PNB MetLife India Insurance Co Ltd
Bancassurance-led private life insurer owned by MetLife (49.7%) and Punjab National Bank (30%), writing ₹13,000 Cr of premium a year.
Market cap
₹9,223 Cr
204.95 Cr shares
P/E ratio
28.85
Sector average 70
Book value
₹13.08
P/B 3.44
1-year return
+0.00%
52w ₹45 – ₹55
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹45 → ₹45
52-week band in this window: ₹45.00 – ₹45.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY26 gross written premium ₹13,047 Cr (+11%); PAT ₹320 Cr; 204.95 Cr shares of ₹10.
- Owned 49.73% by MetLife and 30% by Punjab National Bank; MetLife plans to buy more.
- Altius sell price ₹35; buy rate ₹55 taken from other dealer quotes; rights issue at ₹82 in FY26.
About PNB MetLife
PNB MetLife India Insurance Company Limited began in 2001 as MetLife India Insurance and took its current name in 2013 when Punjab National Bank bought 30%. MetLife International Holdings owns 49.73%, PNB 30%, and Jammu & Kashmir Bank, M. Pallonji & Co. and other private investors the balance 20.27%.
Distribution leans on PNB's 10,000-plus branches plus J&K Bank, Karnataka Bank and its own agency force, selling savings, protection, retirement and unit-linked plans. Gross written premium grew 11% to about ₹13,047 Cr in FY26 (₹11,746 Cr in FY25); profit after tax was roughly flat at ₹320 Cr versus ₹325 Cr.
The company filed a DRHP in 2018 for an offer for sale but never launched the issue and the approval lapsed. In 2026 MetLife said it intends to raise its stake beyond 49.73% by buying out minority partners, and the company completed a rights issue at ₹82 a share during FY26.
Altius Investech quotes a sell price of ₹35; its buy price was not captured, so the ₹55 rate here comes from other dealer quotes (₹55 on WWIPL in 2025; UnlistedZone indicated ₹100 in July 2026). Insurance accounts are modelled into the site's format. Figures preliminary; verify from MCA filings.
Where the revenue comes from
- Participating & non-par savings55%
Traditional savings and guaranteed-return plans
- Unit-linked25%
ULIPs sold mainly through bank channels
- Protection12%
Term and credit-life cover
- Annuity & group8%
Retirement and group business
Products & services
Savings & guaranteed plans
Participating and non-participating endowment and money-back plans.
Term protection
Mera Term Plan and credit-life cover for bank borrowers.
ULIPs
Unit-linked plans with equity and debt fund options.
Retirement & annuity
Immediate and deferred annuities, pension plans.
What works
- • Strong bancassurance moat through PNB, J&K Bank and Karnataka Bank branch networks.
- • Backed by MetLife, a global insurer with a stated intent to increase its ownership.
- • Consistently profitable: PAT ₹320–325 Cr in each of the last two years with 11% premium growth.
What to watch
- • Profit growth has stalled even as premium grows; new-business margins lag listed leaders.
- • The listing plan has lapsed once already (2018 DRHP); a promoter buy-out could keep the stock unlisted indefinitely.
- • Wide and inconsistent dealer quotes (₹35 sell vs ₹55–100 indicative buy) make price discovery difficult.
- • Financial line items are modelled from headline disclosures pending verification.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| PNB MetLifeThis page | ₹45.00 | ₹9,223 Cr | 28.85 | 3.44 | +12.01% |
| SBI General | ₹625.00 | ₹13,478 Cr | 24.38 | 2.68 | +11.77% |
Latest reported year: FY26 ending 31 Mar 2026.