The UK wealth management business’s AUM grew fivefold in less than six years, having surpassed £1bn in November 2010.
Ongoing volatility and low interest rates have highlighted the need for a level of income certainty and flexibility in retirement, MetLife said.
As a result, growth has been accelerated by MetLife’s expansion into Isas with the launch of the guaranteed stocks and shares Isa last November underlining the growing demand for guaranteed solutions.
Certainty and flexibility
Dominic Grinstead, managing director of MetLife UK, said: “We have seen strong demand following pension freedoms with advisers and clients focusing on the need for certainty and flexibility.
“Guaranteed solutions are proving particularly valuable given current uncertainty but the growth in assets under management since launch in 2007 shows the strength of the market throughout different conditions.
“Achieving the £5bn milestone highlights the need for flexible innovative solutions to challenge annuities and traditional drawdown both of which have limitations in the current market.”