New Name Embodies Promise to Consumers
NEW YORK, July 25, 2016 – MetLife, Inc. (NYSE: MET) (“MetLife” or the “Company”) today announced that it will rebrand its U.S. Retail business as Brighthouse Financial after it is separated from the Company.
In January, MetLife announced it was planning to separate a substantial portion of its U.S. Retail business.
It continues to evaluate options regarding the structure and timing of the separation.
“This marks an important step in MetLife’s efforts to separate our U.S. Retail business,” said Steven A. Kandarian, MetLife chairman, president and CEO. “As a separate entity, Brighthouse will benefit from greater focus and more flexibility in products and operations.
“At the same time, this separation will also bring significant benefits to MetLife as we focus even more intently on our group business in the U.S., where we have long been the market leader, as well as on our international operations. Our goal is to complete the separation process with both the separated business and MetLife well-positioned for success in the years to come.”
Brighthouse Financial will be led by current MetLife Executive Vice President Eric Steigerwalt.
“Our optimistic outlook on what we will create for people’s financial futures, coupled with our guiding principles of simplicity and transparency, are captured in our name, Brighthouse,” Steigerwalt said.
No shareholder approval is expected to be necessary. The MetLife Board of Directors would have to approve any separation transaction; certain insurance and other regulatory approvals would also be necessary. The transaction would also need to comply with any U.S. Securities and Exchange Commission (SEC) requirements. No assurance can be given regarding the form that a separation transaction may take or the specific terms thereof, or that a separation will in fact occur.
This news release is not an offer to sell, or a solicitation of an offer to buy, any securities.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.