The alliance will enable PNB MetLife to reach both existing and new ESAF SFB customers with insurance products, while ESAF SFB will be able to provide its customers an access to a wide array of life insurance products and services
PNB MetLife India Insurance and Kerala-based ESAF Small Finance Bank have entered into a strategic partnership, which will provide customers across the ESAF SFB network with access to an expanded financial services suite. The alliance will enable PNB MetLife to reach both existing and new ESAF SFB customers with insurance products, while ESAF SFB will be able to provide its customers an access to a wide array of life insurance products and services. A corporate agency agreement was signed in this regard. As per the corporate agency agreement, ESAF SFB will leverage its outlets to offer PNB Metlife’s life insurance products.
Ashish Kumar Srivastava, MD & CEO of PNB MetLife India Insurance, said, “PNB MetLife has always believed in inclusive growth and looked for ways to expand its reach. We are delighted to partner with ESAF SFB and offer our wide range of unique products to their customer base. We look forward to this journey together and hope to provide more customers with PNB Metlife’s insurance products.”
As of December 31, 2018, the PNB Metlife operates in 107 locations across the country with access to over 100 million customers and has distribution network through more than 11,000 bank branches. ESAF Small Finance Bank is the newest addition to the list which includes Punjab National Bank, Karnataka Bank and Jammu & Kashmir Bank.
PNB Metlife has also received the market regulator’s nod to float an initial public offering (IPO) and is looking to hit the markets in months to come.
“We have got the go-ahead from regulator and we are in talks with our bankers when to launch the IPO. However it has not yet been decided whether we will come out in this financial year or next year,”said a senior person from the company. In the current financial year till November, PNB Metlife saw its first year premiums at Rs 871.39 crore as against Rs 762.94 crore in previous financial year, shows the data from Insurance Regulatory and Development Authority of India.
K Paul Thomas, MD & CEO, ESAF Small Finance Bank, said “Many middle and lower socio-economic class families from non-metro cities do not have access to the services offered by the formal finance sector. This partnership with PNB MetLife will enable us to fulfill our vision of enabling our customers — existing and new — to understand the value of life insurance better, and thereby make a more informed decision on why it is useful for them.”