Metlife Hikes Capital Base To Rs 160 Crore

Bangalore, Sept 22: | Updated: Sep 23 2003, 05:30am hrs
Metlife India Insurance Company has increased its capital base by another Rs 50 crore to taking the total capital base to Rs 160 crore. The increase in capital base will not have any impact on the current shareholding pattern in the company.

At present the US insurance major Metropolitan Insurance Company (Metlife) have 26 per cent stake while Jammu And Kashmir Bank has 25 per cent. M Pallonji & Co accounts for 31 per cent with three private investors having the remaining 18 per cent. Metlife India managing director Venkatesh Mysore said, the increase in capital base is consistent with our business plans and is necessary to support our growth strategies. Our goal is to grow profitably by maintaining an appropriate balance between quantity and quality. He said the company focussed on high agent productivity and retention will come out with new products very soon.