MetLife Sees India As Its Second Largest Mart By 10

Bangalore, Nov 14: | Updated: Nov 15 2003, 05:30am hrs
Global insurance firm MetLife International expects the Indian market to become its second largest market after the US by 2010. The company is planning to expand its agency and office networks to fuel its growth in India, according to company officials. Addressing the media, MetLife International president Bill Toppeta said the firm is keen to increase its stake in its Indian subsidiary MetLife India Insurance Company Pvt Ltd, as it saw huge potential for growth here.

He said, We think India is a terrific market. We are lobbying with the government to allow us to increase our stake beyond 26 per cent.

MetLife was planning to launch its group insurance products in India in the coming year, he added.

The Indian operations that began in 2002 has so far sold 22,247 policies and earned nearly Rs 23 crore on new policy premium. 60 per cent of the sales have come through agency sales, MetLife India managing director Venkatesh Mysore said. The company will increase its financial agents base from its current figure of 1,033 to 3,800 by 2004.