With expectations to break-even this fiscal, Max New York Life (MNYL) has said that it does not see the need to infuse any further capital in the year to support its growing business.
The ten-year-old private life insurer, part of the insurance and healthcare group Max India, has a paid-up capital of around Rs 2,000 crore (as of August 2010).
“We have already reported profits in the third quarter of the previous fiscal and were one of the few insurers to post a growth in sales despite the announcement of the tighter norms on the sale of Unit-Linked Insurance Plans. We should break-even this year and do not expect to add any more capital this fiscal as our reserves are adequate,” said Ms Anisha Motwani, Director and Chief Marketing Officer, MNYL.
To continue brand-building, the company is also planning extensive marketing activities this year. This includes a continuation of the ‘igenius' scholarships for talented children into the second year, besides a recently announced sponsorship deal with IPL team Pune Warriors.
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