MetLife persistency ratio highest among industry at 84%
Press Trust of India / New Delhi Aug 25, 2010, 15:01 IST
Private sector insurer MetLife today said it has been able to retain 84 per cent of its customers in April-June quarter against the industry average of 70 per cent.
Private sector taken together has average persistency ratio (APR) of 68 per cent and while the industry as a whole, comprising LIC, has APR of 70 per cent.
Persistency ratio is one the key determinants of the financial health of the life insurance player, which is a result of increasing faith that customers have in MetLife brand and products, the company said in a statement.
This is also a reflection of the excellent customer service that the organisation provides to its customers, it said.
Commenting on this, MetLife India Insurance Managing Director Rajesh Relan said: "In an industry that is going through a significant upheaval, we are very pleased to see customers repose high levels of trust in MetLife's brand and products. This is yet another reflection of our commitment to provide our customers with the best-in-class products and services that are un-matched in the industry."
Additionally, this indicates that MetLife is ready to meet the challenges based on new ULIP guidelines, he said.
MetLife, it said, has also recorded the ticket size of Rs 27,000 in new business premium during April-June quarter which is higher compared to average of private players at Rs 21,000 and the industry average of Rs 20,000.
MetLife has over 55,000 financial advisors and 1.7 crore customers.
MetLife India is a joint venture between the US-based MetLife International Holdings, The Jammu and Kashmir Bank, M Pallonji and other private investors.
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Private sector insurer MetLife today said it has been able to retain 84 per cent of its customers in April-June quarter against the industry average of 70 per cent.
