Bloomberg News

MetLife Sells Businesses in Caribbean as It Integrates Alico

November 09, 2011

(Updates with sales of non-U.S. businesses in third paragraph, quote in fourth.)

Nov. 9 (Bloomberg) -- MetLife Inc., the biggest U.S. life insurer, agreed to sell businesses in the Caribbean region as it integrates operations following the $16 billion acquisition of American Life Insurance Co. last year.

MetLife will sell assets in countries including Panama, Costa Rica and Trinidad and Tobago, the acquirer, Pan-American Life Insurance Group, said today in a statement distributed by Business Wire.

MetLife Chief Executive Officer Steven Kandarian said in July the company built $1 billion of capital by selling operations in Venezuela and Taiwan and portions of its businesses in Japan and the U.K. The New York-based company is evaluating non-U.S. businesses after adding the operations in more than 50 countries acquired as part of the Alico deal.

“Essential to this process is optimizing our portfolio of countries and businesses to ensure the best strategic fit,” Kandarian said in a July 29 conference call with investors.

MetLife fell 6.4 percent to $32.05 in New York trading today, compared with the 3.7 percent decline in the Standard & Poor’s 500 Index.

--Editors: Dan Reichl, William Ahearn

To contact the reporters on this story: Andrew Frye in New York at afrye@bloomberg.net;

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net


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