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MNYL expansion plans

MNYL Insurance aims to increase its capital base by Rs.2, 600 crore. It will increase its branch network by 90 to 100 branches every year and would increase the agents force to 2, 00,000 in the coming 4 to 5 years.

Apnainsurance.com Research Bureau

08 Dec 2007

Max New York Life (MNYL) insurance aims to increase its capital base by Rs.2,600 crore in the coming three years. The company is a joint venture between Max India Ltd. and New York Life.

Max India holds 74 per cent share in the company and will bring in Rs. 1,950 crore as capital. The company has put in around Rs. 1,000 crore through a Qualified Investment Project (QIP) issue. A chunk of the amount will be invested in its Insurance subsidiary.

MNYL will increase its branch network by 90 to 100 branches every year and would increase the agents force to 2, 00,000 in the coming four to five years. It has its presence in 122 locations with 175 offices and a team of 28,500 advisors and 14 corporate agents. It has 17 existing  bancassurance tie-ups.



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