MetLife, Inc. (NYSE: MET) (MetLife) announced on 18 February 2014 a definitive agreement with Rothesay Life Limited (Rothesay Life), for the sale and purchase of MetLife Assurance Limited (MetLife Assurance).
MetLife continually evaluates its businesses to ensure consistency with its financial objectives which include earnings growth and return on equity. This involves recognising market opportunities across the globe to ensure its product mix continues to be appropriately diversified. As such MetLife determined that continuing to grow a U.K. specialist pension risk transfer business no longer fit with its enterprise strategy and accordingly, following a careful review, MetLife decided to sell MetLife Assurance.
Following receipt of regulatory approval and satisfaction of other closing conditions, the sale of MetLife Assurance to Rothesay Life completed on 16 May 2014.
A new name and logo
MetLife Assurance is now a wholly owned subsidiary of Rothesay Life and has changed its name to Rothesay Assurance Limited (Rothesay Assurance). Former customers of MetLife Assurance can access the Rothesay Assurance site here.
How does this sale affect policyholders?
Individual policyholders of MetLife Assurance are unaffected by the sale.
If you are a MetLife Assurance policyholder and have any further questions, please contact one of the Rothesay Assurance Customer Services teams.
Who should non-policyholders contact?
If you are in a pension scheme but do not have a policy issued by MetLife Assurance please refer to your usual scheme contacts.
What does this mean for trustees?
Policies held by trustees, i.e. those buy-in and buyout clients still in the data cleansing phase, or those buy-in clients who have finished data cleansing, are unaffected by this transaction – we have written directly to all of these trustee clients.
If you are a trustee who has received a full buyout discharge from MetLife Assurance and would like more information, please call +44 (0) 207 557 4900.
If you are a member of the media or a corporate investor requiring further information relating to this sale, please contact:-
+1 (212) 578 6252
+1 (212) 578 7888
+ 44 (0) 7795 425580
+ 44 (0) 7827 960151
Does this sale impact any other U.K. MetLife business?
The sale of MetLife Assurance does not include MetLife’s other businesses in the U.K., in particular the U.K. wealth management and employee benefits business, MetLife Europe Limited, or MetLife’s U.S. pension risk transfer business.