PNB MetLife India Insurance and ESAF Small Finance Bank, a Kerala-based company, have entered into a strategic partnership that will allow clients from across the ESAF SFB network to access an extensive suite of financial services. The alliance will enable PNB MetLife to offer insurance products to both existing and new ESAF SFB customers, while ESAF SFB will be able to provide its customers with access to a wide range of insurance products and services life. A corporate agency contract has been signed in this regard. In accordance with the agency agreement, ESAF SFB will use its points of sale to offer PNB Metlife's life insurance products.
Ashish Kumar Srivastava, CEO of PNB MetLife India Insurance, said: "MetLife's GDP has always believed in inclusive growth and looked for ways to expand its reach. We are delighted to partner with ESAF SFB and offer our customers a wide range of unique products. We look forward to this journey together and hope to provide more customers with PNB Metlife's insurance products. "
As of December 31, 2018, the Metlife BNP was present at 107 sites across the country and had access to more than 100 million customers. Its distribution network was operated by more than 11,000 bank branches. ESAF Small Finance Bank is the latest addition to the list, which includes the National Bank of Punjab, Karnataka Bank and Jammu & Kashmir Bank.
PNB Metlife has also received approval from the market regulator to launch an Initial Public Offering (IPO) and plans to enter the markets in the coming months.
"We got the green light from the regulators and we are negotiating with our bankers for the launch of the IPO. However, it has not yet been decided whether we will publish this exercise or next year, "said a senior company official. During the financial year up to November, PNB Metlife saw its premiums for the first year stand at Rs 871.39 crore compared with Rs 762.94 crores in the previous year, according to data from the previous year. the Indian Insurance and Regulatory Institute.
K Paul Thomas, CEO of ESAF Small Finance Bank, said: "Many middle and lower socio-economic families in non-metropolitan cities do not have access to the services offered by the formal financial sector. . This partnership with PNB MetLife will enable us to realize our vision of enabling our existing and new customers to better understand the value of life insurance and make a more informed decision as to why it is useful to them. "