 |
|
It was reported on January 31, 2005 that MetLife, Inc. (NYSE: MET) and Citigroup Inc. (NYSE: C) announced an agreement for the sale of Citigroup’s Travelers Life & Annuity, and substantially all of Citigroup’s international insurance businesses, to MetLife for $11.5 billion, subject to closing adjustments. According to MetLIfe, the acquisition of Travelers Life & Annuity business and access to Citigroup’s distribution channels represents a defining transaction for both MetLife and the life insurance industry. This deal brings together two major companies with world class brands: MetLife, the leading provider of insurance and financial services products, and Citigroup, with its strong and diverse distribution channels. It is believed that combining Travelers Life & Annuity with MetLife will make MetLife, on a pro-forma basis, the largest individual life insurer in North America based on sales, the number two seller of variable annuities and the number one provider of structured settlements. MetLife says it will be working carefully over the course of 2005 to ensure that this acquisition is completed effectively. Its expects the acquisition to close by this summer and the integration process to be complete by November 2005. In addition to increasing MetLife’s capabilities and expanding the size of its business, this transaction will put us in an even better position to meet all of our clients’ financial needs. We will keep you apprised of further developments. |