MetLife and Citigroup have entered into a 10-year distribution agreement, whereby the life insurer will offer credit insurance products to Citi clients in 15 markets until 2025.
This recent contract expands upon an existing distribution agreement between MetLife and Citi that will expire in 2015.
Both companies have not revealed the financial terms of the agreement.
As per the new agreement, MetLife and its affiliates will act as the underwriter or reinsurer of credit insurance products to Citi clients in 15 countries, across Asia, Europe, the Middle East, Africa and Latin America through 2025.
The products will be available to Citi retail bank and credit card clients in Australia, Argentina, Brazil, Bahrain, Czech Republic, Egypt, Greece, Indonesia, Malaysia, Philippines, Poland, Russia, Spain, Thailand and the UAE.
MetLife executive vice president Maria Morris said, "We look forward to continuing to build on our strong partnership with Citi by providing credit insurance products to Citi’s clients across the globe.
"This deal is unique in nature as it enables Citi and MetLife to deliver enhanced value to their customers through product and process innovation."
Citi retail banking global head and Asia Pacific consumer banking head Jonathan Larsen commented, "This agreement enables us to provide enhanced value, products, and service to our clients while driving efficiency through a single, standard global product framework."
MetLife, through its subsidiaries and affiliates offers insurance, annuities and employee benefit programs to 90 million customers in the US, Japan, Latin America, Asia, Europe and the Middle East.