MetLife sells life insurance in India through PNB MetLife, in which it is the majority shareholder alongside Punjab National Bank. The company distributes policies through PNB branches and its own network.
Ownership and structure
MetLife is the largest shareholder in PNB MetLife India Insurance after agreeing in 2021 to raise its stake to about 47.3 percent, with Punjab National Bank holding 30 percent and Jammu and Kashmir Bank and other investors holding the rest.
What India does for MetLife
India is a life insurance market for MetLife, served through PNB MetLife across about 7,000 locations.
Investment and deals
In October 2021 MetLife agreed to pay Rs 1,906 crore for a 15.27 percent stake in PNB MetLife from its Dabriwala family linked shareholders.
MetLife's India business
MetLife began operating in India in 2001 as MetLife India Insurance Company Limited. In 2012 MetLife formed an alliance with Punjab National Bank, which took a 30 per cent stake in the insurer.
PNB MetLife serves customers across about 7,000 locations.
Key moves in India
- 2001: MetLife began operating in India as MetLife India Insurance Company Limited.
- 2013: Punjab National Bank received approval in January for a 30 percent stake and the insurer was renamed PNB MetLife.
- 2021: MetLife agreed to raise its stake to about 47.3 percent for Rs 1,906 crore.
Where it operates
MetLife runs its India business from Mumbai. It also has a presence in Bengaluru, Noida, Jaipur, Hyderabad and Pune.
At a glance
- Home country: United States
- Global headquarters: New York
- Sector: Banking & Financial Services
- Business: Insurance
- Role of India: Sales market, Financial services franchise
- India entity: PNB MetLife India Insurance Company Limited
- India head office: Mumbai
- India offices: Mumbai, Bengaluru, Noida, Jaipur, Hyderabad, Pune
- India headcount: Not available
- In India since: 2001
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