MetLife

MetLife, Inc. is a publicly traded insurance and financial-services holding company whose principal operating business is the Metropolitan Life Insurance Company and its affiliates. The group provides life insurance, annuities, retirement and savings solutions, employee-benefit programs, group insurance, dental and vision coverage, disability products, and related financial services. Its customers include individuals, employers, institutions, and public-sector organizations. MetLife is especially prominent in employer-sponsored benefits, where it serves large corporate and institutional clients as well as retail policyholders. The company traces its origins to a New York insurer established in 1863 to cover Civil War soldiers and sailors against wartime disability, accidents, and sickness. On March 24, 1868, the business adopted the name Metropolitan Life Insurance Company and concentrated on life insurance. In the late nineteenth century, MetLife helped popularize industrial life insurance in the United States: small policies were sold to working-class households, with premiums commonly collected weekly or monthly at the policyholder’s home. This distribution model helped the company build a very large policy base and become the leading U.S. life insurer by the early twentieth century. MetLife expanded beyond individual policies through group insurance, pensions, investments, and institutional products. Its historic investment portfolio included public-utility bonds, government securities, commercial real estate, and mortgage-related assets. The company financed or supported major New York developments, including the Empire State Building and Rockefeller Center, and its former headquarters complex and Metropolitan Life Tower became prominent symbols in its advertising. MetLife’s familiar “Peanuts” characters, introduced in later brand advertising, also became strongly associated with the company. A major structural change occurred in 1915, when Metropolitan Life completed mutualization and became a policyholder-owned mutual insurer. After approximately 85 years as a mutual company, it demutualized in 2000 and completed a large initial public offering. The transaction enabled MetLife to operate as a shareholder-owned corporation and pursue broader acquisitions and business lines. In 2005, it acquired Travelers Life & Annuity and Citigroup’s international insurance businesses, substantially increasing its scale in North America and overseas. In 2010, MetLife bought American Life Insurance Company from AIG, adding a large international insurance platform. During the 2010s, MetLife narrowed its strategic focus. It sold MetLife Bank, exited banking, divested its mortgage-servicing business, and in 2017 separated its U.S. retail life-insurance and annuity operations into Brighthouse Financial. The continuing MetLife retained its institutional, group-benefits, international, and other insurance operations, while Brighthouse became a separate public company. In 2021, Farmers Group acquired MetLife’s U.S. property-and-casualty retail operation, including MetLife Auto & Home. MetLife remains an international insurance group with operations and affiliates across major global markets. Its business is organized around protecting income and assets, supporting employers’ benefits programs, managing retirement needs, and providing long-term insurance and investment products. The company continues to hold naming rights to MetLife Stadium in East Rutherford, New Jersey, although its historic New York headquarters property was sold and later occupied through leasing arrangements.

