News & Events
MetLife, Inc. (NYSE:MET) (MetLife) announced on 18th 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 make sure its product mix continues to be appropriately diversified. As such MetLife has determined that continuing to grow a U.K. specialist pension risk transfer business no longer fits with its enterprise strategy and accordingly, following a careful review, MetLife has decided to sell MetLife Assurance.
How long will this take?
The transaction which is subject to regulatory approval and satisfaction of other closing conditions, is expected to complete in the second quarter of 2014.
MetLife Assurance – Strength & Stability
MetLife Assurance continues to be authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. It maintains the capital standards and prudent reserves required by the PRA to safeguard all of its customer benefits. Rothesay Life is also regulated by the PRA and the FCA. In addition, policyholders will continue to benefit from the same regulatory and statutory protections as they always have.
How does this affect policyholders?
Individual policyholders of MetLife Assurance are unaffected by this change. We will keep our policyholders informed of further relevant changes which may impact them in the future, enclosing any information they may need - meanwhile it is business as usual for all MetLife Assurance customers.
If you are a MetLife Assurance policyholder and have any further questions, please contact our Customer Services team
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 or email MALGeneralEnquiries@metlife.com
So what happens next?
After regulatory approval and satisfaction of other closing conditions, the ownership of MetLife Assurance will transfer to Rothesay Life.
Where can I find the latest Press Release?
For a copy of the press release please click here press release page
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
Does this sale impact any other U.K. MetLife business?
The sale of MetLife Assurance does not impact 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.
MetLife Assurance Limited in the U.K. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
MetLife Assurance is committed to helping clients and their advisers meet their unique pension risk transfer needs and financial goals. Our team takes a consultative and solutions-oriented approach, to help develop the right approach for you.
For more information on how we can help you tailor the right solution Click here
Members of the MetLife Assurance team frequently speak at and participate in industry conferences and other forums. We encourage you to engage in these industry events and visit our stand – or attend our presentations or panel discussions. We welcome the opportunity to speak with you and share our perspectives in pension risk management.
2014 events to be advised.