North America

Metlife completes acquisition

MetLife completed its acquisition of Citigroup's Travelers Life & Annuity business in the US and all of Citigroup's international insurance businesses for $11.8bn. According to a Metlife statement the figure consisted of $10.8bn in cash and approximately 22.4 million shares of MetLife common stock with a value of approximately $1bn. The transaction significantly increases Metlife's presence in both these markets. Robert Benmosche, chairman and chief executive of MetLife said the deal also included a number of ten year distribution agreements with Citigroup which provide Metlife with one of the biggest distribution networks in the industry. Thus MetLife products will be available through certain Citigroup distribution channels, including Smith Barney, Citibank branches, and Primerica in the U.S., as well as a number of international businesses.