DOW JONES NEWSWIRES
MetLife Inc. (MET) will combine its institutional and individual
businesses and its auto and home unit into a single U.S. business
division following a two-year review of its organization.
Life insurers have been reporting slumping results for some time
as the tanking stock market and investment woes walloped
results.
William J. Mullaney, who has been president of MetLife's
institutional business since January 2007, will be president of the
U.S. business organization. He has previously served as president
of MetLife's auto and home group, among other roles.
"With this realignment, we are recognizing that we can better
serve both employee benefit plan sponsors and individual customers
through a single integrated organization, while preserving our
unique franchises," Chief Executive C. Robert Henrikson said.
The changes are effective Aug. 1, while the integration is
expected to be completed next year.
MetLife's institutional business includes its group life,
retirement and savings products, while the individual business
includes life insurance and annuities marketed through agents.
In after-hours trading, shares were unchanged at $29.28. The
stock is off 16% so far this year through Tuesday's close.
-By Lauren Pollock, Dow Jones Newswires; 212-416-2356;
lauren.pollock@dowjones.com