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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    ICAEW felicitates Deepak Parekh with outstanding achievement award

    HDFC chairman Deepak Parekh will be awarded the prestigious ICAEW award for his contribution to the finance and accountancy profession in March

    Housing Development Finance Corporation Ltd (HDFC) chairman Deepak S Parekh has become the first international recipient of the Institute of Chartered Accountants in England and Wales' (ICAEW) Outstanding Achievement Award.

    ICAEW in a release said that Mr Parekh received its accolade for 2010 in recognition of his outstanding contribution over many years to the finance and accountancy profession.

    "Deepak Parekh's achievements and the breadth and depth of his influence on the financial sector and business in general in India are phenomenal. Wherever business acumen, experience, insight and intelligence are required, his name is guaranteed to appear at the top of the list. It is a privilege to be able to recognise the contribution he has made to the international accountancy profession as the first international recipient of the outstanding achievement award," said Sir Michael Lickiss, chairman of the selection committee, ICAEW.

    In his acceptance speech, Mr Parekh said, "It is an absolute honour. I am overwhelmed and delighted to be the first international recipient of this prestigious award. I have always been passionate about finance & accountancy and nothing can be more gratifying than receiving my maiden award in this field from my alma mater, the ICAEW."

    The award will be presented at the ICAEW Annual Dinner at Chartered Accountants' Hall in London on 2 March 2010.

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    APAC region overtakes US in air travel growth

    During 2009, intra-APAC travellers numbered 647 million compared to the 638 million who travelled within North America, including domestic markets

    The growth in air travel in the Asia-Pacific (APAC) region has eclipsed that in the largest aviation market of the US, with the airline industry in the eastern part of the world preparing to show a comeback by drastically reducing its losses, reports PTI.

    In its report, the International Air Transport Association (IATA) said that in 2009, intra-APAC travellers numbered 647 million compared to 638 million who travelled within North America, including domestic markets.

    "By 2013, an additional 217 million travellers are expected to take to the skies within APAC," the IATA has estimated.

    It said that the global aviation industry was expected to reduce losses from $11 billion in 2009 to $5.6 billion in 2010. The loss reduction is being led by APAC’s carriers who are expected to see their losses shrink from $3.4 billion in 2009 to $700 million in 2010.

    "APAC’s prospects are improving faster than other regions," IATA's director general and chief executive Giovanni Bisignani said at the Singapore Air Show.

    The region's two biggest growth markets—India and China—faced "completely different circumstances", he said.

    "India's challenge is to reduce costs and improve infrastructure, while China is adjusting to new global trade patterns," Mr Bisignani said, but warned that in the longer term, APAC would also face global challenges including environment, security and liberalisation.

    Noting that APAC was a diverse and dynamic region with great potential, Mr Bisignani said the region's governments provided over $10 billion in bailouts to airlines in the first quarter of the year.

    Speaking on the potential of the region's aviation sector, he said that there were three aircraft seats per year for each of the 300 million people in the US.

    But China's population of 1.3 billion was served by only 0.3 seats per person and India's 1.1 billion population has only 0.1 seats available per person.

    "The global air transport industry will triple in size when Asians travel as much as those in the US," he said, adding that the region was also home to two of the world’s top five airlines in terms of profitability.

    The IATA chief said that over the past decade, China replaced Japan as APAC's largest player, having a fleet of 1,400 aircraft compared to Japan's 540.

    He, however, said that Asian aviation would not reach its potential "if the airlines are constrained to old ways of doing business". The ASEAN aviation industry was preparing for regional liberalisation of market access by 2015.

    "It is important that the target date is met. This is already well behind the industry-leading developments in the US-EU Open Skies agreement. Second stage talks will conclude this year with ownership being the most important issue," Mr Bisignani said.

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