MetLife India Insurance Company Limited (MetLife India), an affiliate of MetLife, Inc., today announced the launch of its new brand PNB MetLife following Punjab National Bank’s (PNB) acquisition of a 30% ownership interest in the company. Following this launch, MetLife India will now be known as PNB MetLife India Insurance Company Limited (PNB MetLife). Commemorating this great partnership, the Honourable Finance Minister of India, P Chidambaram attended the launch event in New Delhi and unveiled the company’s new brand.
PNB is one of the oldest and leading banks in India and has been trusted by customers for over 115 years. It has a vast distribution reach with over 5,900 branches and serves over 78 million customers across the nation. MetLife, a leading global provider of insurance, annuities and employee benefits programs with 90 million customers worldwide, has been operating for more than 140 years and is the largest life insurer in the US. Through its subsidiaries and affiliates, MetLife also holds leading market positions in Latin America, Asia Pacific, Europe and the Middle East.
MetLife India has been operating in the country since 2001 and with its partnership with PNB, has significantly expanded its insurance business. In its first year acting as a corporate agent for MetLife India, PNB posted premium of over Rs. 600 crore. MetLife has been profitable for nine consecutive quarters.
PNB MetLife will offer customers access to global expertise, financial reliability, and a wide range of innovative products and services.
Speaking at the launch, K.R. Kamath, Chairman & Managing Director, Punjab National Bank, said, “This is a fine example of a public-private partnership and a significant milestone in the 117 year history of the bank. MetLife has more than 140 years of experience, and is a leading global provider of insurance products. Partnering with MetLife will give us access to global products and the risk management expertise of MetLife. We are very pleased that with this partnership, PNB will be able to offer a full suite of financial products to our customers, including Life insurance, under the new brand PNB MetLife”
Christopher Townsend, President, Asia, MetLife, Inc. said; “As a dynamic emerging market, India is a key strategic focus for MetLife, and we are proud to be partnering with PNB, an outstanding financial institution. This unique and compelling partnership reinforces our commitment to India and our goal of becoming a top-tier life insurer in the country. We look forward to working with PNB to bring our products, technology and capabilities to India to help customers achieve financial security."