Business Services Industry
MetLife solidifies position as No. 1 group life insurer.(News)(Metropolitan Life Insurance Co.)
Business Insurance, June, 2003 by Greenwald, Judy
Byline: JUDY GREENWALD NEW YORK-New York-based Metropolitan Life Insurance Co. has agreed to purchase Boston-based John Hancock Life Insurance Co.'s group life insurance business for an undisclosed amount, in a transaction expected to close later this year, subject to regulatory approval. The deal would further consolidate MetLife's position as the largest group life insurer.
A MetLife spokeswoman said MetLife reported $5.16 billion in premiums, fees and other revenues for its group life business last year, while John Hancock reported $177.4 million in group life revenues. Windsor, Conn.-based LIMRA International, which provides research, consulting and other services to insurers, ranked John Hancock No. 15 among group life insurers and MetLife as No. 1,...
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