Private sector life insurer PNB MetLife has inked a corporate agency tie-up with Bank of Bahrain and Kuwait (BBK) to sell retail and group insurance products of the company to the foreign bank's customers in India.
As a part of this tie-up, PNB MetLife will offer its wide array of best-in-class and innovative insurance solutions to BBK's India customers spread across its branches, PNB MetLife said in a statement.
"Bancassurance tie-up forms an important part of the PNB MetLife's growth strategy and the company has forged many successful alliances, to enhance its distribution footprint in the country," it said.
PNB MetLife will offer its products across protection, health, savings, wealth and rural plans to the customers of BBK.
PNB Metfile MD & CEO Ashish Srivastava said, "It will be able to offer customised insurance solutions to BBK customers."
Mallikarjun Kota, Country Head and Chief Executive Office,r said: "Bank of Bahrain and Kuwait has been operating in India for over 30 years...BBK intends to leverage its strong presence in the region and amongst the Indian diaspora to serve with most suitable solutions."
PNB MetLife is jointly held by MetLife International Holdings LLC (MIHL), Punjab National Bank (PNB), Jammu and Kashmir Bank, M Pallonji and Company Private Ltd and other private investors.
MIHL and PNB are the majority shareholders in the firm.
PNB MetLife had 93,015 polices/schemes outstanding by September 2017.
Its premium collection by the end of second quarter (September) of this fiscal was at Rs 555.40 crore, up from Rs 440.45 crore till the same time a year ago.
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