Max New York to double paid-up capital

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Panaji, October 15: Max New York Life Insurance announced it will nearly double its paid up capital to over Rs 1,500 crore by the end of next year to expand presence, as it seeks to become the top player among private life insurers.

"We plan to make fresh capital infusion of Rs 750 crore by the end of 2008 for setting up another 150 offices," said Gary Bennett, Managing Director and CEO of Max New York Life Insurance Company, the third largest private life insurance player as of now.

This would result in increasing access to another 78 cities in the country, he said.

The company, a 74:26 joint venture between Max India Ltd and US-based New York Life, which is in operation since 2001 has a paid-up capital Rs 807 crore and the last infusion of Rs 75 crore was made in September this year.

The insurer currently has a presence in 122 cities through 175 offices.

On the break even target Bennett said: "Capital infusion for increasing foot print has led to the rationalization of the break even deadline by one year. We are hopeful of achieving it by the end of 2009."

Elaborating on the branch expansion plan, he said about 50 offices are likely to come up this year while remaining 100 will be set up next year, he said.