MetLife’s approach to Brexit
December 21, 2018
MetLife is focused on ensuring that we provide solutions and outcomes for the evolving needs of our customers and distribution partners in the United Kingdom (UK). Since the referendum result on the UK exiting the European Union (EU), we have been planning for possible outcomes to ensure that we continue to do just that.
MetLife Europe d.a.c. is an Irish insurance company based in Dublin providing financial products into the UK through its UK branch, under existing EU passporting rights.
In the event of a ‘no deal’ scenario, MetLife expects to maintain that operating model as an inbound European Economic Area insurer under the UK’s Temporary Permissions Regime (TPR) which lasts for at least three years and has been put in place to enable businesses to prepare for the new UK - EU relationship.
During the TPR period, we would continue to review our restructuring options to determine the appropriate approach for us to continue providing solutions for customers and distributors.
MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to individual and institutional customers. MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. This gives us deep experience and expertise in operating strong and growing businesses in different legal and regulatory environments around the world.
Our focus on providing cover and service will not change in a post-Brexit environment and we will keep customers and distributors updated on our future plans as appropriate as matters progress.