Profile: MetLife Inc (MET.N)
19 Oct 2018
MetLife, Inc. (MetLife), incorporated on August 10, 1999, is a provider of life insurance, annuities, employee benefits and asset management. The Company's segments include U.S.; Asia; Latin America; Europe, the Middle East and Africa (EMEA); MetLife Holdings, and Corporate & Other. In the United States, the Company provides a range of insurance and financial services products, including life, dental, disability, property and casualty, guaranteed interest, stable value and annuities to both individuals and groups. Outside the United States, the Company provides life, medical, dental, credit and other accident and health insurance, as well as annuities, endowment and retirement and savings products to both individuals and groups.
The Company's businesses in the U.S. segment offer a range of protection products and services aimed at serving the financial needs of its customers throughout their lives. These products are sold to corporations and their respective employees, other institutions and their respective members, as well as individuals. The Company's U.S. segment is organized into three businesses: Group Benefits, Retirement and Income Solutions and Property & Casualty. Group Benefits insurance products and services include life, dental, group short- and long-term disability, individual disability, accidental death and dismemberment (AD&D), critical illness, vision, and accident and health coverages, as well as prepaid legal plans. It also sells administrative services-only (ASO) arrangements to some employers. Under such ASO arrangements, the employer is at risk, as the Company have not issued an insurance policy. The Company pays claims funded by the employer and perform other administrative services on behalf of the employer. The products offered by the Group Benefits business include variable life, universal life, term life, dental and disability. Variable life products provide insurance coverage through a contract that gives the policyholder flexibility in investment choices and, depending on the product, in premium payments and coverage amounts, with certain guarantees. With variable life products, premiums and account balances can be directed by the policyholder into a variety of separate account investment options or directed to the Company's general account. Universal life products provide insurance coverage on the same basis as variable life, except that premiums, and the resulting accumulated balances, are allocated only to the Company's general account. Term life products provide a guaranteed benefit upon the death of the insured for a specified time period in return for the periodic payment of premiums. Dental products provide insurance and ASO arrangements that assist employees, retirees and their families in maintaining oral health. Dental plans include the Preferred Dentist Program and the Dental Health Maintenance Organization. Group and individual disability products provide a benefit in the event of the disability of the insured.
The Retirement and Income Solutions business provides funding and financing solutions that help institutional customers mitigate and manage liabilities primarily associated with their qualified, nonqualified and welfare employee benefit programs using a spectrum of life and annuity-based insurance and investment products. The products offered by the Retirement and Income Solutions business include stable value products; pension risk transfers; institutional income annuities; torts and settlements; capital markets investment products, and other products and services. The Company offers general account guaranteed interest contracts, separate account guaranteed interest contracts, and trust guaranteed interest contracts used to support the stable value option of defined contribution plans. It also offers private floating rate funding agreements that are used for money market funds, securities lending cash collateral portfolios and short-term investment funds. The Company offers general account and separate account annuity products, generally in connection with the termination of defined benefit pension plans. These risk transfer products include single premium buyouts that allow for full or partial transfers of pension liabilities. General account annuity products include nonparticipating contracts. Under nonparticipating contracts, group annuity benefits may be purchased for retired and terminated employees or employees covered under terminating or ongoing pension plans. Separate account annuity products include both participating and non-participating contracts. Under participating contracts, group annuity benefits are purchased for retired, terminated, or active employees covered under active or terminated pension plans. The non-participating contracts have economic features similar to its general account product, but offer the added protection of an insulated separate account. Institutional income annuities' general account contracts are available for purchasing guaranteed payout annuities for employees upon retirement or termination of employment. These annuities can be either life contingent or non-life contingent. These annuities are nonparticipating, do not provide for any loan or cash surrender value and, with few exceptions, do not permit future considerations. Torts and Settlements offer strategies for complex litigation settlements, primarily structured settlement annuities. Capital markets investment products include funding agreements, funding agreement-backed notes and funding agreement-backed commercial paper. The Company's other products and services include life insurance products and funding agreements designed to provide solutions for funding postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives.
