The Hindu : Business / Briefly : Max New York's second branch in AP

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Thursday, May 27, 2004

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Business - Briefly

Max New York's second branch in AP

HYDERABAD: Max New York Life, the joint venture of Max India and New York Life, has an `open mind' to share an `equity relationship' with a large bank in order to promote bancassurance, according to Anuroop Tony Singh, Chief Executive Officer and Managing Director.

Declining to give further details Mr. Singh said at a press conference here on Wednesday that a bancassurance relationship usually takes 12 to 18 months to `mature', implying something could be expected in that timeframe. He said the two partners of MNYL would be infusing Rs. 110 crores additional equity this year.

Mr. Singh said a `rural business model' was being tried out in Punjab, where MNYL was also exploring tie-ups at State and local level for promoting its insurance products. Once successful the model would be replicated in other states. Fifteen per cent of business has to come from rural areas for us to be competitive, he said. Mr. Singh was here to announce the expansion of operations and the opening of their second branch in Andhra Pradesh in Hyderabad. This takes the total branches and representative offices to 37 across 27 cities in India. The company expects to grow at 50 per cent CAGR over the next five years. It has so far distributed 2.85 lakh policies worth over Rs. 11,000 crores, he said.

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