MetLife Inc. is putting its institutional operations, its individual operations and its auto and home unit in a single U.S. business.
The move is partly a result of the growth in the voluntary benefits business at MetLife Inc., New York, a company spokesman says.
The realignment follows a reappraisal of company strategy begun 2 years ago by Steve Kandarian, MetLife’s chief investment officer, at the request of MetLife Chairman C. Robert Henrikson.
Combining the segments will improve MetLife’s product design and distribution resources, simplify its decision-making and promote profitable growth, the company says.
“With this realignment, we are recognizing that we can better serve both employee benefit plan sponsors and individual customers through a single, integrated organization, while preserving our unique franchises,” Henrikson says in the statement.
As employers shift more decisions about personal financial and retirement planning to employees, it made sense to bring MetLife’s individual and institutional business together, Henrikson says.