The Property & Casualty business offers personal and commercial lines of property and casualty insurance, including private passenger automobile, homeowners' and personal excess liability insurance. In addition, Property & Casualty offers small business owners property, liability and business interruption insurance. The products offered by the Property & Casualty business include auto insurance, homeowners' insurance and business owners' insurance. Auto insurance policies provide coverage for private passenger automobiles, utility automobiles and vans, motorcycles, motor homes, antique or classic automobiles and trailers. It also offers traditional coverage, such as liability, uninsured motorist, no fault or personal injury protection, as well as collision and insurance. Homeowners' insurance policies provide protection for homeowners, renters, condominium owners and residential landlords against losses arising out of damage to dwellings and contents from a range of perils, as well as coverage for liability arising from ownership or occupancy. Other insurance includes personal excess liability (protection against losses in excess of amounts covered by other liability insurance policies), and coverage for recreational vehicles and boat owners. Business owners insurance provides property, liability and business interruption insurance for small business owners arising out of damages to property and/or business interruption from a range of perils.
The Company's Asia segment offers a range of products to both individuals and corporations, as well as other institutions and their respective employees, which include life insurance; accident and health insurance, and retirement and savings products. The Company offers both traditional and non-traditional life insurance products, such as whole and term life, endowments, universal and variable life, as well as group products. It offers personal accident and supplemental health products, hospital indemnity, medical reimbursement plans, and coverage for serious medical conditions. Its markets include Japan, Korea and China. In addition, it offers individual and group major medical coverage in select markets. It also offers both fixed and variable annuity products in select markets. As of December 31, 2016, the Company operated in 10 countries throughout Asia. It also maintains a representative office in Myanmar, a center in Singapore and a data analytics center in Malaysia.
The Company's Latin America segment offers a range of products to both individuals and corporations, as well as other institutions and their respective employees, which include life insurance, and retirement and savings products. Life insurance includes universal, variable and term life products. Retirement and savings products include fixed annuities and pension products. The Latin America is engaged in the businesses: accident and health insurance, which offers group and individual major medical, accidental, and supplemental health products, including accidental death and disability, medical reimbursement, hospital indemnity and medical coverage for serious medical conditions, and credit insurance that offer credit insurance policies designed to fulfill certain loan obligations in the event of the policyholder's death. In Latin America, the Company's operations are in Mexico and Chile.
The Company's EMEA segment offers a range of products to both individuals and corporations, as well as other institutions and their respective employees, which include life insurance, accident and health insurance, retirement and savings products, and credit insurance. Life insurance offers both traditional and non-traditional life insurance products, such as whole life, term life, endowments and variable life products. It offers group term life programs. Accident and health insurance offers personal and group personal accident and supplemental health products, including AD&D, hospital indemnity, scheduled medical reimbursement plans and coverage for serious medical conditions. In addition, it offers individual and group medical coverage in select markets. Retirement and savings products offer fixed annuity products and pension products, including group pension programs in select markets. In Romania it offers through a pension company a savings oriented pension product under the mandatory privatized social security systems. Credit insurance offers credit insurance policies designed to fulfill certain obligations in the event of the policyholder's death.
The Company's Corporate & Other contains the surplus portfolios for the enterprise, the portfolios used to fund the capital needs of the Company and various reinsurance agreements. Corporate & Other contains the excess capital, as well as certain charges and activities, not allocated to the segments, including external integration and disposition costs, internal resource costs for associates committed to acquisitions and dispositions, enterprise-wide strategic initiative restructuring charges and various start-up businesses (including expatriate benefits insurance and the investment management business through which the Company offers fee-based investment management services to institutional clients, as well as the direct to consumer portion of the U.S. Direct business). Corporate & Other also includes interest expense related to the majority of the Company's outstanding debt and expenses associated with certain legal proceedings and income tax audit issues. In addition, Corporate & Other includes the elimination of intersegment amounts, which generally relate to affiliated reinsurance and intersegment loans, which bear interest rates commensurate with related borrowings.
200 Park Ave
NEW YORK NY 10166-0005
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