Max India Ltd. has clarified about the following facts regarding a news article relating to the Company and its Joint Venture Max New York Life Insurance Company Limited (MNYL).
MNYL is a high performing, profitable organization built on strong fundamentals. We are fully committed to serving the best interest of our customers through market leading products and services. We are confident that MNYL will continue to grow its business and strengthen its leadership position in the Indian life insurance sector.
MNYL has been outperforming the private life insurer space. It is a profitable company today with a profit of Rs. 3.39bn for nine months ended December 31, 2011. It has been consistently gaining market share and currently the largest non-bank led private life insurer.
As a high performing organization, there is interest shown periodically by potential investors, to participate in our future growth. However, there is no firm development to report as of date and thus the commercials published under the Article stand denied.
Max India remains fully committed to the life insurance business in India.
The Company was reponsing to a newspaper article titled "New York Life to Exit Indian Insurance JV".