Metlife ups paid-up capital by Rs 350 crore

Metlife India Insurance has announced that it is increasing its paid-up capital by Rs 350 crore to Rs 1,230 crore to support the company's growth plans.

This additional infusion has come in from J&K Bank, Pallonji & Co, Metlife Inc, besides a couple of private equity investors who are the existing shareholders.

Metlife is currently tenth among the 14 private insurance players in India. The company has sold around half a million policies during its seven years of operations, collection a total premium of around Rs 620 crore.

Company officials said they were hoping to cross the Rs 1,000 crore mark by the end of 2008. Nearly 95 per cent of their revenue comes through the sale of ULIP products.

Metlife India MD Rajesh Relan said they now have a nationwide network of 111 offices across 66 cities and have access to customers through more than 32,000 financial advisors.

Metlife India's 20 products are also available through J&K Bank, Axis Bank, Barclays Bank, Dhanalakshmi Bank and Karnataka Bank.