The Hindu Business Line : New York Life to set up AMC

NEW York Life, the foreign partner in the Indian joint venture of Max New York Life Insurance Company, plans to set up an asset management company (AMC) in India.

The company could also enter other sectors such as pension and distribution of health insurance products.

Mr Gary Bennett, Managing Director, Max New York Life, said the insurer, which currently manages its own asset portfolio has the expertise to offer mutual fund products. Mr Bennett, however, did not mention a timeframe for setting up of the AMC.

Mr Bennett said Max New York Life was also interested in entering the pension segment in India and it would submit a business plan to its board in March.

However, with respect to health insurance, New York Life has clarified that it would not enter the market. "Max in India is already involved in the healthcare segment. While we will not partner with Max for health insurance, we would be involved in distribution."

Mr Eric Campbell, Executive Vice-President , New York Life International, said while the forecast of the growth rate in Asia was 30 per cent, the penetration of insurance was still low.

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