PNB MetLife India Insurance Company

Last updated

PNB MetLife India Insurance Company Limited
Company type Joint venture
Industry Financial services
Founded2001;23 years ago (2001)
Headquarters Mumbai, India
Area served
India
Key people
Sameer Bansal (MD & CEO)
Products
Number of employees
21,000+
Parent Punjab National Bank
MetLife
Website www.pnbmetlife.com

PNB MetLife India Insurance Company Limited (PNB MetLife) established in 2001 is one of the leading life insurance companies in India. PNB MetLife shareholders include MetLife International Holdings LLC (MIHL), Punjab National Bank (PNB), Jammu & Kashmir Bank Limited (JKB), and M. Pallonji and Company Private Limited, as well as other private investors. MIHL and PNB are the majority shareholders in the company. The company serves customers in over 7000 locations providing a range of health, life and retirement insurance products. [1]

Contents

History

PNB MetLife was initially launched as MetLife India Insurance Company Limited in 2001. In 2011, PNB acquired a 30% stake in MetLife India Insurance. On 7 December 2012, PNB and MetLife India approached the Competition Commission of India (CCI). In January 2013, PNB received full approval to purchase a 30% stake in MetLife India Insurance. This new private sector life insurer was re-branded as PNB MetLife India Ltd. [2]

PNB MetLife now has over 150 branches across the country and serves customers at more than 7,000 locations through its bank partnerships with PNB, Jammu and Kashmir Bank Limited (JKB), and Karnataka Bank Limited.

Key people

The key people of PNB MetLife India Insurance Company Limited as defined by Insurance Regulatory and Development Authority of India (IRDA) are as follows:

Name of key personDesignation
Sameer BansalManaging Director & CEO
Asfa BihariAppointed Actuary
Nilesh KothariChief Financial Officer
Mahendra MunotChief Operations Officer
Sanjay KumarChief Investment Officer
Vijayalakshmi NatarajanChief Risk & Compliance Officer
Shishir AgarwalChief Human Resource Officer
Vineet MaheshwariChief Strategy Officer & Chief Information Technology Officer
Motty JohnChief Legal Officer & Head – Board Affairs
Viraj TanejaChief of internal audit
Yagya TurkerCompany Secretary

Awards

2016: PNB MetLife won the ‘Website of the Year’ award at the E-Commerce Summit & Awards in Mumbai. [3]

2016: PNB MetLife won the ‘Celent Model Insurer Asia’ award for the most responsive eCommerce platform on a mobile. [4] [5]

2016: PNB MetLife won honors at the prestigious Asia Training & Development Excellence Awards 2016 held in Singapore in two categories – Best Education Training Campaigns and Programs and Best Sales Development Program. [6]

Other achievements

In August 2014, the company launched its corporate social responsibility program to support the education of children in Karnataka. The project, which is part of the existing Rajiv Gandhi Crèche Scheme, supports the government's priority of strengthening and supporting the 30 crèche centers. [7]

On the occasion of World Health Day, PNB MetLife announced the fifth edition of Guinness Record-holding PNB MetLife Satara Hill Half Marathon 2016. [8]

A new digital campaign, including a 75-second film conceptualized by McCann Erickson, was launched by PNB MetLife in June 2016 [9]

Related Research Articles

<span class="mw-page-title-main">Punjab National Bank</span> Indian public sector bank

Punjab National Bank is an Indian government public sector bank based in New Delhi. It was founded in May 1894 and is the second-largest public sector bank in India in terms of its business volumes, with over 180 million customers, 12,248 branches, and 13,000+ ATMs.

<span class="mw-page-title-main">MetLife</span> American insurance company

MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC), better known as MetLife, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with around 90 million customers in over 60 countries. The firm was founded on March 24, 1868. MetLife ranked No. 43 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.

<span class="mw-page-title-main">People's Insurance Company of China</span> Chinese insurance company

The People's Insurance Company (Group) of China Limited, known as PICC Group or just PICC, is a Chinese listed insurer. The Chinese Central Government is the controlling shareholder.

<span class="mw-page-title-main">Philippine National Bank</span> Banking company in the Philippines

The Philippine National Bank is one of the largest banks in the Philippines. It was established by the Philippine government on July 22, 1916, during the American Era.

Life insurance is one of the growing sectors in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to ₹2,950 & ₹7,859. Life Insurance in India was nationalised by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993, the Government of India appointed RN Malhotra Committee to lay down a road map for privatisation of the life insurance sector.

Bharti Enterprises Limited is an Indian multinational conglomerate, headquartered in Delhi. It was founded in 1976 by Sunil Bharti Mittal. Bharti Enterprises owns businesses spanning across telecommunications, manufacturing, insurance, real estate, hospitality, and food. The group's flagship company, Bharti Airtel, is a telecom service provider with operations in more than 18 countries across Asia, Africa and Europe. The company ranks amongst the top two mobile network operators globally by number of subscribers.

ICICI Lombard General Insurance Company Limited is a general insurance company in India. It is engaged in general insurance, reinsurance, insurance claims management and investment management.

<span class="mw-page-title-main">Ministry of Finance (India)</span> Finance ministry of India

The Ministry of Finance is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India. In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.

