Mumbai: Private sector player PNB MetLife India (PNB MetLife) today reported 78 per cent growth in net profit at Rs 192 crore for 2013-14 on the back of operational efficiencies and higher sales from long-term regular premium products.
PNB MetLife's net profit stood at Rs 108 crore in 2012-13, the company said in a release. This is the fourth consecutive year of the company, which is ranked amongst top 10 private players, declaring profits.
The adjusted new business premium (ANBP) of the companystood at Rs 587 crore in 2013-14 compared to Rs 572 crore in 2012-13.
PNB MetLife's market share also increased to 3.2 per cent in FY'13 from 3 per cent last year. The Claims Settlement Ratio of the company also improved to 90 per cent from 84 per cent in the previous year.
“The profitability has been as a result of operational efficiencies and higher sales from long-term regular premium products (close to 90 per cent of our portfolio). We are currently focused on bancassurance and agency sales force, but the aim is to be a multi-distribution model including online.
“Our objective is to grow our top-line without comprising on the profitability,” PNB MetLife Managing Director and CEO Tarun Chugh said. PNB MetLife is a joint venture between MetLife International Holdings (MIHI), Punjab National Bank (PNB), Jammu & Kashmir Bank (JKB), M Pallonji and Company and other private investors, with MIHI and PNB being the majority shareholders.