78651194 max newyork life insurance co

7/29/2019 78651194 Max Newyork Life Insurance Co

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Introduction

What is Insurance?

Insurance is a legal contract that protects people from the financial costs those results from

loss of life, loss of health, lawsuits, or property damage. Insurance provides a means for

individuals & society to cope up with some of the risks faced in everyday life by everybody.

People purchase contracts of insurance, called a Policy, from various insurance companies.

Almost every person existing in this world is associated with insurance, directly or indirectly.

Directly, in the sense that he/she has insured his/her life by some kind of insurance policy

from any company. Indirectly, in the sense they must have insured the assets of their own for

example their house, car, or anything else.

Insurance can be divided into three categories.

1. Life Insurance2. General Insurance3. Health Insurance.

Life insurance is a contract for payment of a sum of money to the person assured (or failing

him/her, to the person entitled to receive the same) on the happening of the event insured

against. Usually the contract provides for the payment of an amount on the date of maturity

or at specified intervals or at unfortunate death. The contract also provides for payment of

premium periodically to the corporation by the assured.


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General insurance includes many areas of insurance like marine, motor, engineering, health,

fire, etc. The contract provides for the payment of an amount on the happening of some

contingency. These types of contracts are annual in nature.

OVERVIEW OF INDIAN INSURANCE MARKET

The insurance landscape in India is undergoing a tectonic shift. Despite its more than

teeming one billion populations, India still has a low insurance penetration of 1.95 percent,

51st

in the world. Although India boasts a saving rate of around 25 percent, less than 5

percent is spent on insurance.

With the entry of competition, the rules of the game have begun to change. The market is

already beginning to witness a wide array of products from players whose number is set to

grow. In such a scenario, the differentiators among the different players s products, pricing &

service. What really increases the appeal of insurance is the benefit of protection of lives &

assets from insurance products.

Only 22% of the insurable population possesses life insurance. Whats more, in a country

over billion people, life insurance premium forms only 1.8% of GDP indicate the extent of

underinsurance. Recognizing the huge potential of the market & the need to make insurance,

particularly the life insurance, available on a wider scale, the government opened the industry

to private players in 1999 and was flooded with applications. Major international insures-

Prudential & Standard life of UK, Sun Life of UK, Sun life of Canada & AIG, MetLife &

New York Life of the US, to name a few-tied up with leading companies of India to reach

out this vast market.


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Today, the Indian Insurance industry has a dozen of private players, each of which are

making strides in raising awareness level, introducing innovative products & increasing the

penetration of life insurance in the vastly underinsured country. The success of effort is

noteworthyprivate insurers captured nearly 9 percent of new business premium income in

two years of operations.

The biggest beneficiary of the competition amongst the life insurers is the consumer. A wide

range of products, customer focused service & professional advice has become the mainstay

in the industry. It is seen a dramatic increase in customer awareness, with penetration cutting

across the socio-economic class & attracting people who have never purchased insurance

before. With the heightened awareness comes a willingness to evaluate life insurance as an

integral part of financial planning kit a significant change n earlier attitude, where insurance

is purchased as a tax saving pool.

Not only has there been shift in the perception of life insurance, but also the way t s sold.

From being a purely advisors driven business, the sector has seen the emergence of a number

of channels, including bank assurance, corporate agents & direct marketing. These channels

though very new, are quickly gaining importance because they present customers multiple

ways of approaching life insurers.

There is also a huge improvement in service attitude & delivery making a customer a focus

of each initiative. Technology has come to aid giving the platform, the reach & the ability to

service each customer seamlessly. Multiple touch points have emerged contact centers,

email, facsimile, websites, snail-mails etc.


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On the products front, there are two trends that stand out. The days of high guaranteed return

products, are over. Products are now priced flexibly, realistically, sustain ably.

LIC of India has witnessed a decline in first year premium in FY03 while private players

have witnessed a more than threefold premium growth because of reduction of guaranteed

return products.

First yr premium income (Rs. CR) 2002-03 2001-02

Private Players 982 297

LIC of India 11,343 14,843

The other major change is the introduction of liquid, transparent & flexible policies, with

linked products leading the brigade.

While such products are more complex, there s a distinct set of investors who find such

products appealing. As the market matures, the demand for unit link & related products will

only increase.


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COMPANY PROFILE

MAX NEWYORK LIFE INSURANCE CO. LTD

(Max new York life insurance is partnership between Max India ltd.(74%) and NewYork life insurance (26%).)

(Registered Office: Max House, 1 Dr. Jha Marg, Okhla, New Delhi - 110020 IRDA -Registration No. 104)

Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a

Fortune 100 company and Max India Limited, one of India's leading multi-business

corporations. The company has positioned itself on the quality platform. In line with its

vision to be the most admired life insurance company in India, it has developed a strong

corporate governance model based on the core values of excellence, honesty, knowledge,

caring, integrity and teamwork. The strategy is to establish itself as a trusted life insurance

specialist through a quality approach to business.

In line with its values of financial responsibility, Max New York Life has adopted prudent

financial practices to ensure safety of policyholder's funds. The Company's paid up capital is

Rs. 907.4 crore, which is more than the norm laid down by IRDA.


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ax New York Life has identified individual agents as its primary channel of distribution. The

Company places a lot of emphasis on its selection process, which comprises four stages -

screening, psychometric test, career seminar and final interview. The agent advisors are

trained in-house to ensure optimal control on quality of training.

Max New York Life invests significantly in its training programme and each agent is trained

for 152 hours as opposed to the mandatory 100 hours stipulated by the IRDA before

beginning to sell in the marketplace. Training is a continuous process for agents at Max New

York Life and ensures development of skills and knowledge through a structured programme

spread over 500 hours in two years. This focus on continuous quality training has resulted in

the company having amongst the highest agent pass rate in IRDA examinations and the

agents have the highest productivity among private life insurers.

337 agent advisors have qualified for the Million Dollar Round Table (MDRT) membership

in 2007. MDRT is an exclusive congregation of the worlds top selling insurance agents and

is internationally recognized as the standard of excellence in the life insurance business.

Having set a best in class agency distribution model in place, the company is spearheading a

major thrust into additional distribution channels to further grow its business. The company

is using a five-pronged strategy to pursue alternative channels of distribution. These include

the franchisee model, rural business, direct sales force involving group insurance and

telemarketing opportunities, banc assurance and corporate alliances.


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Max New York Life offers a suite of flexible products. It now has 43 life insurance products

and 8 riders that can be customized to over 800 combinations enabling customers to

choose the policy that best fits their need.

HISTORY :

The story of Max is the story of Enterprise, Perseverance, and Credibility. These have

enabled our birth, energized our life, and continue to define our path forward. We have

tempered Enterprise with Knowledge, Perseverance with Systems and Processes, Credibility

with Values and Operating Principles, to create business acumen and culture, uniquely our

own. This has led us to believe in People. To recognize human capital as our most vital

resource and our greatest intrinsic worth.

Enterprise and Knowledge have led us to find the 'new' through the 'unknown'. We have

grown with a 'hands on' approach. With the building blocks of Enterprise, Knowledge, and

People, we have created diverse businesses from the ground up. Each of these, has emerged

as a distinguished organization. Our mature businesses enjoy leadership positions in their

area of activity; our emerging businesses are well on their way to creating industry

benchmarks.


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VISION:

To be one of the Indias most admired corporate for service excellenceMISSION:

Establish niche services businesses in life insurance, health care and clinical research Life insurance and health care.convergence! Rank amongst top 3 players in each niche Partner with best in class world leaders Create service excellence in all business.

PRODUCTS OF MNYL

WHOLE LIFE INSURANCEWhole Life Participating Insurance provides an insurance cover that is guaranteed for your

entire life. This policy also builds cash value, which you can use during your lifetime to fund

any unforeseen needs either by surrendering accumulated PUAs (explained below) or taking

a loan. In addition this policy is also eligible for bonuses.

.


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CHIDRENS ENDOWNMENTChildren's Endowment Participating Insurance to age 18/24 with whole life option enables

you to provide for specific needs of your growing children.

Child Endowment to Age 18 enables you to provide for higher education of yourchild.

Child Endowment to Age 24 enables you to provide for the best possible wedding ofyour child and also builds cash value, which you can use during to fund any

unforeseen needs by taking a loan. In addition this policy is also eligible for bonuses.

