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Have no exposure to AT-1 bonds of Yes Bank, other private bank, clarifies Max Life's MD & CEO

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Have no exposure to AT-1 bonds of Yes Bank, other private bank, clarifies Max Life's MD & CEO

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We do not have any exposure to AT1 bonds of any private bank except some exposure to SBI AT-1 bonds, said Prashant Tripathy, MD & CEO, Max Life Insurance.

Max Life Insurance counts Yes Bank among its prominent bancassurance partners, accounting for about 10-11 percent of premiums. It also holds tier-II bonds of Yes Bank.

Prashant Tripathy, MD & CEO of the company speaking at length about the latest happenings in the company said, “We are close to the existing management team there. We have to see which way the entire bank evolves and once there is more certainty with respect to the future course of action, we will reach out.”
"We have no exposure to AT-1 bonds in Yes Bank. I saw a few media reports citing our name but they are all incorrect. Yes, we have exposure in tier-II bonds and we are happy with the restructuring plan because that keeps the tier-II bonds intact,” he assured.
He further said that they did not have any exposure to AT1 bonds of any private bank except some exposure to SBI AT-1 bonds.
Speaking further about Yes Bank, Tripathy said, “When I look at it dispassionately, I do not think there is a huge possibility for us to get derailed from the relationship. I have not seen any bancassurance relationship coming to an end which were working well.”
On pandemic front, he mentioned that we do not know which way the coronavirus impact will go. "However, one must focus on long-term prospects of life insurance and the common consensus is that the industry is poised for growth and we should expect 13-15 percent growth going forward for next 4-5 years,” Tripathy added.
 
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