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Money & Banking - Life Insurance


MetLife bullish on India market

Our Bureau

Coimbatore , Feb. 2

METLIFE India Insurance Co Pvt Ltd is bullish on the India market and group products in particular.

Briefing newspersons after inaugurating its branch office here, the Managing Director of MetLife India, Mr Venkatesh Mysore, said that product development was crucial and the company had established a niche in that space. "We look at products as solutions. Our products are more need driven and our people are trained to identify and resolve customers' needs."

MetLife India, according to Mr Mysore, got the approval from Insurance Regulatory and Development Authority for unveiling group products recently.

The company, he said, focused on non-traditional life products, apart from introducing traditional products on whole life. "We had, only in December 2003 unveiled a pension plan," he added.

According to him, the premium income up to December 2003 was close to Rs.18.5 crore, against Rs 5 crore during the corresponding period of the earlier fiscal. The company's total premium income thus far (since January 2002) stood at Rs 27 crore, he said.

The company would, in co-ordination with its corporate agents (banks), tap the rural and social service sectors, he said.

Having established nine offices so far, MetLife is planning to almost double its network to 17 before the end of the current fiscal. It has 1,000 outreach points through distribution channel partners.

To a query, Mr Mysore said that the capital had been enhanced from Rs 110 crore to Rs 160 crore in October last. "Considering the current growth in business volumes, there could be a need of a similar sum (of Rs 50 crore) coming in from the promoters around the same period (October) every year."

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