Fri, 22 Feb 2013 | BUSINESS SALE
MetLife Inc has confirmed that its British bulk annuity business, MetLife Assurance Ltd, is up for sale.
The company, which is the largest US life insurer, has hired investment bankers from Citibank to run the UK business sale, which is likely to take place in the form of an auction, a person familiar with the matter said.
According to reports, people close to the situation told Sky News that the price tag is likely to be below the £1 billion price tag that has been suggested by some analysts although the company itself would not confirm any rumours regarding the sale. MetLife told Reuters: “We do not comment on market rumours or speculation.”
Further reports from Sky suggested that MetLife Assurance Ltd was identified as a disposal candidate after MetLife spent the last five years building the firm into a major UK market player. The sale could be going through to give the parent company a boost after MetLife issued warnings back in December that its profits were set to be lower-than-expected due to a long period of historically-low US interest rates.
But despite difficulties, including especially large losses incurred for paying out on claims from hurricane Sandy, MetLife is still expecting to make profits of $5.5 billion in 2013.
A spokesman for the UK side of MetLife's business told Sky News: “MetLife continually evaluates its businesses to ensure that we are best positioned to achieve our objectives, deliver superior customer service, support long-term business growth and operate effectively and efficiently. We do not comment on market rumours or speculation.”
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