When it comes to insurance, annuities, and employee benefit programs, MetLife is by far one of the biggest names, not just in the United States though, but all over the world. And it is pretty understandable why MetLife has become this big in the 21st century, the secret for that simply lies in the rich history of the company itself. You see, MetLife’s foundations were laid way back in 1868, can you even imagine that? And if you wanna know more of such intriguing and interesting details about MetLife, then keep on reading because today’s post is dedicated to just that. Here we go.
|MetLife Origin Country
|New York City, New York, U.S.
|Michel A. Khalaf
|William P. Stewart
|MetLife Net Worth
|$46.27 billion (As of December 2023)
The MetLife Story
MetLife, Inc., widely recognized as MetLife, stands as one of the largest global providers of insurance, annuities, and employee benefit programs. Founded on March 24, 1868, MetLife has grown significantly over the years, serving 90 million customers in over 60 countries. The company’s history dates back to 1863, beginning as the National Union Life and Limb Insurance Company, which initially insured Civil War sailors and soldiers against disabilities. By 1868, it evolved into the Metropolitan Life Insurance Company, focusing on life insurance. A significant transformation occurred in 1915 when MetLife completed its mutualization, transitioning from a stock life insurance company owned by individuals to a mutual company operating for policyholders’ benefits. This structure continued until 2000 when MetLife demutualized into a publicly traded company. MetLife’s growth has been marked by several strategic moves and expansions. In 2016, it announced the spin-off of its U.S. retail business into Brighthouse Financial. Over the years, MetLife has diversified its portfolio and subsidiaries, including significant entities like MetLife Investors, MetLife Bank, and Metropolitan Property and Casualty Insurance Company. By 1930, MetLife insured one in five individuals in the U.S. and Canada and played a crucial role in financing iconic constructions like the Empire State Building and Rockefeller Center.
You know, MetLife really changed the game after World War II. They spread out to the suburbs, switching up their focus to cater to everyone. Do you remember MetLife’s initial public offering (IPO) in 2000? A whopping $6.5 billion! That was the biggest IPO in U.S. financial history at the time. Fast forward a few years, and they’re making moves again. In 2005, they bought Citigroup’s Travelers Life & Annuity and their international insurance businesses for a cool $11.8 billion. This deal made them the top player in North America for individual life insurance sales. Then, in 2010, they grabbed American Life Insurance Company from AIG for $15.5 billion. But guess what? In 2011, they decided banking wasn’t their thing and sold MetLife Bank to GE Capital. And now, as of December 2023, their net worth is an impressive $46.27 billion!