Brighthouse Financial Inc., a company that has inherited MetLife’s retail life and annuity operations, began trading today, under its own stock symbol, BHF, on the Nasdaq Stock Market.
Eric Steigerwalt, the president and chief executive officer of Brighthouse, came up from the company’s headquarters in Charlotte, North Carolina, to team up with Steve Kandarian, the president and CEO of MetLife, to ring the Nasdaq MarketSite opening bell, in New York’s Times Square.
Brighthouse begins independent life with $219 billion in total assets, 2.7 million life policies and annuity contracts in force, and relationships with more than 400 distributors.
The company’s shares started trading at a price of about $62 per share, giving the company a total market capitalization of more than $7 billion.
MetLife continues to be a major player in the U.S. group life, employee benefits and asset-management markets, and it also has major insurance operations outside the United States.