LIFE GAIN PLUS ENDOWMENTLife Gain Plus Endowment (Participating) Policy

Provides you with an insurance cover that is guaranteed during the tenure of the policy. This

policy also builds cash value, which you can use during your lifetime to fund any unforeseen

needs either by surrendering accumulated PUAs (explained below) or taking a loan. In

addition this policy is also eligible forbonuses.


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MARKET PROFILE

Wide range of Products and Services. 41 years experience as investment advisors and Financial Planners More than Seven Lakh satisfied clients all over India Countrywide network of 109 branches Over 12000 NRI clients across the globe. Personalized wealth management advice. 24x7 online accessibility through www.maxnewyorklife.com Strong team of qualified and experience professional including CAs, MBAs,MBEs,

CFPs,CSs and others.

SEBI- Approved Category I Merchant Bankers. Group Co. BCIBL is an IRDAlicensed Direct Insurance Broker.


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SWOT ANALYSIS

STRENGTHS

The Investment Banking Group, a crack term of highly qualified, experienced andmotivated professionals, delivers Max new york life insurances Investment Banking

Service.

Max newyork life insurance is a strongly research-driven organization. The Maxnewyork life insurance centre for Investment Research comprises highly qualified and

talented professional who constantly monitor the market and collect, collate, analyes

and disseminate valuable information.

With over 120 offices in 50 cities and a network of over 10,000 Advisor Associate,we assure you a pan-India reach.

Max newyork life insurance enjoys a extremely cordial relationship with majorinstitution in the financial markets such as banks, insurance companies, mutual fund

houses, PF Trust, educational trust, act.


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WEAKNESSES

The systems are not automobile so manual intervention is reqired, hence processbecomes time consuming.

Limited expose for Max Newyork life insurance is 4 times as compared to othercompetitive firms it is 10-12 times.

No categorization of stock e.g they treat reliance as same as that of any low categorycompanies.

No major support from research team for short term investment.

OPPORTUNITIES

India is one of the few developing economy growing at a rate of 6-7%. Whereas restof the world is either contracting or growing at a rate of 1% or less and financial

service sector is 1 of the major growing sector.

Out of total population around 100 crore people 4 crore have de-mat account. Max Newyork life insurance has client conservative approach so by using the strategy

the client should make more profits as compared to other.

Indian economy is becoming a default destination for global investors, hence foreignfunds for this year is close to 66000crore hence Indian stock markets are booming so

bajaj can capitalized on this growing phase of Indian stock markets.


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THREATS

Well-established players like India bulls, kotak, etc. they are offering higher servicesto the clients hence they are tough in breaking.

Infrastructure supporting is very less so client face lot of issue because of technology. They do not provide funding to clients as other firms do.


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ANALYSIS OF FINANCIAL REPORT

FINANCIAL STATEMENT ANALYSIS

Financial analysis is the selection, evaluation, and interpretation of financial data, along with

other pertinent information, to assist in investment and financial decision-making. Financial

analysis may be used internally to evaluate issues such as employee performance, the

efficiency of operations, and credit policies, and externally to evaluate potential investments

and the credit-worthiness of borrowers, among other things. The analyst draws the financial

data needed in financial analysis from many sources. The primary source is the data provided

by the company itself in its annual report and required disclosures. The annual report

comprises the income statement, the balance sheet, and the statement of cash flows

statements.

Financial statement analysis is important to boards, managers, payers, lenders, and others who

make judgments about the financial health of organizations. One widely accepted method of

assessing financial statements is ratio analysis, which uses data from the balance sheet and

income statement to produce values that have easily interpreted financial meaning . With a great

understanding of the balance sheet & p&l account and how it is constructed, we can look at

some techniques to analyze the information contained within the balance sheet & P&L

account.

Analysis means establishing a meaningful relationship between various items of the two

financial statements with each other in such a way that a conclusion is drawn. By financial

statements we mean two statements:

1. Profit and loss Account or Income Statement

2. Balance Sheet or Position Statement


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3. Cash Flow Statement

4. Ratio Analysis

Profit and loss Account or Income Statement

A financial statement that summarizes the revenues, costs and expenses incurred during a

specific period of time - usually a fiscal quarter or year. These records provide information

that shows the ability of a company to generate profit by increasing revenue and reducing

costs. The P&L statement is also known as a "statement of profit and loss", an "income

statement" or an "income and expense statement".

