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MetLife Inc. (MET), the insurer planning to cut expenses by $600 million by 2016, said the unit focusing on sales to U.S. individuals has been targeted for savings.
About 60 percent of the reductions will be in the U.S., and “retail will have the largest portion of this contribution,” said William Wheeler, president of the Americas for the New York-based insurer, in a presentation today. “We do expect our mature businesses to shoulder most of the impact” while the company pursues growth in other business lines.
To contact the reporter on this story: Zachary Tracer in New York at Ztracer1@bloomberg.net
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