MetLife U.S. Retail Business to Rebrand as Brighthouse Financial

Insurance Weekly News

By a News Reporter-Staff News Editor at Insurance Weekly News -- MetLife, Inc. (NYSE:MET) ("MetLife" or the "Company") 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.

Keywords for this news article include: Financial Companies, Life Insurance Companies.