Leading private insurance company Max New York Life Insurance Co said on Friday it will infuse Rs 400 crore (Rs 4 billion) to its paid up capital in the next two years and expected to break even by 2008.
"Our current paid up capital is Rs 557 crore (Rs 5.57 billion) and we are increasing it by another Rs 400 crore by 2008 to meet business demands," Max New York Life Insurance Co Managing Director and CEO Gary Bennett told reporters in New Delhi.
He said the company expected to touch a total premium income of Rs 1000 crore (Rs 10 billion) this year compared to Rs 634 crore (Rs 6.34 billion) last year and also break even by 2008.
"We expect the new premium income to be around Rs 650 crore (Rs 6.5 billion) this year as against Rs 427 crore (Rs 4.27 billion) last year," he added.
The company has so far sold 9.3 lakh policies out of which 2.3 lakh were rural policies and has a total sum assured over Rs 27,000 crore (Rs 270 billion).
"Last year alone we sold 4 lakh policies and claims worth Rs 11 crore (110 million) were settled," he added.
On Friday, the company tied up with Triveni Sri, a wholly owned subsidiary of Triveni Engineering and Industries, for selling insurance products through Triveni's rural retail stores -- Triveni Khusali Bazaar.
"Already 25 per cent of our total policies come from rural areas and the tie up should strengthen our position," Bennett added.
Triveni Sri CMD Dhruv Sawhney said its partnership with Max New York Life is a step towards providing a complete basket of financial products to rural customers.
"Already with our exclusive tie up with SBI, we provide unsecured loans to farmers. Now we are looking to provide life insurance prodiucts," Sawhney said.
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