MetLife to acquire a 15.27% stake in PNB MetLife from IGE and Elpro.

MetLife, a provider of insurance, annuities, and employee benefit programs, agreed to acquire a 15.27% stake in PNB MetLife, a life insurance company, from IGE, an electrical components supplier, and Elpro, an electrical equipment manufacturer. Financial terms are not disclosed. “MetLife’s joint-venture in India has all of the hallmarks we look for in deploying capital to create long term shareholder value: a track record of consistent execution, an extensive distribution network, strong growth and an advantaged position in one of the world’s most attractive life insurance markets. I am pleased that this transaction supports MetLife’s continued growth in India and will enable us to deliver even more value for our customers, partners and shareholders. The Dabriwala family has been a strong supporter of PNB MetLife and valued members of its board, and we thank them for their contribution to the company,” Kishore Ponnavolu, MetLife Asia Regional President.