Bangalore: Metlife India Insurance has decided to hike its paid-up capital by Rs 350 crore to Rs 1,230 crore. This additional infusion has come in from J&K Bank, Pallonji & Co, Metlife Inc, besides a couple of private equity investors who are the existing shareholders.
At present, Metlife is tenth among the 14 private insurance players in India. The company has offloaded around half a million policies during its seven years of operations, collection a total premium of around Rs 620 crore. The company is expecting to cross the Rs 1,000 crore mark by the end of 2008. Nearly 95 per cent of their revenue comes through the sale of ULIP products. Metlife India''s 20 products are also available through J&K Bank, Axis Bank, Barclays Bank, Dhanalakshmi Bank and Karnataka Bank.
At present, Metlife is tenth among the 14 private insurance players in India. The company has offloaded around half a million policies during its seven years of operations, collection a total premium of around Rs 620 crore. The company is expecting to cross the Rs 1,000 crore mark by the end of 2008. Nearly 95 per cent of their revenue comes through the sale of ULIP products. Metlife India''s 20 products are also available through J&K Bank, Axis Bank, Barclays Bank, Dhanalakshmi Bank and Karnataka Bank.
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