Financial Daily from THE HINDU group of publications
Wednesday, Nov 10, 2004
Financial Daily from THE HINDU group of publications Wednesday, Nov 10, 2004 |
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Money & Banking
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Life Insurance MetLife raises capital to Rs 235 cr Our Bureau
New Delhi , Nov. 9 PRIVATE sector life insurance company MetLife India has increased its paid-up capital by Rs 75 crore to Rs 235 crore. The capital infusion has been done in view of the increase in business, Mr Venkatesh Mysore, Managing Director, MetLife, said. "The increase in capital base is consistent with our business plans and is necessary to accommodate the increasing amount of insurance business. The infusion of additional capital would support our expansion plans and business growth," Mr Mysore said at a press conference here today. He said the company's premium income is likely to increase to Rs 70-75 crore during the current fiscal from Rs 65 crore in the previous year. MetLife India is an affiliate company of MetLife Inc with its other partners including Jammu and Kashmir Bank, M Pallonji and Co and a few other investors. Mr Mysore said MetLife expects to break even by 2008. The company would need fresh capital infusion annually for the next 3-4 years, he said. He said the company expected to increase its workforce to 10,000 from the current 2,300 to keep with the growth in business. Mr Suraj Kaeley, Chief Marketing Officer, MetLife, said India was a focus market for MetLife Inc. The country offered immense business opportunity, he added.
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