Balance Sheet or Position Statement

A financial statement that summarizes a company's assets, liabilities and shareholders'

equity at a specific point in time. These three balance sheet segments give investors an idea

as to what the company owns and owes, as well as the amount invested by the shareholders.

The balance sheet must follow the following formula:

Assets = Liabilities + Shareholders' Equity

Cash Flow Statement

The cash flow statement shows how much cash comes in and goes out of the company over

the quarteror the year. At first glance, that sounds a lot like the income statement in that it

records financial performance over a specified period. But there is a big difference between

the two.
http://www.investopedia.com/terms/c/cashflowstatement.asphttp://www.investopedia.com/terms/q/quarter.asphttp://www.investopedia.com/terms/i/incomestatement.asphttp://www.investopedia.com/terms/i/incomestatement.asphttp://www.investopedia.com/terms/q/quarter.asphttp://www.investopedia.com/terms/c/cashflowstatement.asp


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Ratio Analysis: A tool used by individuals to conduct a quantitative analysis of

information in a company's financial statements. Ratios are calculated from current year

numbers and are then compared to previous years, other companies, the industry, or even the

economy to judge the performance of the company. Ratio analysis is predominately used by

proponents of fundamental analysis.

PURPOSE:

The main purpose of analyzing the financial statement are the following:-

To assess past performance and current financial position. To make predictions about the future performance of a company

Financial Statement of the company

Total Revenue increased by 20% to Rs. 5,813 crores in 2010-11 over previous year. First Year Premium recorded a growth of 11 % over previous year to Rs. 2,061 crores

in 2010-11.

Renewal premium income grew by 25% over previous year to Rs. 3,751 crores in2010-11.

Net Profit has increased to Rs. 283 crores, 12 times higher than previous year.

Assets under management rose to Rs. 13,836 crores, a growth of 37% over last year.

The cost to premium ratio improved 400 basis points to 38%. Has amongst the highest conservation ratio at 82%. Solvency capital ratio at 365% was significantly higher than the mandated 150%.


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Cumulative sum assured is over Rs. 1,54,000 crores, up by 25% over previous year.

Financial Year (FY) 2010-11 (April 2010March 2011) comparedwith FY 2009-10 (April 2009March 2010).

Revenue

The Total Revenue for FY 2010-11 increased by 20% to Rs.5,812 crore with new business

premium growing 11% to Rs.2,061 Crore and the renewal premium recording a growth of

25% to Rs.3,751 crore.

(31 Mar 11) (Rs.

Crs)

(31 Mar 10) (Rs.

Crs)

Change

%

Premium Income 5,812 4,861 20%

Sum Assured in force 154,687 123,288 26%

Asset Under

Management

13,836 10,116 37%

Profit for the year 283 24 1079%

Max New York Life believes Adjusted Individual First Year Premium is the true indicator to

measure new business success. During the financial year 2010-11, on this parameter, the

company achieved income of Rs. 1,726 Crore recording a growth of 9% over the previous

financial year where as both the industry and private players have recorded a decline of 8%


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and 20% respectively. Consequently the private market share of the company also increased

by 199 bps to 7.5%.

Post 1st September 2010, after the new ULIP guidelines came into force, Max New York

Life Insurance has outperformed the industry every month. Cumulatively, in this seven

months period the total industry and private insurers recorded a decline of 19% and 35%

respectively while Max New York Life grew by 10%.

The companys conservation ratio which is amongst the highest at 82% is testimony to its

commitment towards customers.

Cost Management

During the year the company undertook cost management initiatives which had its impact

during the last quarter of the year and its full year impact would be visible in Financial Year

2011-12. The cost ratio improved 4 percentage points to 38%.

Net Profit

During the FY 2010-11, Max New York Life Insurance, recorded the Net Profit of Rs.283

crore, 12 times the profit recorded in the previous year. This impressive rise in net profit was

a result of continued revenue growth coupled with better productivity and cost efficiency.


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Solvency Margin & Capital

The solvency margin of the company stood at 365% for FY 2011 as compared to 322% for

the corresponding period previous year. Max New York Life maintained more than 2 times

solvency margin as compared to the margin mandated by IRDA.

The companys paid up capital (including share premium) as on March 31st 2011 was at Rs.

1,976 crs.

Sum Assured and Assets Under Management

The total sum assured increased to Rs. 1,54,687 crore recording a growth of 26%. This

increase in sum assured is an outcome of the companys enhanced focus on long-term

savings and protection.

