Bloomberg News

MetLife to Pay AIG’s Townsend $500,000 Salary to Run Asia

May 16, 2012

MetLife Inc. (MET:US), the largest U.S. life insurer, will pay Christopher Townsend an annual salary of HK$3.88 million ($500,000) to lead operations in Asia after the company expanded in the continent.

Townsend, 43, was given a signing bonus of HK$3.88 million and an incentive target of HK$6.2 million, New York-based MetLife said yesterday in a filing. His stock and options compensation targets will be $650,000 each and he’ll receive 25 paid days off a year.

Townsend will join MetLife’s Asia region as president after working as chief executive officer of American International Group Inc.’s (AIG:US) Chartis unit, where he oversaw 4,700 employees in 15 countries, according to the filing. He is scheduled to begin Aug. 6 and will be responsible for Japan, Korea, Australia, Hong Kong and China, the insurer said. MetLife is counting on the region to fuel growth after buying American Life Insurance Co. from New York-based AIG in 2010.

The job will require Townsend to “engage in significant travel on behalf of the company to locations within the Asia region,” MetLife wrote in the employment agreement included in the filing. “This travel requirement forms an essential part of your job.”

MetLife generated more than a quarter of its revenue (MET:US) outside the U.S. last year, compared with less than 15 percent in 2008. International operating profit jumped 89 percent last year to $570 million, led by gains in Japan.

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

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


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Companies Mentioned

  • MET
    (MetLife Inc)
    • $50.18 USD
    • 0.30
    • 0.6%
  • AIG
    (American International Group Inc)
    • $50.19 USD
    • 0.34
    • 0.69%
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