| MetLife India Insurance Company will be infusing Rs 119 crore by December-end for meeting the solvency requirements and expanding its reach.
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| After the infusion, the capital base of the company will be Rs 880 crore. The number of agents will triple to 30,000, while the number of branches will increase to 110 by this year.
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| MetLife Insurance Company has increased its market share from 1.7 per cent last year to 2.3 per cent this year, according to Rajesh Relan, managing director, MetLife India Insurance.
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| In two to three years, MetLife may look at setting up a non-life insurance company in India, besides setting up a standalone health insurance company and entering the pension business.
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| “Right now, we want to focus on expanding our life insurance business in India, but may look at these businesses in two to three years. Pension is another area we will look into after the regulations,” said Shailendra Ghorpade, senior vice-president of international business, MetLife.
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| At present, MetLife has general insurance companies offering auto and home insurance in Korea and Taiwan. It has a standalone health insurance company in Mexico.
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| Currently, 10 per cent of the total earnings come from the international market, comprising Latin America, Asia and Europe, excluding the US.
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| “All the three businesses are growing very fast. The international business holds the future for Metlife,” said William J Toppeta, president of MettLife Inc.
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| MetLife India is a subsidiary of MetLife Inc, a leading provider of insurance and financial services with operations throughout the US and Latin America, Europe and Asia-Pacific regions. |
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