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MetLife Acquires Life Insurer In Chile

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NU Online News Service, Nov. 19, 3:45 p.m. – MetLife Inc., New York, says it has acquired Seguros de Vida Santander and Soince Reinsurance Company, wholly-owned subsidiaries of Santander Central Hispano in Chile. With the acquisition MetLife will make inroads into the Chilean insurance market.

Founded in 1989, Seguros Santander, Chiles’s sixth largest annuity company, controls 6.2% of the market. It is the country’s fifth largest life insurer.

At the end of the third quarter, Seguros Santander had total assets of $1.1 billion, reserves of $933.7 million and equity of $126.3 million.

MetLife has operations in Argentina, Brazil, Mexico and Uruguay.

Santander Central Hispano is one of the largest Spanish banks, with almost $400 billion in assets under management. The corporate profile for Soince Reinsurance is not available yet.