MetLife India Insurance Company has got the approval from the Insurance Regulatory and Development Authority (IRDA) to transfer 30 percent shares to Punjab National Bank (PNB). 

MetLife, which is a joint venture between US based MetLife International and M. Pallonji & Co. Ltd and a few other investors, had been facing constraints with regards capital contribution. IRDA had intervened in the way capital calls were being made at MetLife and asked to identify an optimal solution. One of the...  Read More »

MetLife, a leading global provider of insurance, will be buying its share from Jammu and Kashmir Bank and private equity investor Srini Raju as part of rearrangement exercise of the shareholding pattern of its Indian joint venture.

MetLife Inc is expected to pay around Rs 190 crore in return of 50 million shares to Jammu and Kashmir Bank for buying back a part of its stake in MetLife India Insurance Co. After this buy back exercise the MetLife will maintain a 26 per cent stake in the Indian...  Read More »

The 73rd meeting of the Board of Insurance Regulatory and Development Authority (IRDA) was held on August 31, 2012 at New Delhi. Amongst the various agenda items considered by the Board, the IRDA considered the proposal for change in the shareholding pattern of M/s. MetLife India Insurance Company Limited and broadening the definition of ‘Indian Promoter’ as defined under the IRDA (Registration of Indian Insurance Companies) Regulations, 2000 to include a Limited Liability Partnership.

The...  Read More »

Hindu College of Delhi University in collaboration with MetLife Insurance Ltd is now offering an add-on course in actuarial sciences from this year onwards.

An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems and Actuaries' insurance disciplines include life, health, pensions, annuities, asset management, property, casualty, general insurance, and reinsurance.

Currently in...  Read More »

IRDA said that there has been negligence on the part of MetLife Insurance Company and has imposed a fine of Rs 2 lakhs to be paid within 15 days.

The insurance regulator received a complaint from Suresh Chukkapalli regarding non-receipt of life insurance policy from MetLife even after a lapse of 11 months.

In its defense, MetLife Insurance Company officials told IRDA, “The time taken to refund the proposal deposit was due to review of the underwriting decision on the request of the...  Read More »

New business premium of life insurance companies have collectively declined by 2.5% for the month of July 2011 as compared to that in July 2010.
 

Out of the 23 life insurance companies in India, only 7 of them have shown a positive growth. These companies are Life Insurance Corporation of India (LIC), SBI Life Insurance, Max New York Insurance, Aviva Life Insurance, Kotak Life Insurance, Met Life Insurance and ING Vysya Life.

Aviva Life Insurance has taken the highest jump of 94% by...  Read More »

Insurance awareness among Indian consumers is on the rise and insurance companies are leaving no stone unturned to gain an edge over their competitors by launching innovative plans. A lot of insurance companies are breaking out of the old vanilla plans to introduce insurance products to cater to different customer needs.

Life insurance policies contribute close to 4.4% of the total insurance penetration of 5.1% in India. This clearly indicates that customers are more inclined towards buying a...  Read More »

Punjab National Bank (PNB) said that it will acquire 30% stakes in the MetLife India Insurance Company. The tie-up between PNB which is the second largest bank in the country and MetLife will aid the bank to gain a substantial foothold in the insurance space.

PNB has been looking to make a fresh foray in the insurance business, after buying 26% stakes of Principal Financial Group of Mauritius (PFG) and 32% stakes of UK (Berger) paints in Principal PNB Life Insurance Company Ltd. 

Earlier...  Read More »