PNB MetLife India Insurance Company Limited was incorporated on April 11, 2001 as a Private Limited Company under the name 'PNB MetLife India Insurance Company Private Limited' and thereafter was converted into a Public Limited Company vide fresh Certificate of Incorporation effective from January 9, 2008 issued by the Registrar of Companies, Karnataka at Bengaluru.
The history and relationships with MetLife and PNB has enabled to form a strong, professionally managed company with the capabilities necessary to take advantage of significant opportunities in the fast growing Indian life insurance market. The Company has a pan-India, multi-channel distribution network and a comprehensive product portfolio which provide an end-to-end customer-centric service experience.
The Company offers life insurance, pension, health, retirement and investment products to Individual and Group segments. The products sold under these businesses comprise participating, non-participating, pension, health and unit linked products through which some of these products have riders attached to them such as Accident and Disability Benefit, Waiver of Premium, Level Term and Critical Illness. Its product portfolio covers three principal customer needs, comprising of savings, protection and pension. Its diversified investment portfolio primarily comprises of equities, government securities and corporate debt. Additionally, the Company invest in fixed deposits, exchange traded funds (ETFs), liquid mutual fund units and other investments.
The Company established bancassurance partnerships with Jammu and Kashmir Bank Limited (JKB) and Karnataka Bank Limited (KBL) in year, 2001. In 2011, MetLife India launched bancassurance partnership with Punjab National Bank (PNB), and in 2013, Punjab National Bank (PNB) acquired 30% stake in MetLife India Insurance Co Ltd, and consequently, PNB became a Shareholder of the Company effective on January 22, 2013.
As of March, 2018, the Company offered customers 15 savings products, 9 protection products and 5 pension products. It launched one additional group credit life protection product in March, 2018. It had the second largest bancassurance platform in India based on number of scheduled bank branches across India through which, the bancassurance platform was supported by PNB, the second largest bank in India based on total branches, which provided access to 11,239 branches as of December 31, 2017.
The Company is proposing the Offer of issuing up to 495,898,076 Equity Shares through Public Issue.