Tokyo based insurance holding company, Mitsui Sumitomo Insurance, is all set to buy the 26% state in Max New York Life Insurance from New York Life Insurance Company. With this the ten year old joint venture between Max New York Life and Max India Limited would come to an end. This joint venture came during the time when companies were spearing their wings in order to be a part of the globalization movement. Along with India, New York Life had also invested in other Asian markets.
The joint venture had kicked off well and it has
been profitable since its inception. They offer long term savings and
protection plans for individuals as well as groups through agency distribution.
They evolved to become one the four large private life insurance companies in
India. However its profits mark only a minor addition to New York Life’s
overall earnings. Therefore New York Life has decided to expand on Mexico
operations as it currently holds out to be the strongest international market
for the insurance giant. The sale would also result in some capital collection
but the real strategy is to shift focus on the more lucrative market of Mexico.
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