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Life Insurance Corporation clocks 11.5% growth in premium income in 9MFY18
16-Feb-2018 (20:22)
Over 5,000 life insurance claims under PMJDY scheme so far: says RTI reply
15-Feb-2018 (09:38)
HDFC Life Insurance unveils its new Pension Guaranteed Plan
13-Feb-2018 (10:01)
Life Insurance private players APE grow 15 percent in January
13-Feb-2018 (09:38)
Insurance industry set to touch USD 280 billion by 2020: says Vice President
12-Feb-2018 (10:18)
Life Insurance Corporation buys additional 2% stake in Indiabulls Housing Finance
10-Feb-2018 (15:38)
Insurance regulator IRDAI appoints Vasantha Krishna as insurance ombudsman for Chennai
09-Feb-2018 (19:50)
Max Financial to raise Rs 5,000 crore to fund insurance business
09-Feb-2018 (16:56)

Max Financial Services (MFS) on Friday said it plans to raise Rs 5,000 crore through preference issue and qualified institutional placement to fund growth in its subsidiary firm Max Life Insurance.

"The company will raise Rs 5,000 crore through a preferential issue/qualified institutional placement. "The proceeds from the transaction/issue will be invested in the company's subsidiary Max Life Insurance to actively pursue growth opportunities through acquisitions," MFS said in a statement.

MFSL also announced that Max Life Insurance's Assets Under Management (AUM) crossed Rs 50,000 crore milestone for the first time, making it the fifth largest fund manager among private life insurers in India.

Commenting on the growth ambitions, Rahul Khosla, President, Max Group and Chairman, Max Life Insurance said, "Max Life is well capitalised and continues to deliver strong growth through a well-balanced product portfolio, high quality distribution partnerships and a market leading agency force".

The company will also pursue inorganic growth opportunities and is actively seeking high quality life insurance assets, he said. "Enabled by the fund raising approved by the MFS Board today, we are committed to continue providing the capital the business needs to fulfil its growth aspirations," Khosla said. There is now sharper focus than ever before to deliver on new avenues of growth, including through bancassurance and acquisition opportunities.

Acquiring a high quality life insurance company would enable expansion on both these fronts, said Mohit Talwar, Managing Director, Max Financial Services. "Max Life has been on a steady growth trajectory over the past 5-6 years, with remarkable improvements in its key health metrics such as Embedded Value (EV), Value of New Business (VNB) and New Business Margin (NBM)," Talwar said.
Shriram Life Insurance tie up with SureBuddy to offer free insurance cover
08-Feb-2018 (17:12)
Insurance regulator IRDAI asks insurers to transfer unclaimed amounts to senior citizens fund
08-Feb-2018 (09:50)
Insurance regulator IRDAI nixes TPAs' move to run PSU health schemes
07-Feb-2018 (17:56)
Merger most likely by end of next financial year: says CMD, National Insurance
06-Feb-2018 (14:58)
New India Assurance net profit surges to Rs 6.17 billion in Q3
03-Feb-2018 (19:02)
Budget 2018: Jaitley announces health insurance cover of Rs 5 lakh for India's 'vulnerable' families
01-Feb-2018 (12:16)
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