Max New York Life to invest Rs200 crore in two months

Max New York Life Insurance plans a capital investment of around Rs150-Rs200 crore during this quarter

Private insurer Max New York Life said on Tuesday that it plans a capital investment of around Rs200 crore by March this year to meet growth plans, reports PTI.

"Depending on growth, we do expect capital infusion of around Rs150-Rs200 crore during this quarter," Max New York Life Insurance's chief executive officer and managing director Rajesh Sud said at the launch of its child nurture programme ‘I-Genius’.

During the current fiscal, the company has made a small capital investment of about Rs2 crore, he said, adding that the paid-up capital stands at Rs1,784 crore.

Asked about the business outlook, Mr Sud said that it is picking up and the industry is expected to witness a growth of 15%-20% in the next fiscal.

Max New York Life expects better-than-average industry growth, he said, adding that the company has collected Rs1,365.79 crore in the first nine months of the current fiscal.

The company, that commenced operations in 2001, expects to break even by 2011, he said. It has 715 offices across the country.

Talking about the child campaign, Mr Sud said that the programme intends to support talent development of children by identifying and rewarding those who display all-round skills, he said.

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