MetLife has completed the acquisition of American Life Insurance (Alico) from American International Group (AIG) for $16.2 bn.

MetLife president and CEO Robert Henrikson said, with the acquisition of Alico, MetLife has become the premier global life insurance and employee benefits powerhouse.

“This transaction delivers on our global growth strategies, adding significant scale and reach to MetLife’s international footprint,” Henrikson said.

Consideration paid by MetLife to AIG for the acquisition of Alico consisted of $7.2bn in cash consideration after adjustments and $9bn in MetLife equity and other securities, subject to closing adjustments.