MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC),[3] better known as MetLife, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries.[4][5] The firm was founded on March 24, 1868.[6] MetLife ranked No. 43 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.[7]
On January 6, 1915, MetLife completed the mutualization process, changing from a stock life insurance company owned by individuals to a mutual company operating without external shareholders and for the benefit of policyholders.[8] After 85 years as a mutual company, MetLife demutualized into a publicly traded company with an initial public offering in 2000.[9] Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia’s Pacific region, Europe, and the Middle East.[10] MetLife serves 90 of the largest Fortune 500 companies.[11]
The company’s head offices and boardroom are located at the MetLife Building at 200 Park Avenue in Midtown Manhattan and New York City which MetLife owned from 1981 to 2005; despite the sale, MetLife increased its leased footprint in the building beginning in 2015.[12][13]
In January 2016, the company announced that it would spin off its U.S. retail business, including individual life insurance and annuities for the retail market, in a separate company called Brighthouse Financial, which launched in March 2017.[14] The continuing MetLife company kept naming rights to MetLife Stadium in East Rutherford, New Jersey.[15]
As of 2010, the company was “organized into five segments: Insurance Products, Retirement Products,” the US Business (including Auto & Home and Corporate Benefit Funding), and International.[16] The Insurance Products division was the largest unit, accounting for 53% of 2009 revenue.[17] By 2015, a division referred to as “Americas” had emerged.[18]
As of May 2019, MetLife’s chief executive officer was Michel A. Khalaf and its non-executive chairman of the board was Glenn Hubbard.[19]
In 2015, MetLife hired Hugh Dineen to fill the new role of chief marketing officer within the US Business Unit.[20]
As in many large, public corporations, MetLife has a compensation committee which establishes compensation levels for the company’s senior executives; MetLife compensation emphasizes “variable performance-based compensation over fixed or guaranteed pay”.[18]
Subsidiary and affiliate companies
MetLife subsidiaries and affiliates have included MetLife Investors, MetLife Bank, MetLife Securities, Metropolitan Property and Casualty Insurance Company and its subsidiaries, General American, MetLife Legal Plans, MetLife Resources, New England Financial, Walnut Street Securities, Inc., Safeguard Health Enterprises, Inc., and Tower Square Securities, Inc., Cigna.[21][22][23][24][25][26][27][28][29]
The subsidiary MetLife Insurance Company USA, as of 2015 headquartered in Charlotte, North Carolina, was formerly known as MetLife Insurance Company of Connecticut, and prior to this as Travelers Insurance Company.[30][31]
MetLife Bank was sold to GE Capital in 2013, and MetLife exited the banking business.[32]
Metlife in partnership with Tishman Realty & Construction co-owns the Walt Disney World Swan and Dolphin resort in Lake Buena Vista, Florida. The land on which the hotels are located on is owned by The Walt Disney Company and is leased to Metlife and Tishman (which owns the buildings) and operated by Marriott International as a Westin hotel.[33]