MetLife (India) had reported a net loss of Rs274.82 crore in the previous fiscal (2009-10)
Private sector life insurer MetLife (India) reported a net profit of Rs35.35 crore, first time since its incorporation, on improved operational efficiencies.
The company had reported a net loss of Rs274.82 crore in the previous fiscal (2009-10).
Improved operational efficiency coupled with planned sales helped the company register a profit, MetLife said in a statement. Besides, the company also improved on persistency and focused on risk management during the fiscal to reduce claim, it added.
MetLife India Insurance was incorporated in 2001 as a joint venture between MetLife International Holdings, Inc, Jammu & Kashmir Bank, M Pallonji and Co Pvt Ltd and other private investors.
"We have been able to balance our growth with profitability despite the uncertainty in the sector and this can be attributed to our healthy product mix and operational efficiency," MetLife (India) managing director & CEO, Rajesh Relan said.
During the fiscal (2010-11) MetLife had a total revenue of Rs2,615.13 crore, compared to Rs2,627.63 crore in the previous financial year.
Even as the company's new business premium income fell by 33.49%, renewal income witnessed a 22% jump during the year.
"We are in discussion with leading banks and other financial institutions to expand our distribution, while we continue to improve the productivity and efficiency of our agency business," Relan added.
The company's product portfolio consists of unit linked, traditional and group products and traditional products comprise close to 50% of the basket.
L&T Mutual Fund new issue closes on 11th July
L&T Mutual Fund has launched L&T FMP-IV (June367D A), a close-ended income scheme.
The investment objective of the scheme would be to achieve growth of capital through investments made in a basket of debt/fixed income securities maturing on or before the maturity of the scheme. The tenure of the scheme is 367 days.
The new issue closes on 11th July. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Fund Index is the benchmark index. Richa Sharma and Hareshwar Karekar are the fund managers.
ICICI Prudential Mutual Fund new issue closes on 6th July
ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 57-1 Year Plan C, a close-ended income scheme.
The investment objective of the scheme is to generate regular returns by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the plan under the scheme. The tenure of the scheme is one year.
The new issue closes on 6th July. The minimum investment amount is Rs5,000.
Crisil Short Term Bond Fund Index is the benchmark index. Chaitanya Pande is the fund manager.