In­dia that Soon

MetLife as state-run lender wants to stay on

The Economic Times - - Companies: Pursuit Of Profit -

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.

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