MetLife Inc. has agreed to take over Citigroup Inc.’s share of an annuity joint venture in Japan when it completes its proposed acquisition of Citigroup’s Travelers Life & Annuity unit.[@@]
One of the Citigroup units involved in the MetLife-Travelers Life deal, CitiInsurance International Holdings Inc., owns a 49% stake in Mitsui Sumitomo CitiInsurance Life Insurance Company Ltd., Tokyo.
Mitsui Sumitomo Insurance Company Ltd., Tokyo, a large Japanese multiline insurer, owns the other 51% of the 4-year-old joint venture, which sells fixed and variable annuities to individual consumers through financial institutions.