MetLife has entered into an agreement to sell its interest in its Japanese joint venture Mitsui Sumitomo MetLife Insurance (MSI MetLife) to its joint venture partner, MS&AD Insurance Group, for $275m.

As part of this transaction, MetLife will transfer all of its ownership interest in MSI MetLife to MS&AD. MS&AD will be the sole operator of MSI MetLife once the transaction closes.

The transaction is subject to customary closing conditions and is expected to be completed on or about 1 April 2011.

MetLife executive vice president Eugene Marks said, this transaction also allows MetLife in Japan to concentrate on leveraging our strong market position as a result of the pending Alico acquisition.

Both companies have agreed to continue to work closely to ensure a seamless transition for distribution partners and customers during and after the transfer process.