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MetLife, Your Trusted Partner

We are committed to helping our customers, employees and distribution partners adapt to their changing world.

How it all started

Organized by a group of New York City businessmen in 1863, the National Union Life and Limb Insurance Company began business in July 1864 insuring Civil War sailors and soldiers against wartime-related disabilities. It was a difficult beginning. By the end of 1864, National Union had written only 17 life and 56 accident policies, and was in last place among the 27 life companies operating in New York State and was running a deficit of $1,400.

After five difficult years in business and several reorganizations and name changes, President James R. Dow, (a medical doctor) and the board of directors decided to drop the casualty business and focus solely on life insurance business. And so began Metropolitan Life Insurance Company.

When MetLife opened for business on March 24, 1868 (selling a small number of policies on that date) the telephone had not yet been invented and electric lights were still uncommon. The population of the United States was approximately 37 million, and there were 37 states in the country. The company’s first home office consisted of two rooms - enough space for its six employees.

Survival of the fittest

This new venture also faced difficulties. A severe business depression that began in the early 1870s rapidly put half of the 70 life insurance companies operating in New York State out of business. Only very large, long-established ordinary life insurance companies remained strong. Policy lapses over successive years forced the company to contract until it reached its lowest point in the late 1870s.

In 1879, MetLife President Joseph F. Knapp turned his attention to England, where "industrial" or "workingmen's" insurance programs were widely successful. American companies had not bothered to pursue industrial insurance up to that time because of the expense involved in building and sustaining an agency force to sell policies door to door and to make the weekly collection of five- or ten-cent premiums.

Rise of the MetLife Agent

By importing English agents to train an American agency force, MetLife quickly transferred successful British methods for use in the United States. By 1880, the company was signing up 700 new industrial policies a day. Rapidly increasing volume quickly drove down distribution costs, and the new program proved immediately successful.

The MetLife agent became an important person in the lives of these striving families.

Foundation of a robust agency model

MetLife developed manuals which guided agents to call at a home at the same time each week to ensure familiarity and contact.

In the process of collecting premiums, insurance agents listened to the problems, concerns, and hopes of their clients.

So successful was this approach that by 1909, MetLife became the nation's largest life insurer in terms of insurance in force, a leadership position we continue to hold today in North America.

The journey continues

At MetLife, we are changing how our customers experience insurance by making it simpler, smarter and designed around them. With us at their side, our customers can navigate their worlds with confidence, ready for every milestone and adventure ahead.

Today, we are in more than 40 countries and hold leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. 

 

OUR PRESENCE IN ASIA

Australia
Australia
  • Since 2005
  • #4 group life insurer
Bangladesh
Bangladesh
  • Since 1952
  • #1 life insurer7
China
China
  • Since 2004
  • #3 foreign insurer1
  • #1 foreign insurer for telemarketing / direct marketing2
  • Most productive agency force
  • