MetLife Completes Sale of Auto & Home Business to Zurich Insurance Group Subsidiary Farmers Group, Inc.
08 April 2021 - 6:22AM
Business Wire
Companies to operate a strategic partnership
through which Farmers Insurance will offer products on MetLife’s
leading U.S. Group Benefits platform
MetLife, Inc. (NYSE: MET) today announced the completion of its
sale of Metropolitan Property and Casualty Insurance Company and
certain wholly-owned subsidiaries to Farmers Group, Inc., a
subsidiary of Zurich Insurance Group, for a purchase price of $3.94
billion in cash.
In addition, MetLife and Farmers Exchanges have established a
10-year strategic partnership through which Farmers Insurance®
(Farmers) will offer personal lines products on MetLife’s
industry-leading U.S. Group Benefits platform, which reaches 3,800
employers and approximately 37 million eligible employees. Farmers
assumes responsibility for MetLife’s previous retail property and
casualty customers.
“We look forward to continuing to deliver a broad range of
benefits that meet the needs of our group customers, maintaining
strong relationships with our distribution partners, and ensuring
employees across the U.S. have access to auto and home coverage
through our relationship with Farmers,” said Ramy Tadros,
president, U.S. Business, MetLife.
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 markets globally and
holds leading positions in the United States, Japan, Latin America,
Asia, Europe and the Middle East. For more information, visit
www.metlife.com.
Forward-Looking Statements
The forward-looking statements in this news release, such as
“will” and “look forward,” are based on assumptions and
expectations that involve risks and uncertainties, including the
“Risk Factors” MetLife, Inc. describes in its U.S. Securities and
Exchange Commission filings. MetLife’s future results could differ,
and it has no obligation to correct or update any of these
statements.
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Media Contact: Randy Clerihue, 646-552-0533 Investor Contact:
John Hall, 212-578-7888
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