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×

pnb metlife india insurance company Limited

70.00
+ 0.00 %
Scrip Name
PNB Metlife
ISIN No.
INE207O01014
PAN No.
AACCM6448H
Face Value
10
No. of Outstanding Shares
2,012,884,283
Market Capitalization
14,090.19 Crore

PNB METLIFE INDIA INSURANCE COMPANY LIMITED

 

About the Company 

PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the leading life insurance companies in India present since 2001. PNB MetLife has as its shareholders MetLife International Holdings LLC (MIHL), Punjab National Bank (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited, and other private investors, MIHL and PNB being the majority shareholders. The company serves customers in over 7000 locations providing a range of health, life, and retirement insurance products.

PNB MetLife was initially launched as MetLife India Insurance Company Limited in 2001. In 2011, PNB picked up a 30% stake in MetLife India Insurance. Both PNB and MetLife India approached the Competition Commission of India (CCI) on 7 December 2012. In January 2013, PNB received full approval for acquiring a 30% stake in MetLife India Insurance. This new private-sector life insurer was re-branded as PNB MetLife India Ltd.[2]

PNB MetLife is now present in over 150 locations across the country and serves customers in more than 7,000 locations through its bank partnerships with PNB, Jammu, and Kashmir Bank Limited (JKB), and Karnataka Bank Limited.



INCORPORATION DETAILS


CIN

U66010KA2001PLC028883

Registration Date

11 April 2001

Category/Sub-category of the Company

Company limited by Shares

Address of the Registered office and contact details

Unit No. 701, 702 & 703, 7th Floor, West Wing Raheja Towers, 26/27, M G Road, Bangalore - 560001, Karnataka

Name, Address and Contact Details of

Registrar and Transfer Agent, if any

NA


BOARD OF DIRECTORS


Mr. Kishore PonnavoluMr. Thallapaka Venkateswara Rao

Mr. Ashish Kumar SrivastavaMr. Arvind Kumar Jain

Mr. CH. S.S. Mallikarjuna RaoMr. Erach Kotwal

Mr. Sanjay KumarMr. Sunil Gulati

Mr. Pheroze Kersasp MistryMs. Sonu Bhasin

Mr. Surbhit DabriwalaMs. Padma Chandrasekaran

Mr. Ashish BhatMr. Khalid Ahmad

Mr. Atinder Jit SinghMr. P. K. Dinakar

Mr. Stephen BarnhamMr. Sameer Bansa


INDUSTRY OUTLOOK

 

The global life insurance premiums grew at a slower pace of 2.2% in CY 2019 to US$ 2,916 Billion as compared to the 2.6% growth recorded in CY 2018. Life premiums in the emerging markets and the advanced markets grew 5.6% and 1.3% respectively in CY 2019. However, since Q2 CY 2021, the industry saw a strong rebound.

In India, the life insurance industry has grown rapidly in the past two decades. Rising household savings and income levels, growing awareness, tax benefits, product innovation, and customization have contributed to this growth. Despite this, there is a huge room for growth given the significant under-penetration and under-insurance relative to their needs. In CY 2019, India’s life insurance density was 58 compared with the global life insurance density of 379. Penetration was at 2.8% versus 3.4% globally. Further, the country’s protection gap at 83% (or US$ 16.5 Trillion) in CY 2019 was the highest in Asia as per the Swiss Re report ‘Mortality Protection Gap – Asia Pacific 2019’.

In FY 2020-21, life insurance in India continued to be one of the fastest-growing segments with gross total premium reaching Rs. 6.1 trillion, growing at 11% CAGR during FY 2016-21. This was driven by a 7% growth in the new business premium (NBP) to Rs. 2.78 trillion, though this was slower than the 21% growth achieved last year. This temporary slump, especially in the first quarter, was due to the pandemic which impacted the cash position of individuals, drove uncertainties, and prevented in-person interaction which was a key mode of sales. However, since then, the industry adopted more digital ways of selling and servicing which led to some rebounds. The year saw a surge in demand for guaranteed products as interest rates declined and for protection business as market volatility impacted linked business. The private sector grew at 16% and the public sector at 3%. With increased awareness, a large insurable population, improvement in the economic environment, income levels and financial savings, and greater digital adoption, the industry is expected to grow in the coming years. As per CRISIL, during FY 2022-26, the industry’s total premium is likely to grow at a CAGR of 12-14% and NBP at 15-17%.


