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PNB MetLife posts net profit for HY 2014-15; at Rs 122 crores
Private sector player, PNB MetLife India Insurance Co. Ltd. (PNB MetLife) has reported a net profit of Rs 122 crores for HY 2014-15 (April-September); against Rs 91 crores in HY 2013-14.
An increase of 34% over last year (Rs 91 cr)
Among the top 10 private players with a market share of 3.3%, (ANBP* basis)
Healthy conservation ratio at 71%Enhanced the in-forced sum assured of the company to Rs 233,304 cr; 18% increase over last year
Renewal premiums of the company grew by 4% to Rs 640 cr
Mumbai, November 28, 2014: Private sector player, PNB MetLife India Insurance Co. Ltd. (PNB MetLife) has reported a net profit of Rs 122 crores for HY 2014-15 (April-September); against Rs 91 crores in HY 2013-14. Ranked amongst the top 10 private players, PNB MetLife has a market share of 3.3% (ANBP* basis).
Inspite of the market conditions and significant challenges faced by the sector the company has retained its market share. The renewal premiums for the company grew by 4% to Rs 640 cr and an increase of 18% was recorded in the in-forced sum assured taking it to Rs 233,304 cr. The company continues to maintain a healthy conservation ratio at 71% and an improved solvency ratio of 248% without additional capital infusion.
Speaking on the occasion, Tarun Chugh, MD & CEO, PNB MetLife said, “The profitability has been a result of operational efficiencies, increase in renewals and higher sales from long-term regular premium products (close to 90% of our portfolio). We have a profitable growth agenda with the Customer at the center. Our objective is to grow our top-line without compromising on the profitability.”
He added, “I am also delighted to share with you that we are on track with our CSR commitments aligned to the requirements of the Companies Act 2013. We have launched projects towards education and development of underprivileged children in Jammu & Kashmir and Karnataka. We have also been doing a lot of work in Jammu & Kashmir towards relief and rehabilitation post the floods.”
The company further enhanced its brand position by associating with the popular film of the year – Happy New Year. The brand consideration score for the online audience was at 40%. The company also plans to launch new products in the area of saving for children’s future and critical illness.
*ANBP: Adjusted New Business Premium – Individual Regular Premium + (Group Premium & Individual Single Premium @10%)