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REUTERS: US insurer MetLife Inc. said it would increase the stake in its Indian joint venture, availing of the increased limit for foreign companies’ investment into the country’s insurance industry announced earlier this year.
MetLife said it had entered into an agreement with IGE India and Elpro International to acquire their combined stake of 15.27% in PNB MetLife India Insurance Company Ltd.
The deal will boost MetLife’s stake in PNB MetLife to more than 47%.
Foreign institutional investors are now allowed to hold up to 74% of private insurance companies in India compared with the earlier limit of 49%.
The relaxed limit, which was announced by Indian Finance Minister Nirmala Sitharaman in her budget speech for 2021-22, is expected to attract inflows from US and European insurers.
PNB MetLife is a leading life insurance franchise in India with access to more than 200 million customers across 15,000 sales locations.
