MetLife, Inc. said that it is combining its institutional and individual businesses, as well as its auto and home insurance unit, into a single U.S. business organization.
The company said this move stems from a strategic review that was launched two years ago to capitalize on growth opportunities in the marketplace.
“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,” said C. Robert Henrikson, chairman, president and chief executive officer of MetLife, Inc.
He said employers are increasingly shifting decision making about personal financial and retirement planning to employees.
William J. Mullaney, who has served as president of MetLife’s Institutional Business since January 2007, has been named president of the U.S. Business organization. In previous roles at MetLife, Mullaney was president of MetLife Auto & Home, served as senior vice president for claims and customer service at Auto & Home and was responsible for MetLife’s voluntary benefits business.
The changes will be effective Aug. 1, 2009. The integration of the business segments is expected to proceed through the second half of 2009 and be completed in 2010.
The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance and retirement and savings products and services to corporations and other institutions.
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