Jammu & Kashmir Bank Limited is an Indian private sector bank headquartered in Srinagar, Jammu and Kashmir. J&K Bank was incorporated on 1 October 1938, by the then ruler of the princely state of Jammu and Kashmir Maharaja Hari Singh with an initial paid up capital of ₹5.00 Lakh. There is some debate about whether the Maharaja referred to his personal treasury as the bank during its inception. The bank registered a total business turnover of over 1750 billion as of 31 March 2021.

<span class="mw-page-title-main">Outline of India</span>

The following outline is provided as an overview of, and topical guide to, India:

<span class="mw-page-title-main">Allianz</span> German multinational financial services company

Allianz SE is a German multinational financial services company headquartered in Munich, Germany. Its core businesses is insurance and asset management.

Geojit Financial Services Ltd. is an investment services company in India headquartered in Kochi, Kerala. It operates a network of offices across India and the Middle East. Geojit was the first company in India to launch online-trading facilities, develop franchise models of sub-broking, form joint ventures in West Asia and the first to begin commodity futures trading in pepper, cardamom, gold and silver in India.

<span class="mw-page-title-main">Niva Bupa</span> Indian health insurance company

Niva Bupa Health Insurance Company Limited is an Indian health insurance company, founded in 2008. It is headquartered in New Delhi, India.

Royal Sundaram General Insurance Co. Ltd., a subsidiary of Sundaram Finance Group, is the first private sector general insurance company in India to be licensed in October 2000 by the Insurance Regulatory and Development Authority of India.

Public Sector Undertakings (PSU) in India are government-owned entities in which at least 51% of stake is under the ownership of the Government of India or state governments. These entities perform commercial functions on behalf of the government. Depending on the level of government ownership, PSUs are officially classified into two categories: Central Public Sector Undertakings (CPSUs), owned by the central government or other CPSUs; and State Public Sector Undertakings (SPSUs), owned by state governments. CPSU and SPSU is further classified into Strategic Sector and Non-Strategic Sector. Depending on their financial performance and progress, CPSUs are granted the status of Maharatna, Navaratna, and Miniratna.

<span class="mw-page-title-main">Parvez Ahmad</span> Indian politician

Parvez Ahmad Nengroo is a Kashmiri politician who was born in 1964 at Kaprin, a village in South Kashmir's Shopian district. Parvez Ahmad was chairman and CEO of Jammu and Kashmir Bank. He was removed by the state government on the charges of "mis-governance". He is the second chairman and CEO of J&K Bank, after Haseeb A Drabu, to be suddenly removed by the J&K state government. On 23 September 2021, Nengroo joined the Jammu and Kashmir People's Conference

<span class="mw-page-title-main">Max Life Insurance</span> Indian life insurance company

Max Life Insurance Company Limited is an Indian life insurance company headquartered at New Delhi, and the largest non-bank private-sector life insurer in India. It is an 80:20 joint venture between Max Financial Services and Axis Bank. The company is a subsidiary of the publicly-listed Max Financial Services. It was founded in 2000 after the liberalization of the insurance sector in India and its operations began in 2001.

Bandhan Life Insurance Limited is an Indian life insurance company offering individual and group insurance online and offline. Founded in 2008, it is headquartered in Mumbai, India.

Sanger Wani or Sangerwani is a village in Pulwama district of the Indian union territory of Jammu and Kashmir.

<span class="mw-page-title-main">Canara HSBC Life Insurance</span> Indian insurance company

Canara HSBC Life Insurance is an Indian life insurance company, headquartered in Gurugram. Established in 2008, Canara HSBC Life Insurance was a joint venture between Canara Bank (51%), HSBC Insurance Holdings Limited (26%) and Punjab National Bank (23%). On 15 June 2022, the company renamed itself as Canara HSBC Life Insurance after the exit of its third partner, Punjab National Bank.

References

  1. "About PNB MetLife". pnbmetlife. Retrieved 7 November 2016.
  2. "Punjab National Bank acquires 30% stake in MetLife, company to be re-branded". The Indian Express. Retrieved 1 September 2016.
  3. "E-COMMERCE AWARD WINNERS 2016". asiaretailcongress. Retrieved 7 November 2016.
  4. "PNB Metlife Won Celent Model Insurer Asia 2016 Award". policymantra.com. Retrieved 29 April 2016.
  5. "PNB Metlife wins Model Insurer Asia awards 2016". indiainfoline.com. Retrieved 28 April 2016.
  6. "PNB METLIFE WINS TWO HONORS AT ASIA TRAINING & DEVELOPMENT EXCELLENCE AWARDS 2016". visheshnews.in. Vishesh News. Retrieved 16 August 2016.
  7. "PNB Met Life, Karnataka Bank reiterate support for creche project under CSR". The Times of India. Retrieved 24 October 2016.
  8. "Hill half marathon to challenge fitness enthusiasts launched in Mumbai". The Times of India. 10 April 2016. Retrieved 18 February 2019.
  9. "PNB MetLife plots wacky vanishing act to show 'anything can happen". Campaign India. Retrieved 25 October 2016.