Metlife to infuse Rs 350 cr fresh capital

BANGALORE: Metlife India Insurance Company on Wednesday said it will make fresh capital infusion of Rs 350 crore to fund expansion plans during 2008.

With the addition, the total paid-up capital of the company increases to Rs 1,230 crore.

The company has been achieving growth constantly and recorded 156 per cent growth over last year's 96 per cent, its Managing Director Rajesh Relan told a press conference.

"We are among the top three fastest growing Life Insurance companies in India, out of the 17 players in the market," he said.

Metlife has presence in 66 cities currently and its market share has grown from 1.3 per cent in 2006 to 2.4 per cent during this year, Relan said.

Metlife India is a joint venture between MetLife International Holdings Inc of the USA, Jammu and Kashmir Bank, M Pallonji and Co and private investors.