The company, based in New Delhi, is a joint venture between Max India and New York Life International, and is one of the biggest life companies in India.

The ESG will be used in Max New York Life's product design and pricing, and will be invaluable as the company moves towards Market Consistent Embedded Value (MCEV). Max New York Life, also intends to use Barrie & Hibbert's ESG as part of their stochastic assessment of reserves, which it will generate for internal purposes.

Sanchit Maini, Deputy Chief Actuary for Max New York Life comments; "We had considered creating an ESG in-house, but the practical difficulties of pursuing that option were considerable. That's why we turned to Barrie & Hibbert. By using their cutting-edge modeling capabilities, we hope to achieve greater efficiencies, particularly in areas such as product design and pricing. Our close collaboration with the Barrie & Hibbert team will help us to continue to focus on the requirements of our clients and concentrate on the benefits we can offer them."

Shailendra Jain, Regional head - APAC: "Barrie & Hibbert is delighted to be working with Max New York Life. MNYL demonstrates a strong desire for establishing best practice risk management and valuation practices. We believe both companies have similar values including pursuit of excellence, integrity, knowledge, and teamwork. By working together closely with Max New York Life, we have fulfilled their requirements by creating for them a service which provides credible INR calibrations and an extensive choice of models.