MetLife (MET) Increases Stake in Its Leading Life Insurance Joint Venture
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MetLife International Holdings, LLC has entered into a share purchase agreement with IGE (India) Private Limited (“IGE”) and Elpro International Limited (BSE: 504000; “Elpro”) to acquire their total combined shareholding of 15.27% in PNB MetLife India Insurance Company Limited (“PNB MetLife”). The transaction is subject to all necessary regulatory approvals.
The Dabriwala family, through their companies, IGE and Elpro, is one of the initial investors in PNB MetLife, a leading life insurance franchise in India with access to more than 200 million customers across 15,000 sales locations nationwide. Upon completion of the transaction, MetLife’s stake in PNB MetLife will increase to 47.325%.
“MetLife’s joint-venture in India has all of the hallmarks we look for in deploying capital to create long term shareholder value: a track record of consistent execution, an extensive distribution network, strong growth and an advantaged position in one of the world’s most attractive life insurance markets,” said Kishore Ponnavolu, Regional President, MetLife Asia. “I am pleased that this transaction supports MetLife’s continued growth in India and will enable us to deliver even more value for our customers, partners and shareholders. The Dabriwala family has been a strong supporter of PNB MetLife and valued members of its board, and we thank them for their contribution to the company."
Surbhit Dabriwala, Director, Elpro International Limited, commented, "We have enjoyed a strong relationship with MetLife for close to 20 years and seen PNB MetLife grow. Our involvement in PNB MetLife is part of a long tradition at Elpro of working with leading multinational partners in India, including in past ventures with GE and FANUC. As PNB MetLife continues to grow, it is our sincere wish that the company goes from strength to strength. We now look forward to our next phase of growth and development where we will continue to be a leading partner of choice providing long term patient capital to some of the best businesses in India.”
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