KEY FINANCIALS

 

Revenue Account Important Component


Policyholders’ Account (Technical Account)

(` in ‘000)

(` in ‘000)


Premiums earned - net

For the year ended March 31, 2021

For the year ended March 31, 2020

% Change YOY

Premium

6,03,28,187

5,50,69,552

9.55%

Reinsurance ceded

-21,91,952

-15,88,569

37.98%


5,81,36,235

5,34,80,983

8.70%





Income from investments




Interest, dividends and rent - gross

1,50,49,521

1,28,37,962

17.23%

Profit on sale/redemption of investments

74,03,329

52,80,047

40.21%

(Loss) on sale/ redemption of investments

-17,49,960

-23,76,989

-26.38%

Transfer/gain on revaluation/change in fair value*

1,53,11,612

-1,26,45,255

-221.09%

Amortisation of premium/discount on investments

1,22,747

5,35,711

-77.09%



Profit and Loss Account for the year ended March 31, 2021


(` in ‘000)

(` in ‘000)


Particulars

For the year ended March 31, 2021

For the year ended March 31, 2020


Amount transferred from the Policyholders’ Account (Technical Account)

6,67,255

7,19,260


Income from Investments




Interest, dividends and rent - gross

10,14,643

9,44,683


Profit on sale/redemption of investments

2,32,115

22,175


Loss on sale/redemption of investments

-9,160



Amortisation of (premium)/discount on investments

-25,300

-14,255


Total Income

18,79,553

16,71,863


Total Expenses

7,47,894

7,28,572


PBT

11,31,659

9,43,291


Provision for taxation

1,20,704

15,578


Profit / (Loss) after tax

10,10,955

9,27,713


No. Of Shares

2,01,28,84,283

2,01,28,84,283


EPS

0.50

0.46



Balance Sheet as at March 31, 2021



(` in ‘000)

(` in ‘000)

Particulars

As at March 31, 2021

As at March 31, 2020




SOURCES OF FUNDS:



SHAREHOLDERS' FUNDS



Share capital

2,01,28,843

2,01,28,843

Reserves and surplus-

43,977


Credit/(Debit) Fair value change account

51,374

-38,436

Total shareholders' funds

2,02,24,194

2,00,90,407

Borrowings



POLICYHOLDERS’ FUNDS



Credit/(Debit) Fair value change account (including for derivative

18,82,745

-7,18,438

contract)



Policy liabilities

19,38,36,535

15,79,69,292

Insurance reserves - -



Provision for linked liabilities -Non unit

6,17,329

5,29,000

Provision for linked liabilities - Unit

6,33,47,018

4,70,30,829

Total policyholders' funds

25,96,83,627

20,48,10,683

Funds for discontinued policies



 Discontinued on account of non- payment of premium

62,77,629

56,58,369

Funds for future appropriations

64,24,452

44,22,583

TOTAL

29,26,09,902

23,49,82,042

APPLICATION OF FUNDS:



Investments



 Shareholders’

1,36,40,818

1,22,48,559

Policyholders’

19,92,40,646

15,89,73,541

Assets held to cover linked liabilities

6,96,24,647

5,26,89,198

Loans

9,20,908

5,82,598

Fixed assets

12,18,513

11,45,174

Current assets



Cash and bank balances

26,66,963

36,13,848

 Advances and other assets

98,33,172

91,55,296

Total Current assets

1,25,00,135

1,27,69,144

Less:



Current liabilities

97,75,226

96,43,479

Provisions

7,67,221

8,00,330

Total Current Liabilities and Provisions (B)

1,05,42,447

1,04,43,809

Net current assets

19,57,688

23,25,335

Miscellaneous expenditure



Debit balance in Profit and Loss Account (Shareholders’ Account)

60,06,682

70,17,637

Deficit in Revenue Account (Policyholders’ Account) - -



TOTAL

29,26,09,902

23,49,82,042



DIVIDEND HISTORY



Particulars

2021

2020

2019

Dividend (final + interim) (In Rs.)

0

0

0


PERFORMANCE OF THE COMPANY


The total Premium increased by 10% and total NBP increased by 12% in FY 2020-21 compared to FY 2019-20. The admin expense ratio has been stable at 17.0% in FY 2020-21 from 17.1% in FY 2019-20. In FY 2020-21, Embedded Value growth was 19% and operating return on embedded value was 14.4%. The value of the new business margin has improved from 18.0% in FY 2019-20 to 21.7% in FY 2020-21.

The PAT of the company fell drastically in FY 2021 by 35% but during FY 2021 it has grown by 9%.

The Current ratio has declined and currently stands at 1.27.

As per the CMP of Rs. 70 the P/E multiple comes out to be 140.

The ROE comes out to be 5%.

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