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PNB Metlife Achives 30 percent Growth in First Year Premiums

PNB MetLife India Insurance achieved growth of 30% during the first year premium (new business) in the first eleven months of the 2015-16, a senior official of the company said on Wednesday.

PNB Metlife PNG

“We have a 30% growth in terms of first year premium (new business) in the period April-February this fiscal,” said managing director and chief executive officer Tarun Chaga.

The first year of collection of premiums amounted to Rs 749 crore in April-February of this year, compared to Rs 576 crore as compared to the same period last year (2014-15).

The company collects Rs.2,500 Crore total premium, including the first and renewals in the last fiscal.

“In general, terms of total premiums, including in the first year and renewal, it should be about Rs.3,000 Crore,” he said.

“All shareholders are negotiating with each other,” said Chaga, when asked about the company’s shares of the shareholders. MetLife International Holdings LLC (MIHL) and Punjab National Bank Limited are the main shareholders of the company with other investors.

Asked about the state of Jammu and Kashmir Bank Limited (JKB), one of the shareholders of the insurer’s life, who is willing to sell its share, he said: “Discussions are also taking place there JKB actively look for it.”

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