Max New York Life

Max New York Life (MNYL) is a joint venture between Max India Ltd. and New York Life. The company was incorporated in the year 2000 and has become one of India’s leading private life insurance companies which offers both individual and group life insurance solutions.

The company is having a solid parental base. The company deals in Insurance policies and provides with a wide range of products. The investment portfolio of the company is strong enough to repay any liabilities. It has high solvency ratio which is another added advantage for the company. The company holds a majority share in the Insurance sector in the country.

Read more about Life Insurance Industry in India.

The company began its operation in April, 2001 and is headquartered in New Delhi. The current Chairman of the company is Mr. Analjit Singh. The company is:

1. Having a paid up capital of  Rs. 2,126 Crore
2. Sum Assured of  Rs.1,52,348 Crore
3. Has sold over 59 Lakh Policies
4. Having Rs. 16,267 worth of asset under management
5. Having a huge employee base of 7371
6. Having huge agent advisors of 33512
7. Having 24# of Individual products
8. Having 4# of group products
9. Having 466 offices spread across 389 different cities
10. 200# of Million Dollar Round Table (MDRT for year of 2010), which is an exclusive congregation of the world’s top selling insurance agents and is internationally recognized as the standard of excellence in the life insurance business
11. First company to provide Freelook period of 15 days to the customer which was later made mandatory by the regulator (IrDA)
12. First company to start toll free line for agent service
13. First and the only life insurance company in India to implement Lean methodology of service excellence in service industry
14. First life insurance Company in India to provide various services to the agents and customers over phone
15. First Indian life insurance Company to start service center at the regional level
16. First life insurance Company in India to be awarded ISO 9001:2000 certification.

 Read more about Government Insurance Companies in India.

Company Performance

• Total Revenue increased by 20% to Rs.5,813 Crores in 2010-11 over previous year
• First Year Premium recorded a growth of 11 % over previous year to Rs. 2,061 Crores in 2010-11
• Renewal premium income grew by 25% over previous year to Rs. 3,751 Crores in 2010-11
• Net Profit has increased to Rs. 283 Crores, 12 times higher than previous year
• Assets under management rose to Rs.13,836 Crores, a growth of 37% over last year
• The cost to premium ratio improved 400 basis points to 38%
• Has amongst the highest conservation ratio at 82%
• Solvency capital ratio at 365% was significantly higher than the mandated 150%.
• Cumulative sum assured is over Rs.1,54,000 Crores, up by 25% over previous year
• Number of policies sold by Max New York Life Insurance since inception crossed 5.2 million.

Parent Companies

1.Max India Group

Max India Group is a multi-business corporate, headquartered in New Delhi, India. The Rs. 7,700 Crore Company is led by its publically listed entity, Max India Limited.

Max India is in the ‘Business of Life’. It:

• ‘Protects Life’ through its Life Insurance subsidiary
• ‘Cares for Life’ through its Healthcare Company
• ‘Enhances Life’ through its Health Insurance Company
• ‘Improves Life’ through its Clinical Research business.

Facts and Figures

1. Max India’s consolidated turnover for FY11 was Rs. 7,891 Crore
2. The consolidated operating revenue was Rs. 6,668 Crore, a growth of 24% over the same period last year
3. The Company is on a high growth path, with over 500 offices across around 400 locations in the Country
4. Huge people strength of 57,000 persons
5. Serving over 4.4 million customers.

2.New York Life Insurance Company

New York Life Insurance Company is a Fortune 100 company founded in 1845 and is one of the largest mutual life insurance companies in the United States and also one of the largest life insurers in the world. The company is headquartered in New York City. Following are the varied line of businesses under which the company operates.

• U.S. Life Insurance and Agency – The U.S. Life Insurance and Agency business manufactures a full array of life insurance products, including Whole Life, Term, Universal Life and Variable Universal Life as well as Long-Term Care Insurance.

• Retirement Income Security – The Retirement Income Security (RIS) business is dedicated to providing solutions to customers as they progress through the different phases of retirement planning.
• New York Life Investments – New York Life Investments is one of the largest asset management firms in the United States which manages more than $283billion in assets under its kitty. The company offers an array of products and services for both retail and institutional investors.
• New York Life Enterprises –New York Life Enterprises manages an array of ancillary businesses that provide products and services to specialty and international markets.

Facts and Figures

1. One of the largest life insurance companies in the world with more than USD 316 billion assets under management a 10.2% increase, from 2009
2. Sales of insurance products increased 15% to $3.1 billion and sales of investment products also surpassed all previous records, rising to more than $35 billion
3. Operating revenues grew more than $1 billion over 2009 to $15.5 billion
4. Operating earnings of $1.4 billion exceeded the record $1.3 billion in 2008, in spite of the recent economic challenges. This is the fifth consecutive year that operating earnings has exceeded $1 billion
5. The company added $1.8 billion to surplus for the year, increasing the company’s financial strength to $16.8 billion – the highest in the company’s history
6. Received among the highest ratings for financial strength from the life insurance industry’s principal rating agencies: A.M. Best (AA+), Standard & Poor’s (AA+), Moody’s (Aa1), Fitch (AAA).