Max New York Life capital base up Rs 30 cr to Rs 617 cr

New Delhi, Sep 25 (UNI) Max New York Life (MNYL), leading life insurance company today announced it has increased its capital base by Rs 30 crore to Rs 617 crore, to support the company's expansion plan and conform to the solvency margin requirements.

''Both the JV partners are committed to the growth of Max New York Life Insurance. We will continue to build on our strong foundations in distribution and deliver long-term shareholder value. The company has embarked on a major geographical expansion drive and the capital infusion will further encourage and support growth,'' MNYL MD&CEO Gary Bennett said.

The company, has sold over one million individual life insurance policies so far and has a cumulative sum assured of Rs 32,000 crore.

Max New York Life, a joint venture between Max India Ltd and New York life, offers both individual and group life insurance solutions.

It has established a wide distribution network with 104 offices and representatives across 76 cities in India.

New York Life offers insurance products through its subsidiaries in Mexico, Argentina, China, Hong Kong, India, the Philippines, South Korea, Taiwan, and Thailand. It also has a representative office in Vietnam.

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