PNB MetLife appoints Sameer Bansal as MD, CEO; to succeed Ashish Srivastava

Private life insurer, PNB MetLife India Insurance on Thursday appointed Sameer Bansal as the Managing Director (MD) and Chief Executive Officer (CEO) of the company effective from July 1, 2024. The appointment is subject to regulatory approvals.

“I am honoured to take on this role. We are in a fast changing and competitive market place with significant opportunities and I am very excited to lead our company as we deliver on our Circle of Life promise to our customers, and live our purpose: Milkar Life Aage Badhaein, for all our stakeholders,” said Bansal.

He joined the firm in 2007 and is currently serving as the Chief Distribution Officer.

He will succeed Ashish Srivastava, who has been appointed MD for MetLife Inc.’s Global Shared Services team in India.

Bansal has over 25 years of experience in financial services, including extensive and successful experience in leading Distribution through Bancassurance, Agency, Digital, Employee Benefits and Direct marketing business models. 

PNB MetLife Insurance is a joint venture between MetLife International Holdings LLC which has around 46 per cent stake and Punjab National Bank, which has 30 per cent stake in the company.

Speaking on the appointment, Lyndon Oliver, chairman of the board said, “We are very pleased to support the appointment of Sameer Bansal to lead our joint venture company. He is a skilled and seasoned leader whose deep knowledge of the industry and our business will ensure the continued growth of PNB MetLife.”

The insurance company offers various products for Child Education, Family Protection, Long-Term Saving and Retirement. It also has a wide range of protection and retirement products available through its sales channel of over 19,500 financial advisors and multiple bank partners and caters to over 590 group relationships in India.

The life insurer registered 5.93 per cent Year-on-Year (YoY) growth in New Business Premium (NBP) in FY24 to Rs 3410.05 crore as compared to Rs 3219.29 crore in FY23, according to the life insurance council’s data.