The Hindu Business Line : MetLife sees break-even here by 2009

Mr Robert H. Benmosche (right), Chairman & CEO, MetLife India Insurance, and Mr Charles E. Symington, Senior Vice-President, Finance Director International Business, at a press conference in Mumbai on Monday. - - Shashi Ashiwal

Mumbai , March 21

METLIFE India Insurance hopes to acquire a 5 per cent market share in 10 years.

The company that started its India operations in January 2002 hopes to break even by 2009.

Mr Robert Benmosche, CEO and Chairman, MetLife Inc, said that from the business perspective India is strategic to its international business considering its immense potential.

"We are committed to the Indian market place. India's favourable demographics in terms of its growing middle class as well as its status as an outsourcing destination makes it a great opportunity for us," said Mr Benmosche.

He also announced MetLife's acquisition of Traveler's Life and Annuity from Citigroup at a purchase price of $ 11.5 billion. This acquisition will increase its presence in five other countries. India is not included in this agreement.

Mr Venkatesh Mysore, MD, MetLife India said, "Considering the long gestation period typical in this line of business we expect to break even on a statutory basis by 2009. We rank third in our group business segment. We hope to expand our group business further."

MetLife India recently raised its capital base to Rs 235 crore.

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