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Life insurance industry to grow to $400bn by 2020: MetLife

CNBC-TV18’s Prerna Baruah caught up with Metlife’s Executive Vce President and began by asking her on the company’s plans to hike stake after the FDI cap was increased to 49 percent, insurance regulations in the country and the investment opportunities in India despite the volatility in the country.

CNBC-TV18’s Prerna Baruah caught up with Metlife’s Executive Vice President Maria Morris and began by asking her on the company’s plans to hike stake after the FDI cap was increased to 49 percent, insurance regulations in the country and the investment opportunities in India despite the volatility in the country.

Below is the transcript of the interview on CNBC-TV18.

Q: What is your view of the Indian market and regulations?

A: I would tell you that Metlife believes India is a very good marketplace and we are pleased as an example with the Insurance Act, the 49 percent. We are looking at all options in terms of what that may mean for us and what that means for the marketplace, but overall we are really pleased that the regulation has changed.

Q: Will MetLife look at increasing stake here in PNB-MetLife?

A: We actively look at all options and we are doing that as we speak.

Q: Will it go for listing of PNB MetLife? Will we see anytime soon PNB Metlife getting listed in the Indian stock market?

A: As I said, we are looking at everything right now and the good news is this is a very important market for us to be investing in.

Q: You have been with MetLife over the last 30 years how do you see the Indian insurance sector today and of course going forward?

A: If you think about the life insurance industry here in India being about USD 66.4 billion, it is growing very well. It is growing at 12-15 percent over the next few years. So, by 2020 this market place should be a USD 350-400 billion market place.

India is one of the emerging markets but when you see penetration of life insurance at about 3.9 percent but not nearly as high as some other mature markets where you are seeing insurance penetration up over 10 percent.

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