In a statement on MetLife’s website, the firm advised: “There can be no assurance that an agreement will be reached or that a transaction will be consummated.”
According to Reuters, MassMutual has confirmed that it is in talks with MetLife, but provided no further details.
MassMutual could nearly double in size, from its current 5,600 agents, should a deal be agreed and all jobs secured.
Tough environment
MetLife said in January that it planned to separate a substantial portion of its US retail business from the core company, citing the “regulatory environment” as a determining factor.
Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries across the Americas, Asia, Europe, and the Middle East.
The company’s US retail business has been struggling, with the business’s operating income down 33% in the third quarter and down 19% in the fourth quarter.
MetLife’s Chief Executive Steven Kandarian has said the lagging retail section “risks higher capital requirements that could put it at a significant competitive disadvantage”.
