28 Feb 2012
|Max New York Life Insurance reported a decline in premium collection that stood at Rs 205.958 crore in December 2011, down by 9% against Rs 227.38 crore in December 2010.
Max New York Life Insurance Company Ltd. is a joint venture between Max India Ltd., one of India’s multi-business corporations and New York Life Enterprises, a business unit of New York Life.
Premium collection of the insurance company which was incorporated in 2000 declined by 13% to Rs 1,288.08 crore during April- December 2011 against Rs 1,484.35 crore during April- December 2010.
The company offers individual and group life insurance products and is present across the country through a wide distribution network of multi channel distribution
Moreover, the 23 private players together collected premium of Rs 3230.22 crore in December 2011, down by 8%.
During April-December 2011, premium income of the private life insurance sector fell by 20% to Rs 19,900.10 crore
The premium collection of Life Insurance Corporation of India (LIC) rose by 1% to Rs 6,264.45 crore in December 2011 while it fell 16% to Rs 52053.44 crore during April- December 2011.
Max New York Life has 23 individual life and health insurance products and 9 riders that can be customized