MetLifes capital base to go up by Rs 250 cr

Chennai, Nov 22 | Updated: Nov 23 2005, 07:25am hrs
MetLife India Insurance Company has decided to enhance its capital base by infusing Rs 250 crore more in a phased manner to meet the growing business needs. MetLife has recently infused Rs 120 crore into the capital, taking the total capital to Rs 355 crore.

Having spread its wings to 42 offices in a span of 12 months, it is expected to end the fiscal with some more branches and a 10,000 strong agent network as against 3,800 a few months back, said Venkatesh Mysore, MD, MetLife India Insurance.

Keeping in mind the growing business demand, the three major partners -- Metropolitan Life of the US, J&K Bank and M Pallonji & Company along with other partners - have decided to infuse over Rs 250 crore in the next three years to meet the growing business demand, he said. All the partners together have infused Rs 120 crore recently to take the capital base to Rs 355 crore, he added.

We need to infuse fresh capital every year for next three years to not only meet the competition but also expanding network as well as meet our business targets, Mr Mysore said.

As said earlier, we expect to break-even by 2009, he added. Having improved its performance in group insurance and high premium policies, MetLife has netted Rs 150 crore premium so far during the year, he said.