America's leading insurance company, Metlife, which has a turnover of $2,000bn, has launched its operations in Indian-administered Jammu and Kashmir.

Metlife formally launched its operations in Jammu and Kashmir at a function in the capital Srinagar on Friday.

It is the first major international insurance company to do business in the state where an armed conflict has been going on for the last 12 years.

The president international of Metlife, Bill Topetta, told BBC that the ongoing strife had not affected the insurance market in Kashmir.

He said a survey conducted by Metlife had shown that there was no material difference between the mortality rate in Kashmir and any other state in India.

Metlife has entered into collaboration with the Jammu and Kashmir Bank for its operations in the state.

Competitive practices

Metlife's managing director for India, Venkatesyh Mysore, said the company would begin by targeting the Jammu and Kashmir Bank's 2.2 million customers.

Mr Mysore said he expected 15-20% of the revenues to come from the "bank assurance model".

He said although the bank assurance model was still to be evaluated in India, it had proved a success across the world.

Metlife entered India only a few months ago and Kashmir is the sixth state where it has launched its operations.

Regarding competition from Indian insurance companies whose agents, to earn business, offered to pay customers' first three instalments, Mr Mysore said the practice had been declared unlawful.

He said Metlife would overcome such competition by "giving better value" to the customer through "good financial advice."

He said insurance was more about advising the customers about what they need than selling a product.