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Article: Metlife agrees to buy Citigroup insurance arm
- Article from:
- China Daily
- Article date:
- February 2, 2005
- Author:
CopyrightCopyright 2005 China Daily. Provided by ProQuest LLC. (Hide copyright information)
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MetLife Inc agreed to buy Citigroup Inc's Travellers Life &
Annuity and most of its international insurance business for US$11.5
billion to become North America's biggest seller of individual life
insurance.
MetLife will pay Citigroup as much as US$3 billion in stock and
the rest in cash, the companies said yesterday. The New York-based
companies also struck a 10-year agreement to sell MetLife products
through Citigroup units including the Smith Barney brokerage,
Citibank branches and the Primerica network of 100,000 financial
advisers.
The purchase, MetLife's biggest ever, is a departure for Chief
Executive Officer Robert Benmosche. His previous deals, including the
US$1.2 billion ...