MetLife Completes Sale of Auto & Home Business to Zurich Insurance Group Subsidiary Farmers Group, Inc.
MetLife, Inc. (NYSE: MET) completed the sale of Metropolitan Property and Casualty Insurance Company and subsidiaries to Farmers Group, Inc. for $3.94 billion in cash. This deal establishes a 10-year partnership allowing Farmers to offer personal lines products on MetLife’s U.S. Group Benefits platform, which serves 3,800 employers and 37 million eligible employees. Farmers will also take over MetLife’s retail property and casualty customers. MetLife aims to maintain strong relationships with distribution partners while enhancing benefits access for employees across the U.S.
- Sale of subsidiaries for $3.94 billion strengthens MetLife's financial position.
- 10-year strategic partnership with Farmers expands MetLife's product offerings.
- Access to 37 million eligible employees enhances distribution capabilities.
- None.
MetLife, Inc. (NYSE: MET) today announced the completion of its sale of Metropolitan Property and Casualty Insurance Company and certain wholly-owned subsidiaries to Farmers Group, Inc., a subsidiary of Zurich Insurance Group, for a purchase price of
In addition, MetLife and Farmers Exchanges have established a 10-year strategic partnership through which Farmers Insurance® (Farmers) will offer personal lines products on MetLife’s industry-leading U.S. Group Benefits platform, which reaches 3,800 employers and approximately 37 million eligible employees. Farmers assumes responsibility for MetLife’s previous retail property and casualty customers.
“We look forward to continuing to deliver a broad range of benefits that meet the needs of our group customers, maintaining strong relationships with our distribution partners, and ensuring employees across the U.S. have access to auto and home coverage through our relationship with Farmers,” said Ramy Tadros, president, U.S. Business, MetLife.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
Forward-Looking Statements
The forward-looking statements in this news release, such as “will” and “look forward,” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.
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FAQ
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