MetLife U.S. Retail Business to Rebrand as Brighthouse Financial
July 21 2016 - 8:00AM
Business Wire
New Name Embodies Promise to Consumers
MetLife, Inc. (NYSE:MET) (“MetLife” or the “Company”) today
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.
This news release is not an offer to sell, or a solicitation of
an offer to buy, any securities.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the largest life insurance
companies in the world. Founded in 1868, MetLife is a global
provider of life insurance, annuities, employee benefits and asset
management. Serving approximately 100 million customers, MetLife
has operations in nearly 50 countries and holds leading market
positions in the United States, Japan, Latin America, Asia, Europe
and the Middle East. For more information, visit
www.metlife.com.
Forward-Looking Statements
This news release may contain or incorporate by reference
information that includes or is based upon forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give expectations or
forecasts of future events. These statements can be identified by
the fact that they do not relate strictly to historical or current
facts. They use words such as “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe” and other words and terms of
similar meaning, or are tied to future periods, in connection with
a discussion of future operating or financial performance. In
particular, these include statements relating to future actions,
prospective services or products, future performance or results of
current and anticipated services or products, sales efforts,
expenses, the outcome of contingencies such as legal proceedings,
trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong.
They can be affected by inaccurate assumptions or by known or
unknown risks and uncertainties. Many such factors will be
important in determining the actual future results of MetLife,
Inc., its subsidiaries and affiliates. These statements are based
on current expectations and the current economic environment. They
involve a number of risks and uncertainties that are difficult to
predict. These statements are not guarantees of future performance.
Actual results could differ materially from those expressed or
implied in the forward-looking statements. Risks, uncertainties,
and other factors that might cause such differences include the
risks, uncertainties and other factors identified herein (including
that 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) and in MetLife, Inc.'s most recent
Annual Report on Form 10-K (the "Annual Report") filed with the
U.S. Securities and Exchange Commission (the "SEC"), Quarterly
Reports on Form 10-Q filed by MetLife, Inc. with the SEC after the
date of the Annual Report under the captions "Note Regarding
Forward-Looking Statements" and "Risk Factors," and other filings
MetLife, Inc. makes with the SEC. MetLife, Inc. does not undertake
any obligation to publicly correct or update any forward-looking
statement if MetLife, Inc. later becomes aware that such statement
is not likely to be achieved. Please consult any further
disclosures MetLife, Inc. makes on related subjects in reports to
the SEC.
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version on businesswire.com: http://www.businesswire.com/news/home/20160721005222/en/
MetLife, Inc.For Media:Meghan Lantier,
212-578-6734mlantier@metlife.comorFor Investors:John Hall,
212-578-7888
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