Emirates NBD, a leading bank in the region, entered into a strategic partnership with MetLife, a leading global provider of insurance, annuities and employee benefit programs, to provide comprehensive life insurance solutions to the bank’s customers. This long-term partnership was inked at a ceremony that took place at Emirates NBD’s head office, where Suvo Sarkar, General Manager - Retail Banking & Wealth Management, Emirates NBD, and Mario Valdes, General Manager, MetLife Gulf, signed the partnership agreement.
The UAE constitutes the largest life insurance market in the GCC with total gross premiums of US$8 billion. Customer penetration is still in single digits and lags the more developed economies; however, this is growing at a healthy pace supported by rising incomes and the robust economic growth that the country is witnessing.
This strategic partnership marks the coming together of two leading brands in banking and life insurance to provide world-class savings and protection solutions to the bank’s one million plus customers in the UAE. The tie-up will focus on distribution of insurance products through banking networks, one of the key recommendations proposed by the World Bank to accelerate development of the insurance sector in MENA economies.
Commenting on the partnership, Suvo Sarkar, General Manager – Retail Banking & Wealth Management, Emirates NBD, said: “We are confident that Emirates NBD’s strong legacy as a leading bank in the region, combined with MetLife’s global leadership and local expertise in the life insurance industry, will provide a strong foundation for a successful partnership. With this partnership, Emirates NBD moves one step forward towards providing superior solutions to our customers to help fulfil their financial and protection needs.”
The partnership will offer a comprehensive range of products that will enable customers to save towards their goals such as children’s education, marriage or retirement as well as ensure the family is protected against unforeseen events. The tie-up will also offer life insurance solutions to help businesses address their and their employees’ protection needs.
Mario Valdes, General Manager of MetLife Gulf, said: “MetLife’s partnership with Emirates NBD is established on the alignment of a common set of values the two organisations stand for. We look forward to building on our synergies and to take our long-standing relationship to new heights by offering Emirates NBD’s customers access to innovative and affordable solutions that meet the unique savings and protection needs of individuals, families and businesses of all sizes.”