MetLife lines up India drive with aggressive plans

New York, Nov 28 | Updated: Nov 29 2006, 08:37am hrs
MetLife, the largest life insurance company in the US is targeting 15% of its total income from its international operations by 2010. The company plans to expand its global reach through M&A, strong distribution channels and innovative products, said William J Toppeta, president, MetLife International.

Though other countries like Japan, Australia, Taiwan and EU countries would be in the radar of MetLife, in Asia, India and China are two focussed markets we would like to expand our operations much aggressively, he said.

According him MetLife is gearing up in India to grow into a bigger player by expanding much faster.

We would like Insurance Regulatory and Development Authority (Irda) to change agency guidelines to establish a strong agency force in India.

Said Rajesh Relan, the new CEO of the MetLife India , Our partnership with UTI Bank is transformational. The agreement with the bank will give us a national footprint which is a big leap for us.

Going by the Big Tree, a blue print of Met Lifes global operations the company with over $60 billion of premium base plans $12 billion of annual revenues out of 30 million customer base in next seven to eight years . The company is also targeting a $1billion earnings from its international operations during the period.

Mike Mooney, international marketing, MetLife, said that the company will have country-specific execution, reflecting elements of the global strategy

Explaining the US demographic trend, Moooney said people are feeling a greater financial burden today than before. They sense that they cannot count on the government, their employer or the stock market for their financial security, he said.

The travel for this story was sponsored by MetLife