Leading private insurance company Max New York Life Insurance Co said on Friday it will infuse Rs 400 crore (Rs 4 billion) to its paid up capital in the next two years and expected to break even by 2008.
The appointment is effective from February 16, 2012, following formal approval from the Board of Vodafone India.
At a macro level the Union Budget 2012-13 is a balanced one. The Finance Minister has taken step to create an environment for sustainable growth. The marginal increase in exemption limit on personal taxation to Rs 2 lakh and realignment of tax slabs would leave more money in the hands of the consumers.
According to Sud, MYNL had sold most of its holding in Satyam immediately after the IT major made an aborted bid to acquire Maytas Infra and Maytas Properties for $1.6 billion on December 16, 2008. MYNL still holds 6,000 equity shares of Satyam.
With the Insurance Laws (Amendment) Bill awaiting Parliamentary approval, Max India, Analjit Singh's flagship company, has started discussions on divesting 23 per cent out of its 74 per cent shareholding in Max New York Life Insurance to its foreign partner.
A recent survey revealed that 99.9 per cent of households in Chennai believe they are financially at risk due to ineffective saving habits and misplaced financial optimism.
Max New York plans foray into micro insurance.
Max New York Life's recently launched Ulip gives you the all-equity option
Max New York Life Insurance Co Ltd, 26 per cent owned by New York Life, expects the premium income of private life insurers in India to grow at a compounded annual rate of 75 per cent over the next five years.\n\n\n\n\n\n
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