PNB MetLife India Insurance Company Limited (PNB MetLife) has as its shareholders MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHL and PNB being the majority shareholders. PNB MetLife has been present in India since 2001.
PNB MetLife brings together the financial strength of a leading global life insurance provider, MetLife, Inc., and the credibility and reliability of PNB, one of India's oldest and leading nationalised banks. The vast distribution reach of PNB together with the global insurance expertise and product range of MetLife makes PNB MetLife a strong and trusted insurance provider.
PNB MetLife is present in over 127 locations across the country and serves customers in more than 7,000 locations through its bank partnerships with PNB, JKB and Karnataka Bank Limited.
PNB MetLife provides a wide range of protection and retirement products through its Agency sales of over 10,000 financial advisors and multiple bank partners, and provides access to Employee Benefit plans for over 1,200 corporate clients in India. The company continues to be consistently profitable and has declared profits for last five Financial Years.
Managing Director & CEO: Tarun Chugh
Established in India: 2001
Regional Headquarters: Hong Kong
Offices: 127 locations
Products: Life Insurance, Retirement Solutions and Employee Benefit Programs
*As of Aug 31, 2015
Highlights / Milestones
- History : PNB MetLife incorporates in India in 2001 and establishes a pan-Indian footprint within 14 years of operations
- Robust Distribution: Multi-channel distribution with strong Agency and Bancassurance business; with a presence in more than 700 distinct cities through a bank branch network of over 8,000 branches and access to over 100 million customers
- Solid Bancassurance Partners: Tie-ups with the Jammu & Kashmir Bank Limited (JKB), Karnataka Bank Limited (KBL) and Punjab National Bank (PNB), which is one of the leading nationalised banks in India with around 6,400 domestic outlets and over 90 million customers
- Profitable Growth: Among the few profitable life insurance companies operating in India, consistently profitable for the last 5 Financial Years**
- PNB MetLife Circle of Trust: To inculcate the culture of need based selling, PNB MetLife has developed an exciting campaign with its partners. The campaign addresses the four financial needs of a customer - Family Protection, Wealth Management, Child Education and Retirement.
- Building of brand through Badminton: Launch of PNB MetLife Junior Badminton Championship in 2015 showing our commitment to the promotion of Badminton.
**Public disclosures on company website
- MetLife India starts operations in India.
- Establishes bancassurance partnerships with two private regional banks – the Jammu & Kashmir Bank Ltd. (JKB) and Karnataka Bank Ltd. (KBL)
- MetLife India achieves a milestone premium of USD 200 million
- MetLife India launches Met Monthly Income Plan, pioneering the niche “monthly income” market in India
- MetLife India breaks even per statutory** and GAAP financials in the year; among the few life insurance companies operating in India to turn profitable.
- MetLife India launches bancassurance partnership with Punjab National Bank (PNB), one of the leading nationalised banks in India with around 6,000 domestic outlets across the country and a customer base of over 78 million.
- MetLife India recognized internationally for its Business Process Management at Celent 2011 Model Insurer Summit, held in New York
- MetLife India awarded the “Fastest Growing Company Award” at the Indian Insurance Awards, 2012 held in Mumbai
- Punjab National Bank (PNB) acquired 30% stake in MetLife India Insurance Co Ltd.
- PNB MetLife recognized internationally at Celent 2013 Model Insurer Summit, held in Boston for ‘Met Smart’, its in-house bancassurance distribution model
- PNB MetLife launches its CSR initiative in partnership with its bank partners, JKB and KBL
- PNB MetLife India awarded the “Most Sustainable Company of India” at the India Sustainability Leadership Summit
**Public disclosures on company website
MetLife Foundation is the charitable arm of MetLife, Inc. and was created in 1976 as one important way to reflect the commitment to corporate social responsibility, MetLife has always demonstrated. Since it was founded, the Foundation has made contributions of over $600 million to help people in need and improve communities. MetLife Foundation has been working with organisations like Sesame Street, Trickle Up, Ujjiva (via Woman World Banking), Parinaam Foundation, among others to promote Financial Inclusion. These projects are focused on low
cost credit, women empowerment and financial literacy.