MetLife, a US-based insurance, annuities, and employee benefit programmes provider, has unveiled plans to merge its subsidiary, General American Life Insurance Company, with and into another subsidiary, Metropolitan Tower Life Insurance Company.
Once the merger is closed, Metropolitan Tower Life Insurance Company will emerge as the surviving entity and be domiciled in Nebraska.
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Pending receipt of regulatory approvals, the transactions are scheduled to be concluded during the first half of 2018.
After the decision to separate a substantial portion of its US retail segment, MetLife carried out a review of the entities out of which has business relationships. Subsequently, MetLife decided to merge the two subsidiaries.
The life insurer believes that the restructuring simplifies and streamlines its corporate and operational structure, ensuring that the company remains competitive, flexible and is in the best position to meet customer needs.
As a result of the transactions, there will be no changes to all policy, contract, or certificate terms, conditions or benefits.
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