MetLife

The Metropolitan Life Insurance Company, known as MetLife, was founded on March 24, 1868, by a group of New York City businessmen led by William P. Stewart. The company originally focused on life insurance, offering personal insurance plans to workers and their families. Over time, MetLife expanded its operations across the United States and eventually to international markets, developing a reputation as a leading global provider of insurance and financial services. MetLife became known for its innovative policies and customer-centric service, evolving into a major player in the insurance industry.

Part of MetLife's evolution was its transformation into a mutual company in 1915. As a mutual company, MetLife was owned by its policyholders rather than stockholders. This decision significantly impacted MetLife's business model and operations, allowing the company to focus on serving policyholders' interests rather than shareholder profits. Mutualization marked a key shift in MetLife's history, reinforcing its commitment to policyholder service and financial stability, and it remained mutual until it demutualized in 2000.

On April 5, 2000, MetLife, Inc. underwent a significant transformation by demutualizing. The company converted from a mutual company, owned by its policyholders, to a publicly-traded company, issuing approximately 800 million shares to policyholders and conducting an initial public offering (IPO). Demutualization was a pivotal move aimed at modernizing the company and accessing capital markets to support growth and acquisitions. This strategic shift enabled MetLife to expand its global footprint and enhance its competitive position in the financial services industry.

In 2005, MetLife made a strategic acquisition by purchasing Travelers Life & Annuity along with Citigroup's international insurance business for $11.8 billion. This acquisition significantly bolstered MetLife's presence in the insurance industry, particularly enhancing its annuity and retirement business. The deal was part of MetLife's strategy to leverage economies of scale and expand its product offerings and distribution channels, positioning the company as a leader in the global insurance market.

MetLife announced the acquisition of American Life Insurance Company (Alico) from American International Group (AIG) for $15.5 billion in 2010. Alico's extensive international network allowed MetLife to significantly enhance its global reach, increasing its presence in more than 50 countries. This acquisition was a strategic move to diversify MetLife's portfolio and leverage global growth opportunities, reinforcing its status as one of the largest life insurers worldwide.

In 2015, MetLife made a strategic decision to sell its Premier Client Group to MassMutual for approximately $165 million. The sale included MetLife's network of financial representatives and advisers that worked with retail clients. This move was part of MetLife's efforts to streamline operations and focus on core businesses. It allowed MetLife to reallocate resources and capital towards areas of growth and innovation while MassMutual expanded its distribution network, reflecting MetLife's strategy to adapt to changing market dynamics.

In 2017, MetLife completed the spin-off of its U.S. retail life insurance business into a separate entity, Brighthouse Financial, Inc. The decision to spin off Brighthouse Financial was aimed at creating two distinct organizations, each focused on their specific markets and strategies. Brighthouse took on MetLife's U.S. retail operations, allowing MetLife to focus on its institutional, group benefits, and international businesses. The spin-off reflected MetLife's strategy to streamline operations and enhance shareholder value by concentrating on growth opportunities in their core markets.

On June 13, 2018, MetLife completed the sale of its iconic MetLife Building located at 200 Park Avenue in New York City. The MetLife Building, formerly the Pan Am Building, is a major New York City skyscraper and a recognizable symbol of midtown Manhattan. The decision to sell the building was part of MetLife's plan to optimize its real estate portfolio and enhance efficiency. With the proceeds, MetLife aimed to invest in strategic initiatives and improve operational performance.

In 2020, MetLife announced a series of transactions involving pension risk transfers, utilizing its resources to manage liabilities associated with pension obligations. This included deals with various companies to assume their pension liabilities, reinforcing MetLife's capabilities in the pension risk transfer market. The transactions were aimed at providing security and assurance to retiring workers, while also optimizing MetLife's balance sheet and enhancing its risk management strategies.

MetLife expanded its capabilities in the health insurance market by acquiring a major vision care company, Versant Health, for $1.675 billion in 2021. This acquisition allowed MetLife to broaden its range of services offered in the employee benefits segment, particularly enhancing its dental and vision insurance portfolio. The deal was part of MetLife's strategic initiative to diversify its offerings and meet the growing demand for comprehensive employee benefits packages.