September 26, 2017 6:42 AM ET

Insurance

Company Overview of Metropolitan Life Insurance Company

Company Overview

Metropolitan Life Insurance Company, together with its subsidiaries, provides life insurance, annuities, employee benefits, and asset management services in the United States. It offers life, dental, group short-and long-term disability, individual disability, accidental death and dismemberment, critical illness, vision, and accident and health coverages, as well as prepaid legal plans; and administrative services-only arrangements to some employers. The company also provides a range of annuity and investment products, including guaranteed interest contracts and other stable value products, institutional income annuities, and separate account contracts for the investment management of define...

200 Park Avenue

New York, NY 10166

United States

Founded in 1868

Phone:

212-578-9500

Key Executives for Metropolitan Life Insurance Company

Chairman of the Board, Chief Executive Officer and President
Age: 65
Chief Financial Officer and Executive Vice President
Age: 58
Executive Vice President of Global Technology & Operations
Age: 57
Chief Executive Officer of Romanian Unit
Chief Executive Officer of Metlife Gulf
Compensation as of Fiscal Year 2017.

Metropolitan Life Insurance Company Key Developments

AcelRx Pharmaceuticals Enters into a Second Amendment with Metropolitan Life Insurance Company

On June 14, 2017, AcelRx Pharmaceuticals Inc. entered into a second amendment (the Lease Amendment") to that certain lease dated December 21, 2011, as amended by a first amendment, dated as of May 2, 2014, with Metropolitan Life Insurance Company (the Landlord") for the Company's current principal executive offices, approximately 26,000 square feet located at 301-351 Galveston Drive, Redwood City, California. Pursuant to the Lease Amendment, the term of the Existing Lease has been extended for a period of 72 months (the Extended Term") beginning February 1, 2018 and expiring January 31, 2024, unless sooner terminated pursuant to the terms of the Lease. Pursuant to the Lease Amendment, the Company will pay on a monthly basis annual rent of approximately $1.2 million, with annual increases each 12-month period beginning February 1, and the first two months to be abated provided that the Company is not in default thereunder. In addition, the Company will pay the Landlord specified percentages of certain operating expenses related to the leased facility incurred by the Landlord.

MetLife Signs Pension Buyout Agreement with PPG

Metropolitan Life Insurance Company has announced that PPG has entered into an agreement with both MetLife and Massachusetts Mutual Life Insurance Company to provide annuity benefits to approximately 13,400 retirees in PPG's defined benefit (DB) pension plans, representing pension obligations of $1.6 billion. The transaction involves two groups of retirees salaried and non-union hourly. For 11,000 salaried retirees, MetLife and MassMutual are each providing 50% of the monthly benefits. MassMutual will act as lead administrator. MetLife will pay its portion of the benefits through an administration agreement with MassMutual. MetLife will be the exclusive provider for the non-union hourly group, making payments directly to the retirees.

Metropolitan Life Insurance Company Approves Amendments to the Charter and By-Laws

On May 16, 2016, the Superintendent of Financial Services of the State of New York approved amendments to the Charter and By-Laws of Metropolitan Life Insurance Company previously approved by the company's Board of Directors rendering them effective. The Charter and By-Laws now provide for the date of each annual meeting of shareholders to be held within thirty days before or after the second Tuesday of June, rather than on the fourth Tuesday of April or within sixty days thereafter. They now provide for a minimum of seven directors, at least one of whom must be a resident of the State of New York; they previously provided for at least thirteen directors, at least three whom had to be New York residents. They also now authorize the Company's shareholders to elect officers of the Company (except for any Chief Executive Officer, Chairman, President, Chief Financial Officer, Secretary, Treasurer, Controller, General Counsel, officer of the rank of Executive Vice President or higher, or any officer who is deemed to be a principal officer of the Company under Section 1202(b) of the New York Insurance Law) and for the shareholders to remove officers they have elected. The Board retains the authority to appoint, and remove officers it has appointed, that the Charter and By-Laws previously gave it. The Charter now includes an updated definition of life insurance consistent with the current statutory definition and requires Superintendent consent for the issuance of any additional shares of Company common stock. The Charter did not previously require such consent. The By-Laws now provide for the Board to determine which director will preside at Board meetings and which officer shall be the Chief Executive Officer, rather to determine these roles from among the officer directors. The By-Laws also now provide, with respect to acts or omissions on or after February 25, 2014, for a limited indemnity of directors of the Company who are not employees of the Company or its affiliates. The By-laws previously provided for a limited indemnity for all directors and officers of the Company. The foregoing description of the Charter and By-Laws is not complete and is qualified in its entirety by reference to the Charter and By-Laws, which are filed as exhibit hereto in redline form showing the amendments described above and in unmarked form, and are incorporated herein by reference.

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