• MetLife Demonstrates a Persistency Ratio of 84% which is higher than the average private players at 68% and industry average at 70%
• MetLife has the ticket size of Rs. 27,000 in new business premium during April 10 – June 10 which is higher as compared to average of private players at Rs 21,000 and the industry average of Rs. 20,000
• MetLife commission to total premium ratio is at 6% during April 10 – Jun 10 which is lower than the average of private insurance players of 7%
New Delhi, 31st August, 2010 - MetLife India Insurance Company Limited (MetLife), one of India’s leading life insurance companies, today, shared the details of the April 2010 – June 2010 IRDA report. According to the report, MetLife has demonstrated a persistency ratio of 84% as compared to the average of 68% by private insurance companies and an industry average of 70%. Persistency ratio is one the key determinants of the financial health of the Life Insurance player, which is a result of the increasing faith that the customers have in MetLife brand and products. This is also a reflection of the excellent customer service that the organization provides to its customers.
According to the report, MetLife has also recorded the ticket size of Rs. 27,000 in new business premium during April 10 – June 10 which is higher as compared to average of private players at Rs 21,000 and the industry average of Rs. 20, 000.
Commenting on the conclusions derived out of the report, Mr. Rajesh Relan, Managing Director, MetLife India Insurance Company Limited, said, “In an industry that is going through a significant upheaval, we are very pleased to see customers repose high levels of trust in MetLife’s brand and products. This is yet another reflection of our commitment to provide our customers with the best-in-class products and services that are un-matched in the industry. Additionally, we believe, this indicates that MetLife is ready to meet the challenges based on new ULIP guidelines.”
MetLife strongly believes in a multi-distribution approach for reaching customers across the length and breadth of the country. MetLife has over 55, 000 financial advisors, all of whom have gone through rigorous training to understand customer needs. Complementing the agency force of MetLife is the company’s bancassurance distribution channel offering MetLife’s range of products to MetLife’s bancassurance distributors’ 17 million customers.
About MetLife (www.MetLife.co.in)
MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc. and was incorporated as a joint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors. MetLife is one of the fastest growing life insurance companies in the country. It serves its customers by offering a range of innovative products to individuals and group customers at more than 700 locations through its bank partners and company-owned offices. MetLife has more than 55,000 Financial Advisors, who help customers achieve peace of mind across the length and breadth of the country. For more information about MetLife, please visit the company’s website at www.MetLife.co.in.
MetLife, Inc., through its affiliates, reaches more than 70 million customers in the Americas, Asia Pacific and Europe. Affiliated companies, outside of India, include the number one life insurer in the United States (based on life insurance inforce), with over 140 years of experience and relationships with more than 90 of the top one hundred FORTUNE 500® companies. The MetLife companies offer life insurance, annuities, automobile and home insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement and savings products and services to corporations and other institutions.
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