"We would like to go to the market when value creation is best for us. However, we do not have any active work going on in this regard," the Chairman, MNYL, Analjit Singh, said while addressing the media on Thursday after the meeting of the company's board of directors.

Speaking on the occasion, Frederick J. Sievert, President, New York Life Insurance Company, agreed with the US Ambassador, David C Mulford, that the foreign direct investment cap in the insurance sector needs to be raised to at least 49 per cent.

"We are concerned. We would like to see the FDI cap raised to 49 per cent," Sievert said. New York Life holds 26 per cent stake in the Indian venture while Max India holds the remaining shares.

"From the beginning we have an agreement that the moment the regulations permit Max and New York Life would both hold 50 per cent each in the venture," Singh said.

Rajesh Sud, Executive Director (agency, bancassurance and direct sales distribution), MNYL, said that in the five years of its operations, the company has already underwritten sum assured to Rs 18,300 crore.

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