PNB Metlife achives 30 percent growth in first year premiums

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Kolkata, March 16 (IANS) PNB MetLife India Insurance has achieved 30 percent growth in first year premium (new business) in the first eleven months of 2015-16, a top official of the company said on Wednesday.

“We have 30 percent growth in terms of first year premium (new business) in April-February period this fiscal,” said managing director and CEO Tarun Chugh.

Company’s first year premium collection stood at Rs 749 crore in April to February this year, as compared to Rs 576 crore over the same period last year (2014-15).

The company collected Rs.2,500 crore of total premium including first and renewals in the last fiscal. “Overall, in terms of the total premium including first year and renewals, it should be around Rs.3,000 crore,” he said.

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“All the shareholders are in discussions with each other,” Chugh said when asked about the stake of shareholders of the company. MetLife International Holdings LLC (MIHL) and Punjab National Bank Limited are majority shareholders in the company with other investors.

Asked about the status of Jammu & Kashmir Bank Limited (JKB), one of the shareholders of the life insurer, which is willing to sell off its stake, he said: “Discussions are happening there as well. JKB is actively pursuing that.”

Chugh was here to announce the partnership of MetLife Foundation with NGO, Trickle Up, to deliver financial inclusion programmes. The foundation awarded a $ 1.1 million, 3-year grant to the NGO to help one lakh households in rural areas of Jharkhand, Odisha and West Bengal.

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The foundation is committed to invest $200 million over five years to reach millions of world’s poor to build financial security.

–Indo-Asian News service


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