METLIFE ANNOUNCES ACQUISITION OF AFORE ACTINVER
New York and Mexico City, November 22, 2007
MetLife, Inc. announced today that its Mexican affiliate, MetLife Mexico, S.A., has signed a definitive agreement to acquire AFORE Actinver, S.A. de C.V. as part of its strategy to strengthen MetLife Mexico’s savings and retirement portfolio and to expand its presence in Mexico.
This agreement is subject to customary closing conditions including regulatory approval by the National Commission of Savings for Retirement (CONSAR), and the Federal Competition Commission (COFECO) in Mexico. Terms of the transaction were not disclosed.
“This transaction is a good example of how we are executing our overall strategy to grow MetLife’s retirement and savings businesses around the world,” said William J. Toppeta, president, MetLife International.
“We see vast opportunities in the savings and retirement business in Mexico and this transaction enables us to increase the scale of our existing pension operation. We have a strong company and management team in Mexico that is well able to integrate AFORE Actinver into the MetLife family of companies. We expect that this transaction will position us for further growth and expansion in the Mexican market,” added Mr. Toppeta.
MetLife has over 7 million customers in the Mexican insurance market and offers a wide product portfolio that includes individual life insurance, medical expense insurance and retirement plans administration.
“In addition to the acquisition of the AFORE, the agreement includes a commercial alliance under which Actinver will sell MetLife products to their clients,” said Alberto Vilar, CEO of MetLife Mexico, S.A. “This is a great transaction that will increase our market penetration, add an accomplished sales force to our distribution and help Mexican people achieve their financial goals by accessing our products.”
“We have been very impressed by AFORE Actinver’s management and operations and especially by the expertise and professionalism of its sales teams. MetLife occupies a key position in the insurance market, and by adding these operations to ours, we will strengthen our position in the pension market,” added Mr. Vilar.
AFORE Actinver’s client portfolio consists of approximately 1.1 million clients. With this acquisition, as AFORE MetLife’s clients they will enjoy an attractive proposition consisting of lower commissions for savings management and also high competitive yields, two of the main characteristics of AFORE MetLife.
About MetLife, Inc.
MetLife, Inc. (NYSE: MET) is a leading provider of insurance and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its domestic and international subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world. MetLife is the largest life insurer in the United States (based on life insurance in force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement & savings products and services to corporations and other institutions. For additional information, please visit us online at www.metlife.com.