Financial Daily from THE HINDU group of publications
Wednesday, Feb 09, 2005
Financial Daily from THE HINDU group of publications Wednesday, Feb 09, 2005 |
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Money & Banking
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Life Insurance Max New York Life reports profit under US GAAP Our Bureau
New Delhi , Feb. 8 MAX New York Life has turned profitable on the US GAAP accounting basis. The company in its fourth year of operation recorded Rs 21 crore profit in GAAP terms. During 2004, MNYL's total premium income touched Rs 348 crore, which was more than double that it garnered in 2003. While the company's first year premium income climbed to Rs 206 crore, the renewal premium income touched Rs 142 crore. Renewal income registered a 132-per cent growth over the preceding calendar year. The company's total income has touched Rs 370 crore. The sum assured has crossed Rs 15,000 crore with excess of 4,00,000 policies being sold till date. In 2004, the company sold more than 2,14,000 policies, an 89-per cent increase over the preceding year.
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