MetLife and Punjab National Bank to Enter into Strategic Partnership; PNB to Acquire Interest in MetLife India

MetLife, Inc. MET announced today that its affiliate, MetLife India Insurance Company Ltd, has agreed to enter into a 10-year distribution arrangement with Punjab National Bank and that PNB will acquire a 30 percent interest in MetLife India. PNB, the second largest bank in India, will distribute MetLife India's products on an exclusive basis through its branch network. The transaction, which is subject to regulatory approval, is expected to close before the end of 2011. Following the closing of the transaction, MetLife India will change its name to PNB – MetLife India Insurance Company Ltd to utilize the strengths of both brands in the Indian market. For MetLife, the deal broadens the company's distribution capability in a strategic focus market, giving the company access to 60 million customers through more than 5,000 PNB branches. This will provide MetLife with the opportunity to increase its market position and to be in the top tier of insurance companies in India. For PNB, the partnership with MetLife will provide expertise and bancassurance capabilities that will be an asset to PNB as it pursues its growth strategy in India and seeks to expand its leadership in the Indian financial services market. "Given its global significance, India is a strategic focus market for MetLife. We believe that the addition of an outstanding financial institution like PNB as a shareholder and partner will greatly enhance our ability to move into the top tier of life companies in India,” said William J. Toppeta, president, MetLife's International business.