Metlife partners with Barclays Bank

Mumbai, July 11: Metlife India Insurance has entered in a bancassurance tie-up with Barclays Bank with an eye to attain 5 per cent market share in the booming domestic insurance space from the current 2.5 per cent.

The company will strengthen its agency network to 40,000 from the current 25,000 through the tie-up, said Rajesh Relan, Metlife Managing Director.

''The tie-up will help metlife to maximize its business volume by offering world-class products to customers. We are confident of making a difference in the hugely promising Indian market,'' he added.

Metlife would infuse an additional capital of Rs 231 crore, which will be raised from its foreign partners, thus taking the total capital to Rs 761 crore from cuurent Rs 530 crore.

Having initiated its Indian operations in year 2002, Metlife has a Gross Written Premium (GWP) of Rs 344 crore. The company has also achieved a sale of Rs 274 crore in the first six months of this year.

Metlife has operations in life insurance, automobile and home insurance, retail bankng and in other financial services.

The company had partnered with UTI-bank, Jammu&Kashmir Bank, Karnataka Bank and Dhanalakshmi Bank in Insurance business.

Company's overseas operations are spread in United States, Latin America, Europe and in the Asia-Pacific region.

UNI