Has Max New York Life started making profit?
No, it is still losing money on statutory basis and that is not unexpected. In life insurance, you need to invest capital to meet running costs, issuing policies and distribution costs among others. The company is growing very rapidly. But we are building value. We are looking at future value, revenue streams from these investments. We may break even in another three-four years. The target has been pushed back by a couple of years as we found more opportunities to grow. We are investing in growth. Do you plan to increase stake in the company? We are a supporter of increasing foreign investment cap in insurance. We have the option to participate more in Max New York Life’s future. Currently, we own 26 per cent and have the option to increase it to 49 per cent, subject to increase in foreign investment cap in the sector. The hike in foreign investment will bolster the capital. We would like to invest more in the company as we think it is a good investment. We have operations in six Asian
