Max New York Life is looking at the possibility of roping in banks as strategic partners in the company by issuing fresh equity or alternatively create a special purpose vehicle for strengthening its bancassurance distribution net. 
 
"We are in discussions with many banks for equity-relations," Max New York Life chief executive officer Anuroop Tony Singh said at a press conference. 
 
He said that either banks could invest in the insurance company, a joint venture between Analjit Singh promoted Max and New York Life -- or it could invest in the bank. Singh added that MNYL promoters were more comfortable with offering minority stakes to banks. 
 
"We are open to all (options) as long as they are win-win situations," he said, adding that a decision was expected during the current financial year. 
 
Though the initial legwork has started in this regard, there are many areas, which are to be addressed and looked into, Singh said. MNYL already has bancassurance tie-ups with two cooperative banks -- Thane Janata Bank and Pune Sarkari Bank. 
 
While the agency network accounted for 77 per cent of the company's business during 2003-04, alternate channels like bancassurance and strategic alliance generated the remaining 23 per cent business during the last financial year, compared to less than 5 per cent in 2002-03. 
 
The life insurance company's doubled its business in 2003-04 and is planning to infuse another Rs 110 crore (Rs 1,100 million) capital to its equity base of Rs 346 crore (Rs 3,460 million). 
 
Announcing the results for 2003-04, Singh said the company clocked 122 per cent growth in premium income to Rs 214 crore (Rs 2,140 million) in 2003-04 as against Rs 97 crore (Rs 970 million) in the previous year. 
 
The first year premium income was estimated at Rs 137 crore (Rs 1,370 million) during the last financial year compared to Rs 67 crore (Rs 670 million) in 2002-03. 
 
The total sum assured rose to Rs 11,000 crore (Rs 110 billion) as against Rs 5,400 crore (Rs 54 billion) in 2002-03 and the company sold 2,85,000 policies last year. 
 
Of the total business, 51 per cent came from selling the whole life policies, 45 per cent through endowment policies and the remaining from term and deferred annuity products.