Deals
MetLife Weighs U.S. Retail IPO as CEO Seeks Less Oversight
- New company will have $240 billion in assets, MetLife says
- Executive VP Eric Steigerwalt to lead separated company
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MetLife Inc., the largest U.S. life insurer, plans to separate much of its domestic retail business as Chief Executive Officer Steve Kandarian works to shrink the company amid tighter government oversight. The stock rallied in extended trading.
The insurer is weighing a possible sale, spinoff or public offering of the operation, New York-based MetLife said Tuesday in a statement. The new company would have about $240 billion of assets and accounts for approximately 20 percent of MetLife’s operating earnings, according to the statement.