India that Soon
MetLife as state-run lender wants to stay on
70%, respectively, in that period.
Growth in individual new business income is up 20% the recent months for the insurance industry and 25% for the private sector. PNB Metlife’s market share has fallen to 3.1% from 3.6% at the end of January 2017.
Both Indian and foreign partners have been reassessing their strategies due to low margins and slowing growth. New business margins for Indian insurers are 8-17% compared with 15-50% for their regional peers, a Credit Suisse report had said.
The insurance industry is going through a phase of consolidation after legislation enabled foreign insurers to raise their stake to 49%. Post change in law, two large insurance companies, HDFC Life and Max Life, have announced plan to merge. The largest private sector life insurance company, ICICI Prudential Life, listed its shares on stock exchanges in September.