Meanwhile, during February 2011, the fresh premium collection of 22 private players fell by 10.8% to Rs 2891.44 crore.
The fresh premium collection of Life Insurance Corporation of India rose by 12.9% to Rs 5986.28 crore in the same period.
During April-February FY2010, the premium collection rose by 11.6% to Rs 1789 crore against Rs 1603 crore while the market share for FY 11 was lower from 1.91% to 1.72% during April-February FY 2010.
Moreover, during FY2010, the fresh premium collection of the insurance company rose by 0.2% to Rs 1848 crore against Rs 1843 crore during FY 2009.
In terms of fresh premium collection, Max New York"s market share rose in FY 2008 and FY 2009 and then there was a decline in FY 2010 to 1.69%. It then rose to 1.72% during April-February FY2011.
On the other hand, the number of policies issued rose by 19.8% to 56804 while the number of life covered reported a decline of 89.5% to 1.21 lakh during February 2011 against 11.6 lakh life covered in February 2010.
Max New York has sold 728980 policies during April-February FY2011 while it covered 96.5 lakh lives, representing a growth of (-) 12.7% and (+) 34.5%, respectively.
Max New York Life Insurance Company Ltd. is a joint venture between Max India Limited., one of India's leading multi-business corporations and New York Life International, the international arm of New York Life, a Fortune 100 company.
The company has positioned itself on the quality platform.