The United States-based insurance major Metropolitan Life Insurance Company on Friday said it aimed to make India its second largest market for insurance products after the United States by 2010.
"By 2010, India will be the second largest market after the US for MetLife operations," MetLife International president Bill Toppeta told reporters in Bangalore.
Asserting that Metlife was lobbying with the government to allow increase in equity stake in Metlife India, he said the company was expecting a favourable decision by the government in the next few years.
Toppeta said Metlife India would launch group insurance policies next month and would leverage its association with General Motors and GE in the United States for offering group insurance to its Indian employees.
Metlife Global reported revenues of $34 billion in 2002 with a profit of $1.7 billion. In its international operations, Metlife earned a revenue of $1.85 billion and profit of $167 million last year.
Metlife India managing director Venkatesh Mysore said the company had sold 22,247 policies since inception last year and earned about Rs 23 crore (Rs 230 million) in new premium.
"Nearly 60 per cent of the new policies are from south India, and significantly from Kerala," he said.
He said Metlife has so far infused capital of Rs 160 crore (Rs 1.60 billion) in the country and this would increase based on growth plans.
