- An increase of 79% over last year (Rs 108 cr)
- Among the top 10 private players with an increased market share of 3.2%, up from last FY (ANBP* basis)
- Healthy conservation ratio at 70%
- Enhanced the in-forced sum assured of the company to Rs 238,081 crore; 45% increase over last year
- Launched the PNB Circle of Trust to introduce need-based selling concept
Mumbai, May 15, 2014:Private sector player, PNB MetLife India Insurance Co. Ltd. (PNB MetLife) has reported a net profit of Rs 192 crores in FY 2013-14; against Rs 108 crores in FY 2012-13. This is their fourth consecutive year of declaring profits. Ranked amongst the top 10 private players, PNB MetLife’s market share increased to 3.2% in FY 2012-13 from 3% in the corresponding period last year on ANBP* basis.
The company also registered a growth of 3% on ANBP*. This is despite the market conditions and significant challenges faced by the sector which has resulted in a decline of private players by 3% in the same period. The company continues to maintain a healthy conservation ratio at 70% and an improved solvency ratio of 228% without additional capital infusion. The Claims Settlement Ratio of the company also improved to 90% from 84% in the previous year.
Speaking on the occasion, Tarun Chugh, MD & CEO, PNB MetLife said, “The profitability has been as a result of operational efficiencies 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 centre. We aim to be among the top players in terms of Customer Centricity covering products, process designs and sales and on-boarding experience for the customer. We are currently focused on Bancassurance and Agency sales force, but the aim is to be a multi-distribution model including online. Our objective is to grow our top-line without compromising on the profitability.”
He added, “The Company has also defined a CSR budget for FY 2014-15 based on an overage of last 3 years profit aligned to the requirements of the CSR Bill. Our CSR strategy is focused on community development through financial inclusion, health and education initiatives in the country.”
To inculcate the culture of need based selling, the Company has developed an exciting campaign with its partners – PNB MetLife Circle of Trust. Through this campaign the team addresses four financial needs of a customer - Family Protection, Wealth Management, Child Education and Retirement.
*ANBP: Adjusted New Business Premium – Individual Regular Premium + (Group Premium & Individual Single Premium @10%)