During the financial year 2010-11 the Assets Under Management recording a growth 37% to

Rs.13,836 Crore.


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RATIO ANALYSIS

CURRENT RATIOCurrent Ratio = Current Asset

Current Liability

Interpretation:

An ideal solvency ratio is 2. The ratio of 2 is considered as a safe margin of solvency due to

the fact that if current assets are reduced to half (i.e.) 1 instead of 2, then also the creditors will

be able to get their payments in full. But here the current ratio is less than 1 and more than 0

which shows that the current assets less to the current liabilities which is not satisfactory as

Year Current Assets

(Rs. In crores)

Current Liabilities

(Rs. In crores)

Current Ratio

2010 6294.01 8378.04 0.75

2011 6765.39 10834.99 0.62

0

0.2

0.4

0.6

0.8

2010 2011

AxisTitle

Current ratio


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the safety margin is very less or zero. Therefore company should keep more current assets so

that it can maintain a satisfactory safety margin

LIQUIDITY RATIO:

Quick Ratio = Total Quick Assets

Total Current Liabilities

Quick Assets = Total Current AssetsInventory

Year Total Quick Assets

(Rs. In crores)

Total Current

Liabilities (Rs. In

crores)

Quick Ratio

2010 5845.45 8378.04 0.69

2011 6199.28 10834.99 0.57

0

0.2

0.4

0.6

0.8

20102011

AxisTitle

Quick Ratio


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Interpretation:

A quick ratio of 1:1 is considered favourable because for every rupee of current liability, there

is at least one rupee of liquid assets. A higher value of ratio is considered favourable. Here this

ratio is less than 1 in both of the previous as well as current year which is close to 1 which i.e.

not satisfactory. This means the company has not managed its funds properly in this particular

period. Therefore they should rationally utilise its funds to maintain an idealliquid ratio.

DEBT EQUITY RATIODebt equity ratio = Debt

Equity

Debt = Debt means long term loan

Equity = shareholders fund + reserve

0

1

2

2010 2011

Debt Equity ratio

Debt Equity ratio


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Year Debt

(Rs. In crores)

Equity

(Rs. In crores)

Debt Equity Ratio

2010 25931.44 19729.61 1.31

2011 35761.82 19761.82 1.8

Interpretation:

The ratio shows the extent to which funds have been provided by long-term creditors as

compared to the funds provided by the owners. Here the Debt-Equity ratio for the above

period is always high. This shows more relying on outside funds as compared to internal

sources of capital, in its capital structure. From the long-term lenders point of view this ratio is

not satisfactory.

PROPRIETORY RATIO:Proprietory Ratio = Shareholders Fund

Total Assets

0

0.05

0.1

0.15

0.2

0.25

0.3

2010 2011

Ax

isTitle

Proprietory Ratio


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Years Shareholder's Funds

(Rs. In crores)

Total Assets

(Rs. In crores)

Proprietory Ratio

2010 19761.82 71702.01 0.27

2011 19729.61 90388.42 0.21

Interpretation:

Proprietory Ratio estalishes the relationship between proprietors fund and total assets. Proprietory

ratio was 27% in 2010, after that was 21% in year 2011. Hence it leads to the conclusion

owners have More than 20% stake in the total assets of the bank. It is good sign as far the long

term solvency is concerned.

FIXED ASSETS TURNOVER RATIO:Fixed Assets Turnover Ratio = Cost of goods sold or Sales

Net Fixed Assets

0

1

2

3

4

2010 2011

Fixed Assets Turnover Ratio

Fixed Assets Turnover Ratio


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Interpretation:

The objectives of calculating fixed asset turnover ratio are to establishes whether the

investment in fixed asset justified in raltion to the sales achived. The fixed assets turnover

ratio has been consistently increasing. It indicates that fixed assets have been effectively used

in the business without much additional investment in the period of study and also the capital

is not blocked in fixed assets

NET PROFIT RATIONet profit ratio = Net profit X 100

Net sales

Year Sales

(Rs. In crores)

Net Fixed Assets

(Rs. In crores)

Fixed Assets

Turnover Ratio

2010 3549.87 2744.51 1.29

2011 4214.56 1400.98 3.08

20

21

22

23

2010 2011

NPR

NPR


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Interpretation:

Net profit ratio establishes the relationship between net profit and net sale it shows the

percentages of net profit earned on Sales. Although both the sales and net profit have

increased during the above period but the Net Profit Ratio is declining continuously. This is

because of the reason that net profits have not increased in the same proportion as of the sales.

