Lets see what we can observe from the question stem.
First, set M can look something like this: M={-1, -2, -3...} but we don't actually know what numbers it will have. Second, if at all the set does look like our example, the greatest number in the set will actually be -1. These two observations are important to keep in mind so that we don't make silly mistakes while actually solving the question.
Statement 1: If every number to be product of -1 and a prime number, we can have set M to look like this: M={-2, -3, -5..}. Notice that we don't include -1 here since 1 is neither prime nor composite and hence -1*1 is not included. Additionally, notice that are not sure if M will in fact contain these numbers because M could also look like this: M={-17, -19, -23..}. Thus, because we cannot necessarily ascertain the greatest number in the set,
this statement is insufficientStatement 2: This statement again gives us many possibilities of what M could look like. It could be M={-2, -5, -7...} or even M={-17, -20, -21..}. Again,
this statement is insufficientIf we combine statement 1 and 2, we certainly get -2 in the set. This is because -2 satisfies statement 1 (-1*2 (=prime number)) and satisfies statement 2 (-2 is the only even number that will be in the set defined by statement 1.
Thus answer is C