insurance companies in India.''

''The company has 96 per cent jump in total income to Rs 851 crore. Our future business plans are equally aggressive and we will continue to build on our distribution strengths to improve profitability and deliver long term shareholders value,'' he added.

''We will focus to expand our distribution channels, construct innovative new products and enhance service delivery. MNYL has ramped up its rural business significantly by setting up 14 new offices. Now there are 31 offices catering to rural areas,'' Mr Bennett added.

UNI