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New York Life aims big

New York Life International expects India to become its biggest market outside the US in the next 5 to 6 years surpassing Mexico. “At present, we have the largest operations in Mexico where we entered into a major acquisition deal recently. However, we expect India to become our largest market considering the potential of life insurance market vis-a-vis the rate of growth being witnessed here,” said Joseph A. Gilmour, President and Chief Executive Officer, New York Life International.

Gilmour explained that Mexico has a higher insurance penetration compared with India. &rquot;Though India is growing at a higher rate than Mexico, the insurance penetration here is low,&rquot; he said. At present, the Asian region contributes two-thirds of New York Life's global business while the rest comes from Latin American countries.

“Over the next 2-3 years, we expect the Asian region to contribute over 80 per cent of our total business, registering a growth of almost 15-20 per cent per annum,” mentioned Gilmour.

New York Life International is the global business arm of New York Life Insurance Company, the second largest insurer in the US, and it operates in nine countries. New York Life International contributes 24 per cent of the total business of the US-based New York Life Insurance Company.

(http://www.telegraphindia.com)

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