OPERATING PROFIT RATIO:This ratio is calculated as follows:

Operating Profit Ratio = Operating Profit X100

Net Sales

Year Net Profit

(Rs. In crores)

Sales

(Rs. In crores)

Net Profit Ratio

(in %)

2010 748.40 3549.87 21.08

2011 962.13 4214.56 22.82

0

5

10

15

20

25

2010 2011

AxisT

itle

OPR


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Year Operating Profit

(Rs. In crores)

Sales

(Rs. In crores)

Operating Profit

Ratio (in %)

2010 6612.7 35498.7 18.62

2011 9712.8 42145.6 23.04

Interpretation:

In the year 2010 the operating profit is 18.62%. After that it has been consistently gaining

momentum in 2011it was 23.4. This is due to the reason that operating expenses have been

increased more as compared to sales during the above period consequently reducing the

operating profits. This ratio is computed to establish relationship between operating costs and

net sales. This ratio indicates the proportion that the cost of sales or operating cost bear to

sales.


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GROSS PROFIT RATIO

Gross profit ratio = Gross profit X 100

Net sales

Year Gross Profit

(Rs. In crores)

Sales

(Rs. In crores)

Operating Profit

Ratio (in %)

2010 262324 35498.7 18.62

2011 159488 42145.6 23.04

Interpretation

Gross Profit Ratio provides guidelines to the concern whether it is earning sufficient profit to

cover administration and marketing expenses and is able to cover its fixed expenses. The gross

profit ratio of current year is compared to previous years ratios or it is compared with the

ratios of the other concerns. The minor change in the ratio from year to year may be ignored

but in case there is big change, it must be investigated.

0

5

10

15

20

25

2010 2011

AxisTitle

GPR


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EARNING PER SHARE:

Earning Per Equity Share = Net Profit after TaxPrefrence Dividend

No. of Equity shares

Year Net Income Available For

Shareholders

(Rs. In crores)

No. Of Equity

Shares

EPS

2010 748.40 78.563 9.5

2011 962.13 86.254 11.15

Interpretation:

Earnings Per Share is the most commonly used data which reflects the performance and

prospects of the company. It affects the market price of shares. Here the Earning Per Share is

shows that in the year 2011 Earnings Per share is increasing due to incline in profits. This

ratio helps in evaluating the prevailing market price of the share in the light of profit earning.

8.5

9

9.5

10

10.5

1111.5

2010 2011

AxisTitle

EPS


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CONCLUSION

Our exhaustive research in the field of Life Insurance threw up some interesting trends which

can be seen in the above analysis. A general impression that we gathered during Data

collection was the immense awareness and knowledge among people about various companies

and their insurance products. People are beginning to look beyond LIC for their insurance

needs and are willing to trust private players with their hard earned money.

People in general have been impressed by the marketing and advertising campaigns of

insurance companies. A high penetration of print, radio and Television Ad campaigns over the

years is beginning to have its impact now.

Another heartening trend was in terms of people viewing insurance as a tax saving and

investment instrument as much as a protective one. A very high number of respondents have

opted for insurance for such purposes and it shows how insurance companies have been

successful to attract public money in recent times.

The general satisfaction levels among public with regards to policy and agents still requires

improvement. But therein lies the opportunity for a relative player like Max New York Life.

LIC has never been known for prompt service or customer oriented methods and Max New

York Life can build on these factors


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References

1. http://www.maxindia.com

2. http://www.newyorklife.com

3. http://www.maxnewyorklife.com

4. http://www.irda.com

5. http://www.iciciprudential.com

6. http://www.lic.com
http://www.maxindia.com/http://www.maxindia.com/http://www.newyorklife.com/http://www.newyorklife.com/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.irda.com/http://www.irda.com/http://www.iciciprudential.com/http://www.iciciprudential.com/http://www.lic.com/http://www.lic.com/http://www.lic.com/http://www.iciciprudential.com/http://www.irda.com/http://www.maxnewyorklife.com/http://www.newyorklife.com/http://www.maxindia.com/


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