PNB MetLife has appointed Sagar Balkavde as associate director for statutory valuation and reinsurance administration, the insurer announced on 9 October.
Balkavde joins after spending over three years at ICICI Prudential Life Insurance in Mumbai, most recently serving as vice president, actuarial. Earlier in his career, he also worked at Edelweiss Tokio Life Insurance, EY, SBI Life Insurance, and Bharti AXA Life Insurance.
He has more than 17 years of experience spanning actuarial valuation, financial reporting, Prophet modelling, capital management, reinsurance administration, and actuarial system transformation. In this role, he will further strengthen the life insurance company’s actuarial capabilities.
The appointment comes as MetLife explores ways to strengthen its presence in India, including by seeking a majority stake in PNB MetLife. In June, Lyndon Oliver, regional president of MetLife Asia, said the New York-headquartered insurer was looking to acquire a majority stake in its joint venture with Punjab National Bank (PNB).
PNB holds a 30% stake in PNB MetLife, while Jammu & Kashmir Bank and M. Pallonji and Company are among the other shareholders.
