MetLife India Insurance Company Limited and Punjab National Bank Life Insurance Partnership Finalize
MetLife India Insurance Company Limited and Punjab National Bank Life Insurance Partnership Finalized
A Significant Transaction Tied to MetLife Inc.'s Emerging Market Strategy
NEW YORK--(BUSINESS WIRE)-- MetLife, Inc. (NYS: MET) today announced that MetLife India has completed a partnership agreement with Punjab National Bank (PNB). Under the agreement PNB obtained a 30% ownership in the company. MetLife India will now be known as PNB MetLife India Insurance Company Limited (PNB MetLife). Commemorating this partnership, the Honourable Finance Minister of India, Mr. P Chidambaram attended a launch event in New Delhi today.
PNB is one of the oldest and leading banks in India and is trusted by customers for over 100 years. It has a vast distribution reach, with over 5,900 branches and serving over 70 million customers across the nation. MetLife India has been operating in the country since 2001 and with this partnership, has significantly expanded its insurance business.
In May 2012, MetLife announced a strategic plan to drive shareholder value, including increasing its business in emerging markets to become 20% of operating earnings by 2016.
"This partnership is an important step forward in delivering on our strategy to grow our business in emerging markets," said Steven A. Kandarian, chairman, president and chief executive officer of MetLife, Inc. "As a dynamic emerging market, India is an important growth opportunity for MetLife, and we are proud to be partnering with an outstanding financial institution such as PNB."
"This unique and compelling partnership reinforces our commitment to India and our goal of becoming a top-tier life insurer in the country," said Christopher Townsend, president of MetLife Asia region. "We look forward to working with PNB to bring our products and capabilities to India to help customers achieve financial security."
Speaking at the launch, Shri K.R. Kamath, chairman and managing director, Punjab National Bank, said, "This is a fine example of a public-private partnership and a significant milestone in the 117 year history of the bank. MetLife has more than 140 years of experience, and is a leading global provider of insurance products. Partnering with MetLife will give us access to global products and the risk management expertise of MetLife. We are very pleased that with this partnership, PNB will be able to offer a full suite of financial products to our customers, including life insurance, under the new brand PNB MetLife."
About MetLife, Inc.
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
About Punjab National Bank
With over 72 million satisfied customers and 5,937 domestic branches, PNB continues to retain its leadership position amongst the nationalised banks in India. The Bank enjoys strong fundamentals, large franchise value and a good brand image. Since its inception in 1895, PNB has always been a "People's Bank" serving millions of people throughout the country and has remained fully committed to its guiding principles of sound and prudent banking. For more information, visit www.pnbindia.in.
This press release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe" and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.'s most recent Annual Report on Form 10-K (the "Annual Report") filed with the U.S. Securities and Exchange Commission (the "SEC"), Quarterly Reports on Form 10-Q filed by MetLife, Inc. with the SEC after the date of the Annual Report under the captions "Note Regarding Forward-Looking Statements" and "Risk Factors," and other filings MetLife, Inc. makes with the SEC. MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if we later become aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the SEC.
John Calagna, 212-578-6252
Edward Spehar, 212-578-7888
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