Excelsior Correspondent
JAMMU, May 15: Private sector player, PNB MetLife India Insurance Co Ltd (PNB MetLife) has reported a net profit of Rs 192 crores in FY 2013-14 against Rs 108 crores in previous year.
This is their fourth consecutive year of declaring profits. Ranked amongst the top 10 private players, PNB MetLife’s market share increased to 3.2 percent in FY 2012-13 from 3 percent in the corresponding period last year on ANBP basis.
The company also registered a growth of 3 percent on ANBP. This is despite the market conditions and significant challenges faced by the sector which has resulted in a decline of private players by3 percent in the same period. The company continues to maintain a healthy conservation ratio at 70 percent and an improved solvency ratio of 228 percent without additional capital infusion. The Claims Settlement Ratio of the company also improved to 90 percent from 84 percent in the previous year.
Speaking on the occasion, Tarun Chugh, MD & CEO, PNB MetLife said, “The profitability has been as a result of operational efficiencies and higher sales from long-term regular premium products. We aim to be among the top players in terms of Customer Centricity covering products, process designs and sales and on-boarding experience for the customer. Our objective is to grow our top-line without comprising on the profitability.”
He added, “The Company has also defined a CSR budget for FY 2014-15 based on an overage of last 3 years profit aligned to the requirements of the CSR Bill.
To inculcate the culture of need based selling, the Company has developed an exciting campaign with its partners – PNB MetLife Circle of Trust. Through this campaign the team addresses four financial needs of a customer – Family Protection, Wealth Management, Child Education and Retirement.
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