Massachusetts Mutual Life Insurance (MassMutual) has agreed to acquire MetLife's US retail advisor force, the MetLife Premier Client Group (MPCG).
The deal is valued at around $300m, reported The Wall Street Journal.
MPCG is a retail distribution operation with over 40 local sales and advisory offices, as well as 4,000 advisors throughout the US.
The acquisition will allow MassMutual to provide its customers with expanded financial solutions, comprising of 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 exclusive developer of certain annuity products to be issued by MassMutual.
Under the deal, approved MassMutual financial professionals will offer individual life insurance and annuity products via the MetLife PlanSmart Financial Education Series.
MassMutual chairman, president and CEO Roger Crandall said: "This is a milestone event in the 165-year history of MassMutual – and will result in the transformative creation of a distribution powerhouse."
MetLife chairman, president and CEO Steven Kandarian said: "This transaction will enable our US retail business to sharpen its focus on its core strength in product manufacturing while also providing a broader distribution network through the partnership with MassMutual."
Subject to certain closing conditions and regulatory approval, the deal is expected to complete in the middle of this year.
MassMutual provides life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services and annuity products to its customers.
Through its subsidiaries and affiliates, MetLife offers life insurance, annuities, employee benefits and asset management services in around 50 countries.
Image: MassMutual to acquire MetLife Premier Client Group. Photo: courtesy of adamr / FreeDigitalPhotos.net.