MetLife India to infuse $100 mn for expansion
MetLife India on Thursday said it is planning to infuse $100 million to fund its expansion plans, besides ramping up agent force to 50,000 and doubling up branch network in the next two years.
By PTI |
NEW DELHI: MetLife India on Thursday said it is planning to infuse $100 million to fund its expansion plans, besides ramping up agent force to 50,000 and doubling up branch network in the next two years.
Keeping in mind the growth plans, the private life insurer is likely to increase its paid up capital by 100 million dollar or over Rs 450 crore in the next two years, MetLife Global Chairman and CEO Rob Henrikson said here.
The company currently has Rs 431 crore of paid up capital.
"We are likely to increase the agent force to 50,000 and double branch network in the next 20 months," Rob said.
MetLife India at present has 8,500 agent force and 43 branches across the country.
The private insurance company has collected Rs 150 crore in premium in the first six months of this fiscal, growing by 100 per cent year-on-year.
MetLife India is a joint venture between US' largest life insurer Metlife Inc, J&K Bank, M.Pallongi and Co and other private investors.
MetLife India is keen to increase its stake in the venture to 49 per cent from the current 26 per cent once the increased FDI is allowed by the Indian government in the insurance sector, Rob said.
Keeping in mind the growth plans, the private life insurer is likely to increase its paid up capital by 100 million dollar or over Rs 450 crore in the next two years, MetLife Global Chairman and CEO Rob Henrikson said here.
The company currently has Rs 431 crore of paid up capital.
"We are likely to increase the agent force to 50,000 and double branch network in the next 20 months," Rob said.
MetLife India at present has 8,500 agent force and 43 branches across the country.
The private insurance company has collected Rs 150 crore in premium in the first six months of this fiscal, growing by 100 per cent year-on-year.
MetLife India is a joint venture between US' largest life insurer Metlife Inc, J&K Bank, M.Pallongi and Co and other private investors.
MetLife India is keen to increase its stake in the venture to 49 per cent from the current 26 per cent once the increased FDI is allowed by the Indian government in the insurance sector, Rob said.
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