MetLife is pursuing a majority stake in its Indian life insurance joint venture with Punjab National Bank (PNB), aiming to increase its current 49.73% share. The US insurer views India as a key growth market and intends to gain majority control to strengthen its presence. This move was reported on June 12, 2026, as part of MetLife's strategy to make India a core driver of its global business, according to livemint.com.
The New York-based company is negotiating terms to acquire additional shares from PNB, which currently holds the majority stake in the venture. Lyndon Oliver, regional president of MetLife Asia and non-executive chairman of PNB MetLife, is leading the discussions. The acquisition would allow MetLife to have greater operational control and align the joint venture more closely with its global objectives, livemint.com detailed.
This potential stake increase reflects a broader trend of foreign insurers seeking larger ownership in Indian insurance firms following regulatory relaxations. The insurance sector in India has attracted significant interest due to its expanding middle class and rising insurance penetration rates. Comparable moves have been seen with other global insurers adjusting their holdings to capitalize on the Indian market's growth potential, as noted by livemint.com.
The final terms of the stake acquisition are still under negotiation, with no official announcement on the timeline. MetLife's push to secure majority control in PNB MetLife marks a significant step in its India strategy, underscoring the country's importance in its global portfolio, according to livemint.com.