New Name Embodies Promise to Consumers
NEW YORK–(BUSINESS WIRE)–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.
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.
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
Meghan Lantier, 212-578-6734
John Hall, 212-578-7888