MetLife’s predecessor was established in New York in 1863 as the National Union Life and Limb Insurance Company, offering coverage for soldiers and sailors exposed to wartime injuries, accidents, sickness, and disability. On March 24, 1868, it became Metropolitan Life Insurance Company and shifted its emphasis toward life insurance. The company initially struggled through the Chicago Fire and the economic depression following the Panic of 1873. In the late 1870s, President Joseph F. Knapp studied British industrial insurance and introduced a comparable working-class insurance model in the United States. Small policies, with premiums collected at customers’ homes, allowed MetLife to reach millions of households. The company grew rapidly during the late nineteenth and early twentieth centuries. Its Metropolitan Life Tower headquarters, developed in stages from 1890 through 1909, became one of New York’s best-known commercial landmarks. By 1909, MetLife was the largest U.S. life insurer when measured by insurance in force, and by 1930 it insured a substantial share of the population of the United States and Canada. Its investment strategy also broadened. MetLife reduced its reliance on individual mortgages and increased holdings of government securities, public-utility bonds, commercial real estate, and other institutional assets. It helped finance the Empire State Building and Rockefeller Center and invested heavily in war bonds during the Second World War. In 1915, Metropolitan Life completed mutualization, changing from a stock insurer into a mutual company operated for policyholders rather than outside shareholders. The postwar company expanded suburban operations, reorganized its agency system, and developed group insurance, pensions, personal insurance, and investment businesses. In 1981, it acquired the Pan Am Building at 200 Park Avenue and renamed it the MetLife Building; the company later sold the property while maintaining a major leased presence. MetLife pursued a broad acquisition strategy in the 1990s, buying or combining with businesses including New England Mutual Life, Security First Group, GenAmerica, and selected insurance operations. It demutualized in 2000 and became a public company through an initial public offering. The transaction created a widely held public insurer and gave policyholders a choice of cash or shares under the conversion process. Litigation concerning disclosures made during demutualization was settled in 2009. The company expanded substantially in the following decade. Its 2005 purchase of Travelers Life & Annuity and Citigroup’s international insurance businesses strengthened its position in individual life insurance and international markets. In 2010, MetLife acquired American Life Insurance Company from AIG. It subsequently sold MetLife Bank and its mortgage-servicing business, decisions that reduced exposure to banking and mortgage activities. MetLife was designated a systemically important financial institution in the United States during the post-financial-crisis regulatory period and challenged that designation in court; the designation was ultimately rescinded. From 2016 onward, MetLife emphasized a more focused insurance and employee-benefits model. Its U.S. retail life and annuity operations were separated into Brighthouse Financial in 2017. In 2021, Farmers Group acquired MetLife’s U.S. Auto & Home business. The continuing company remains a global provider of insurance, retirement, and workplace-benefit products, with operations spanning the United States and multiple international regions.

1. 2021Auto and home business sold

   Farmers Group acquired MetLife’s U.S. Auto & Home operation.

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2. 2017Brighthouse Financial separation

   MetLife’s U.S. retail life and annuity business launched as Brighthouse Financial.

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3. 2011Banking business sold

   MetLife sold MetLife Bank to GE Capital and exited the banking business.

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4. 2010American Life Insurance Company acquired

   MetLife purchased AIG’s American Life Insurance Company for approximately $15.5 billion.

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5. 2005Travelers Life & Annuity acquired

   The acquisition expanded MetLife’s life-insurance, annuity, and international operations.

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6. 2000Demutualization and IPO

   MetLife converted to a public company and completed its initial public offering.

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7. 1981Pan Am Building acquired

   MetLife acquired and renamed the prominent office tower at 200 Park Avenue in Manhattan.

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8. 1915Mutualization completed

   Metropolitan Life converted into a mutual insurer operated for the benefit of policyholders.

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9. 1909Becomes leading U.S. life insurer

   MetLife became the largest U.S. life insurer by insurance in force.

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10. 1879Industrial insurance model introduced

    MetLife adopted a small-policy, frequent-premium model aimed at working-class households.

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11. 1868Metropolitan Life Insurance Company name adopted

    The company adopted the Metropolitan Life Insurance Company name and focused on life insurance.

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12. 1863Predecessor insurer established

    National Union Life and Limb Insurance Company was formed in New York to insure soldiers and sailors against wartime risks.

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A financially strong, globally diversified insurer focused on long-term protection, workplace benefits, retirement planning, and institutional risk management.

• Life insuranceInsurance

  MetLife’s life-insurance portfolio has included term life, whole life, universal life, and final-expense products. Depending on the market and subsidiary, these products are distributed directly, through agents, or through employer and institutional relationships. They are designed to provide death-benefit protection, income replacement, estate or family liquidity, and other long-term financial protection.

• AnnuitiesRetirement and savings

  MetLife provides annuity and retirement-income solutions through institutional and other channels. Annuities may be used to accumulate assets, transfer longevity risk, or create a stream of retirement income. The U.S. retail annuity business formerly associated with MetLife was separated into Brighthouse Financial in 2017.

• Employee benefitsGroup insurance

  Employee-benefit offerings serve employers and their workforces through group life, dental, vision, disability, accident, and related protection programs. MetLife’s workplace model combines insurance coverage with enrollment, administration, claims, and financial-wellness support for corporate and institutional customers.

• Retirement solutionsRetirement services

  MetLife supports employers and individuals with retirement-oriented savings, income, and benefit arrangements. Its retirement activities have included pension-risk transfer and institutional products as well as workplace savings-related services, subject to the structure of the relevant market and subsidiary.

