NEW YORK, April 12, 2019
MetLife, Inc. (NYSE: MET) today announced that MetLife Holdings, which contains the closed-block businesses of the company’s former U.S. Retail segment, will become part of the finance organization effective May 1, 2019.
John D. McCallion, Executive Vice President and Chief Financial Officer, will assume responsibility for the business, which in 2018 delivered $1.3 billion of adjusted earnings. Reporting to McCallion will be Senior Vice President Frank Cassandra, who manages the segment day to day. MetLife Holdings currently reports to Executive Vice President and Head of Global Technology and Operations Martin J. Lippert, who is retiring effective at the end of business on April 30, 2019.
“Our goal for MetLife Holdings is to maintain our strong focus on customer service while improving operating efficiency to generate distributable cash,” McCallion said. “Just as important, we will continue to look for opportunities to accelerate the appropriate release of capital and reserves.”
The primary product lines in MetLife Holdings are traditional life insurance, variable and fixed annuities, and long-term care. The company is no longer actively marketing new business for these lines.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 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.
Forward-Looking Statements
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