Public sector Punjab National Bank (PNB) on Thursday said that it would partner Metlife India for its proposed life insurance business.
“We have considered offers made by various companies and selected Metlife as our partner,” PNB chairman and managing director KR Kamath told reporters in New Delhi.
Last year, PNB had invited expressions of interest (EoI) from Indian and foreign insurance firms to set up a strategic partnership with second largest public sector lender.
Three companies — Aviva, Metlife and Bharti Axa — were among the final three firms that PNB had shortlisted from 41 companies that had shown interest. Last year, PNB decided to exit from a proposed life insurance joint venture it set up four years ago by buying out the entire 26% stake held by Principal Financial Group.
At present, the total capital deployed by the insurance industry, that includes both life and non-life companies, is about Rs 35,000 crore, of which Rs 26,000 crore is in the life segment. Of this about Rs 9,000 crore is contributed by foreign players.