MetLife wants to tap non-life here
Metlife, America’s largest life insurer, may consider getting into non-life insurance in India after a couple of years.
By TNN |
MUMBAI: Metlife, America’s largest life insurer, may consider getting into non-life insurance in India after a couple of years. Although largely a life insurance group, the US company has non-life businesses in several countries in Asia, including Korea, Taiwan and Hong Kong.
Speaking to newspersons in Mumbai, Metlife senior vice-president (international) Shailendra Ghorpade said the group would examine opportunities in non-life. “I can say it is not going to happen in the next two years,” Mr Ghorpade said.
In the US, Metlife’s major business comes from life insurance. However, the company sells auto and home insurance too. However, the company does not have plans to replicate the US model in India. Although Metlife is a giant in the US, its non-US business is relatively small compared with its domestic portfolio which accounts for 90% of the business.
According to MetLife International president William J Toppeta, India is a ‘growth within a growth story’ for Metlife. India is the fastest growing market for Metlife within its emerging market portfolio. While Metlife is a small player in India, it has grown its market share to 2.3% from 1.7% past year.
It is also ahead of schedule in expanding its agency force with over 30,000 agents. The shareholders have, therefore, decided to infuse an additional Rs 119 crore into the company, taking its paid-up capital up to Rs 880 crore.
Mr Topetta said the findings of the inaugural ‘MetLife Study of International Employee Benefits Trends’ — a survey conducted by Metlife — shows Indian employees have the highest level of financial anxiety, but the lowest level of preparation among all countries surveyed.
Among other findings, the survey reveals a disconnect between what benefits Indian employees say they need and want and the benefits Indian employers are prepared to offer now – or in the future. About one-third of the Indian companies that currently offer no benefits think it is likely they will offer benefits, and more specifically, 35% indicated they would offer retirement benefits within the next three years.
The top objective for most of the Indian employers is to provide benefits to control employee health and welfare benefit costs and increase employee productivity.
Speaking to newspersons in Mumbai, Metlife senior vice-president (international) Shailendra Ghorpade said the group would examine opportunities in non-life. “I can say it is not going to happen in the next two years,” Mr Ghorpade said.
In the US, Metlife’s major business comes from life insurance. However, the company sells auto and home insurance too. However, the company does not have plans to replicate the US model in India. Although Metlife is a giant in the US, its non-US business is relatively small compared with its domestic portfolio which accounts for 90% of the business.
According to MetLife International president William J Toppeta, India is a ‘growth within a growth story’ for Metlife. India is the fastest growing market for Metlife within its emerging market portfolio. While Metlife is a small player in India, it has grown its market share to 2.3% from 1.7% past year.
It is also ahead of schedule in expanding its agency force with over 30,000 agents. The shareholders have, therefore, decided to infuse an additional Rs 119 crore into the company, taking its paid-up capital up to Rs 880 crore.
Mr Topetta said the findings of the inaugural ‘MetLife Study of International Employee Benefits Trends’ — a survey conducted by Metlife — shows Indian employees have the highest level of financial anxiety, but the lowest level of preparation among all countries surveyed.
Among other findings, the survey reveals a disconnect between what benefits Indian employees say they need and want and the benefits Indian employers are prepared to offer now – or in the future. About one-third of the Indian companies that currently offer no benefits think it is likely they will offer benefits, and more specifically, 35% indicated they would offer retirement benefits within the next three years.
The top objective for most of the Indian employers is to provide benefits to control employee health and welfare benefit costs and increase employee productivity.
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