PNB MetLife India Insurance Company has announced a bonus of Rs 532 crore for the eligible policyholders of participating products during 2020-21. This bonus is 7 percent higher than that in previous year.

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PNB MetLife said it has been consistently declaring bonus on participating products every year and 4.6 lakh customers, whose policies are in force as of March 31, 2021, will be benefiting from this bonus. Policyholder bonus is the share of profits generated by the company's participating funds which is paid to the customers at various benefit events.

PNB MetLife's strong fund management capabilities coupled with robust risk management practices have enabled the company to reward policyholders with higher bonus payouts, the insurer said in a release on Friday. Ashish Kumar Srivastava, MD & CEO, PNB MetLife, said despite these trying times, the company has delivered steady growth on participating products over the years.

"The declaration of this Rs 532 crore bonus reinforces our commitment to help our customers reach their financial aspirations through every stage of Life," he said. PNB MetLife's shareholders include MetLife International Holdings LLC. (MIHL), Punjab National Bank (PNB), Jammu & Kashmir Bank, M Pallonji and Company Pvt Ltd and other private investors. MIHL and PNB are the majority shareholders.