PNB MetLife H1 net profit up 34 per cent at Rs 122 crore

NEW DELHI: PNB MetLife Insurance today reported a 34 per cent rise in net profit at Rs 122 crore for the first-half ended September this year.

The insurer had earned a profit of Rs 91 crore in the same period a year ago.

In spite of the market conditions and significant challenges faced by the sector, the company has retained its market share, PNB MetLife Insurance said in a statement.

The renewal premium grew by 4 per cent to Rs 640 crore. The company recorded an increase of 18 per cent in in-force sum assured, taking it to Rs 233,304 crore.

The company continues to maintain a healthy conservation ratio at 71 per cent and an improved solvency ratio of 248 per cent without additional capital infusion.

PNB MetLife CEO Tarun Chugh said the profitability has been a result of operational efficiencies, increase in renewals and higher sales from long-term regular premium products (close to 90 per cent of our portfolio).