• MetLife Auto & HomeProperty and casualty insurance

  MetLife’s U.S. retail property-and-casualty business offered automobile and homeowners insurance. Farmers Group acquired the operation in 2021, so it is no longer a continuing MetLife product line in the same ownership structure.

• 1950Peanuts partnership and advertising

  United States · International

  MetLife used characters from Charles M. Schulz’s Peanuts in long-running advertising and sponsorship activity, linking the brand with approachable family protection and workplace benefits.

  Outcome. The characters became a highly recognizable part of MetLife’s consumer brand identity for many years.

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• 2021Sell U.S. Auto & Home business to FarmersM&A

  The transaction supported MetLife’s continuing focus on insurance and employee-benefits businesses outside its U.S. retail property-and-casualty operation.

  What changed. Farmers Group acquired MetLife’s Auto & Home business.

  Aftermath. The acquired operation became part of Farmers’ property-and-casualty platform.

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• 2016Separate U.S. retail life and annuity operationsStrategy

  MetLife reassessed its portfolio and sought to concentrate the continuing company on group benefits, institutional business, and international insurance.

  What changed. It announced the separation of its U.S. retail life-insurance and annuity operations into Brighthouse Financial.

  Aftermath. Brighthouse Financial launched as a separate company in 2017, while MetLife retained its other major insurance platforms.

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• 2000Convert from mutual insurer to public companyStrategy

  MetLife sought a shareholder-owned structure that could support broader business expansion and capital access.

  What changed. The company demutualized and completed an initial public offering, distributing cash or shares to eligible policyholders under the conversion process.

  Aftermath. MetLife became a publicly traded insurance holding company and pursued major acquisitions in subsequent years.

  Initial public offering value. Approximately $6.5 billion (2000)

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• 2000Demutualization disclosure litigationControversy

  Policyholders alleged that materials surrounding MetLife’s conversion to a public company misrepresented or omitted information. The litigation concluded with a reported settlement in 2009.

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• 2021Farmers acquires MetLife Auto & Home

  Farmers Group acquired MetLife’s U.S. property-and-casualty retail operation, including its automobile and homeowners business.

  M&A
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• 2017Brighthouse Financial launches as a separate company

  The separated U.S. retail operation began operating as Brighthouse Financial, leaving MetLife more concentrated on group, institutional, and international businesses.

  M&A
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• 2016MetLife announces separation of U.S. retail business

  MetLife announced that its U.S. retail life-insurance and annuity operations would be separated into Brighthouse Financial.

  M&A
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• 2015MetLife Home Loans resolves mortgage underwriting allegations

  MetLife Home Loans agreed to resolve U.S. government allegations concerning mortgages submitted for federal insurance that allegedly did not meet underwriting requirements.

  LawsuitRegulation
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• 2015MetLife challenges systemically important financial institution designation

  MetLife sued to overturn its designation by the Financial Stability Oversight Council as a systemically important nonbank financial company; the designation was later rescinded.

  RegulationLawsuit
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• 2014MetLife settles junk-fax litigation

  MetLife agreed to pay to resolve lawsuits alleging that unsolicited fax messages had been used to generate insurance-sales leads.

  Lawsuit
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• 2012Federal Reserve fines MetLife over mortgage servicing practices

  The Federal Reserve announced a fine related to unsafe and unsound practices involving mortgage servicing and foreclosure operations.

  Regulation
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• 2005MetLife acquires Travelers Life & Annuity

  The acquisition of Travelers Life & Annuity and Citigroup’s international insurance operations significantly expanded MetLife’s North American and international insurance businesses.

  M&A
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• 2000MetLife completes demutualization and initial public offering

  MetLife converted from a mutual insurer into a publicly traded shareholder-owned company through an initial public offering.

  Other
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1. MetLife
2. MetLife corporate leadership
3. MetLife Home Loans settlement announcement
4. Farmers Insurance to acquire MetLife Auto & Home business
5. Federal Reserve enforcement action concerning MetLife mortgage servicing
6. Brighthouse Financial separation