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PNB MetLife is targeting a 30 per cent growth in first year premium collection in the current fiscal.
First year premium or new business premium stood at ₹740 crore till February; a 30 per cent increase over ₹576 crore reported in the same period last year.
“First year premiums (collections) are expected to grow at around 30 per cent over last year. So far, we have been able to achieve this growth rate,” Tarun Chugh, Chief Executive Officer, PNB MetLife, told reporters on the sidelines of a CSR initiative of MetLife Foundation.
Total premium collection (first year collection plus renewal premium), he said, is expected to be around ₹3,000 crore for the current fiscal, up 20 per cent over ₹2,500 crore reported a year ago.
Persistency ratio — the volume of businesses it is able to keep — for the company stood at 70 per cent; as against the 62-63 per cent of the industry.
Stake HikeThe US-based MetLife has 26 per cent stake in the joint venture, while Punjab National Bank has 30 per cent, Jammu and Kashmir Bank holds five per cent, apart from M Pallonji and Co Pvt Ltd, and other private investors. According to Chugh, MetLife is willing to hike its stake in the venture and “discussions are on”.
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