Max New York Life Insurance announced that it has clocked Rs. 2,100 crore in collected premium for the period Jan - July 2008 recording a growth of 81% over the similar period last year.  Of this, first year premiums contributed Rs. 1195crore, while earnings from renewal premium stood at Rs.905 crore.  The company has acquired around 27 lakh policies since inception and is ranked number 3 amongst private life insurers in terms of number of policies sold (YTD June). The Assets Under Management have also increased to over Rs.4138 crore on July 31, 2008 as compared to Rs.2271 crore on July 31, 2007.

During the period January - July 2008, Max New York Life Insurance has added more than 5000 employees and now has over 11,000 employees. The company agent advisor strength is now touching almost 50,000 agents. During the calendar year 2008, Max New York Life Insurance has further strengthened its distribution network. The company has launched more than 100 new offices and now has presence in 212 cities across the country through 311 offices. The rural business of Max New York Life Insurance started its hub and spoke operations in Haryana after witnessing stupendous success in Punjab. The company also strengthened its partnership distribution channel by signing 4 corporate agency relationships, 5 broking house tie-ups and bancassurance through 8 referral tie-ups with banks. Max New York Life Insurance has a portfolio of 38 products and 8 riders for individuals and entered the health insurance segment with the launch of LifeLine Health Insurance Plans in February 2008. The company plans to significantly expand its distribution footprint by opening more than 250 new offices every year for next 3-4 years. The number of agent advisors is expected to touch 3,00,000 from current 46,800. The growth in agency distribution will be complemented by strong growth in partnership distribution. The capital base of the company is expected to expand to Rs.3600 crore from current equity base of Rs.1,232 crore.

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