NEW YORK--(BUSINESS WIRE)--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.
This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” and other words and terms of similar meaning, or are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified herein (including that 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) and in MetLife, Inc.'s most recent Annual Report on Form 10-K (the "Annual Report") filed with the U.S. Securities and Exchange Commission (the "SEC"), Quarterly Reports on Form 10-Q filed by MetLife, Inc. with the SEC after the date of the Annual Report under the captions "Note Regarding Forward-Looking Statements" and "Risk Factors," and other filings MetLife, Inc. makes with the SEC. MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the SEC.