MetLife to invest more in India

NEW DELHI: MetLife India is planning to infuse $100m (about Rs 450 crore) to fund its expansion plans in India. It is currently capitalised at Rs 431 crore. It will also ramp up its agent force to 50,000 and double up branch network in the next two years.

The increase in the paid-up capital by $100m or over Rs 450 crore, is meant to finance its growth plans over the next two years, MetLife Global chairman and CEO Rob Henrikson said here.

“We are likely to increase the agent force to 50,000 and double branch network in the next 20 months,” Mr Henrikson said. The life insurance company, 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% year-on-year. MetLife India is a joint venture between US’ largest life insurer MetLife Inc, J&K Bank, M Pallonji and Co and other private investors. It is also keen to increase its stake in the venture to 49% from the current 26%.