SRINAGAR: PNB MetLife India Insurance has reported a net profit of Rs. 122 crore for HY 2014-15 (April-September) against Rs. 91 during the same period a year ago.
The renewal premiums for the private life insurer grew by 4 per cent to Rs. 640 crore, with an increase of 18 per cent recorded in the in-forced sum assured taking it to Rs. 233,304 crore.
The company said in a release that achievements have been made despite the market conditions and significant challenges faced by the sector, with the company retaining its market share.
The company also continues to maintain a healthy conservation ratio at 71 per cent and an improved solvency ratio of 248 per cent without additional capital infusion.
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 per cent of our portfolio)”.
He added that the company is on track with regard to 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 besides work towards relief and rehabilitation post the floods,” he said
The company also plans to launch new products in the area of saving for children’s future and critical illness.
MetLife India Insurance Company Limited (PNB MetLife) is a joint venture between MetLife International Holdings Inc. (MIHI), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHI and PNB being the majority shareholders.
PNB MetLife was previously known as MetLife India Insurance Company Limited (MetLife India) and has been present in India since 2001. PNB MetLife is present in over 140 locations across the country and serves customers in more than 7,000 locations through its bank partnerships with PNB, JKB and Karnataka Bank Limited.