Max New York Life capital base up by Rs 30cr

Max New York Life (MNYL) has announced that it has increased its capital base by Rs 30 crore, taking it to Rs 617 crore. With this, MNYL has become one of the leading life insurers in paid-up capital.

This has been done to support the company's expansion and to conform to the solvency margin requirements.

While announcing the development, Gary Bennett, managing director and CEO, Max New York Life, said "Both Max India and New York Life, the JV partners are committed to the growth of Max New York Life Insurance. Our business performance has been above expectations this year. We will continue to build on our strong foundations in distribution and deliver long-term shareholder value. The company has embarked on major geographical expansion drive and the capital infusion will further encourage and support growth."

MNYL has sold over one million individual life insurance policies so far and is ranked number three in new individual life policies sold .

It has a cumulative sum assured of Rs 32,000 crore.