NU Online News Service, July 23, 2003, 4:59 p.m. EDT – MetLife Inc., New York, has agreed to sell its Spanish subsidiary, MetLife Iberia S.A., to Liberty Mutual Insurance Company, Boston.
Liberty Mutual also is buying two MetLife Iberia subsidiaries, Seguros Genesis S.A. and Genesis Seguros Generales S.A.
The price of the deal and other terms were not immediately available.
MetLife is selling the Spanish operations because it wants its international operations to focus on emerging markets with a strong demand for life insurance, employee benefits, retirement products and long term savings vehicles, according to William Toppeta, president of MetLife International.
MetLife Iberia is out of step because it is in a mature market and has a large auto insurance business, Toppeta says.