MetLife To Increase Stake In Insurance Joint Venture With Punjab National Bank

US agency MetLife will hike stake in insurance coverage three way partnership with Punjab National Bank

US insurer MetLife Inc mentioned on Monday it could enhance the stake in its Indian three way partnership, availing of the elevated restrict for international firms' funding into the nation's insurance coverage trade introduced earlier this 12 months.

MetLife mentioned it had entered into an settlement with IGE India and Elpro International to accumulate their mixed stake of 15.27 per cent in PNB MetLife India Insurance Company Limited.

The deal will enhance MetLife's stake in PNB MetLife to greater than 47 per cent. Foreign institutional buyers at the moment are allowed to carry as much as 74 per cent of personal insurance coverage firms in India in contrast with the sooner restrict of 49 per cent.

The relaxed restrict, which was introduced by Finance Minister Nirmala Sitharaman in her finances speech for 2021-22, is anticipated to draw inflows from US and European insurers.

PNB MetLife is a number one life insurance coverage franchise in India with greater than 200 million clients throughout 15,000 gross sales places.