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2005 Assets: $481.6 Billion; 2005 Revenues: $45.0 Billion;Net Income: $6.16 Billion
- MetLife Securities, Inc.
- New England Securities Corporation
- General American Life Insurance Company
- General American Life
- GenAmerica Financial
Company History: Known for its long-standing relationship with Snoopy and the rest of the PEANUTS characters, MetLife is ranked #1 in most group product lines, such as life, disability and long-term care insurance, automobile and homeowners, as well as structured settlements and institutional annuities. According to its 20065 annual review, MetLife generated record sales in multiple products.MetLife is the largest life insurer in the United States and has more than 70 million customers around the world. MetLife has about $3.6 trillion of life insurance in force. Its total revenues for 2006 were $48.4 billion and year end 2006 assets were $527.7 billion. In addition to life insurance, it provides group non-medical coverages and other financial services to institutions and individuals in the U.S. and 35 countries. MetLife, which traces its beginnings to an 1863 company founded to insure civil war soldiers and sailors, operates through a large fleet of subsidiaries headed by a publicly traded holding company. MetLife has long enjoyed a strong position among urban consumers and major large corporate group customers. The current holding company organization was established as part of a 2000 demutualization that was subsequently augmented by some significant acquisitions, recently Travelers Insurance Company in 2005.MetLife operates in five segments: Institutional (46% of total premiums in 2005), Individual (18%), Auto and Home (12%), International (9%) and Reinsurance (15%). Institutional sells group life insurance, non-medical health insurance, such as short-term and long-term disability, long term care and dental insurance, and employer sponsored auto and homeowner’s insurance (through the Auto and Home segment) and prepaid legal plans. Individual provides traditional, universal and variable life insurance products, individual disability insurance, long term care, and annuities (variable and fixed) and other investment products such as mutual funds. Auto and Home primarily sells personal p/c insurance including auto insurance (73% of 2005 net premiums earned) and homeowner’s (27%). Umbrella policies, recreational vehicle and boat coverages are also offered. Sales are directly to employees at their worksite or through various retail distribution channels including company agents, independent agents, property and casualty specialists and direct marketing.International provides life insurance, accident and health insurance, annuities, savings and retirement products to individuals or to groups. Asia and Pacific countries, Latin America and Europe are primary markets for MetLife International.Reinsurance is comprised of the life reinsurance business of Reinsurance Group of America, a publicly traded company. Through its General American Life Insurance subsidiary, MetLife owns nearly 53% of RGA. Reinsurance Group of America provides reinsurance in North America through subsidiaries RGA Reinsurance and RGA Life Reinsurance of Canada. In Europe, RGA sells individual and group life insurance, primarily in Spain and the UK. RGA also operates reinsurance subsidiaries and branch offices in Australia, the Caribbean, Hong Kong, Japan, Mexico, South Africa, and South America.
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Principle Sales Methods: Captive agents, selected independent agents, internetThe marketing of individual products by MetLife targets the large to middle-income market, as well as affluent individuals, owners of small businesses and executives of small- to medium-sized companies. MetLife has been successful in selling its products in various multi-cultural markets. Individual products are distributed nationwide through multiple channels. There are three wholesaler organizations: the coverage group for risk based products; the point of sale group for risk-based products; the annuity group for accumulation-based products. Both the coverage and point of sale distribution organizations sell universal life, variable universal life and traditional life products. The coverage wholesalers distribute products through independent general agencies, financial advisors, consultants, brokerage general agencies and other independent marketing organizations under contractual arrangements. The point of sale wholesalers distribute products through financial intermediaries, including regional broker-dealers, brokerage firms, financial planners and banks. The annuity model wholesalers distribute both fixed and variable deferred annuities, as well as income annuity products through financial intermediaries, including regional broker-dealers, New York Stock Exchange (‘NYSE’) brokerage firms, financial planners and banks. Individual insurance and investment products are distributed through distribution channels which include MetLife Resources and Tower Square Securities, Inc. MetLife Resources, a focused distribution channel of MetLife, markets retirement, annuity and other financial products on a national basis through 737 agents and independent brokers. MetLife Resources targets the nonprofit, educational and healthcare markets. Tower Square, a subsidiary of MetLife, is an affiliated broker-dealer that markets variable life insurance and variable annuity products, as well as mutual funds and other securities, through 548 independent registered representatives.
Life Annuity Business: According to its 2005 annual review, anew inflation protection feature was added to its Guaranteed Immediate Income Program. This product is a fixed income annuity that can be offered with a defined contribution plan, IRA annuity or an annuity distribution option in anemployer-sponsored pension plan.MetLife’s individual segment provides traditional, universal and variable life insurance products, individual disability insurance, long term care, and annuities (variable and fixed) and other investment products such as mutual funds.
Auto Business: MetLife became the first national insurer to include identity theft resolution services at no additional charge in their auto coverage policies. MetLife also ranked fourth in the 2005 National Homeowners Insurance Survey in overall claim satisfaction.MetLife’s Auto and Home segment primarily sells personal p/c insurance including auto insurance (73% of 2005 net premiums earned) and homeowner’s (27%). Umbrella policies, recreational vehicle and boat coverages are also offered. Sales are directly to employees at their worksite or through various retail distribution channels including company agents, independent agents, property and casualty specialists and direct marketing.
Homeowners Business: MetLife became the first insurer to include identity theft resolutionservices at no charge in its standard homeowners, renters and condo policies. MetLife also ranked second in the 2005 National Homeowners Insurance Survey in overall claim satisfaction.MetLife’s Auto and Home segmment primarily sells personal p/c insurance including auto insurance (73% of 2005 net premiums earned) and homeowner’s (27%). Umbrella policies, recreational vehicle and boat coverages are also offered. Sales are directly to employees at their worksite or through various retail distribution channels including company agents, independent agents, property and casualty specialists and direct marketing.
Health Business: Though MetLife does not offer health coverage insurance plans, the company provides disability income plans to provide monthly income in case of an injury.
Special Business: MetLife offers boat insurance to cover property, accidents, and passengers. Optional coverage includes portable radios, fishing equipment, water skiis and so forth.