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Article: MetLife solidifies position as No. 1 group life insurer.(News)(Metropolitan Life Insurance Co.)
- Article from:
- Business Insurance
- Article date:
- June 30, 2003
- Author:
CopyrightCOPYRIGHT 2003 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JUDY GREENWALD
NEW YORK-New York-based Metropolitan Life Insurance Co. has agreed to purchase Boston-based John Hancock Life Insurance Co.'s group life insurance business for an undisclosed amount, in a transaction expected to close later this year, subject to regulatory approval.
The deal would further consolidate MetLife's position as the largest group life insurer. A MetLife spokeswoman said MetLife reported $5.16 billion in premiums, fees and other revenues for its group life business last year, while John Hancock reported $177.4 million in group life revenues.
Windsor, Conn.-based LIMRA International, which provides research, ...