MetLife Inc., the New York-based insurer that traces its roots to the 1860s, said it’s come up with a new name for a U.S. retail unit that’s slated for separation.
The business will be known as Brighthouse Financial once it’s broken off from the parent company, MetLife said Thursday in a statement. MetLife said in January that it would pursue a spinoff, sale or initial public offering for the unit and hasn’t yet announced which path it will take.
The insurer is seeking to give a fresh identity to the U.S. operation that offers annuities and life policies to individuals, a business which will be led by Eric Steigerwalt. MetLife Chief Executive Officer Steve Kandarian is working to reshape the parent company to free up cash and focus on operations in Asia and Latin America and the business selling insurance through employers.
“As a separate entity, Brighthouse will benefit from greater focus and more flexibility in products and operations,” Kandarian said in the statement. “This separation will also bring significant benefits to MetLife as we focus even more intently on our group business in the U.S., where we have long been the market leader, as well as on our international operations.”