Massachusetts Mutual Life Insurance (MassMutual) has completed the acquisition of MetLife’s US retail advisor force for $165m.
The deal includes MetLife Premier Client Group (MPCG), which is a retail distribution operation with over 40 local sales, advisory offices, and 4,000 advisors throughout the US.
The transaction, which was first signed in February, also included the acquisition of MetLife’s affiliated broker-dealer MSI Financial Services and certain assets associated with MPCG such as employee contracts.
It enables MassMutual to provide its customers with expanded financial solutions, including life insurance, annuities, disability income insurance and wealth management services.
Both firms have also signed a product development agreement, under which MetLife’s US retail business will be the developer of certain annuity products to be issued by MassMutual.
MassMutual chairman, president and CEO Roger Crandall said: "This acquisition begins the next chapter in our rich heritage, underscored by our 165-year history of helping people and families secure their future and protect the ones they love.
"We are now positioned to help even more policyowners and customers access a portfolio of holistic financial solutions for every phase of life."
MetLife’s US retail business executive vice president Eric Steigerwalt said: "We are pleased that the financial professionals and employees joining MassMutual will be able to continue to provide the exceptional advice and service that their customers have grown accustomed to."
MassMutual offers life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services and annuity products, while MetLife offers life insurance, annuities, employee benefits and asset management services.
Image: MassMutual has acquired MetLife Premier Client Group. Photo: courtesy of adamr / FreeDigitalPhotos.net.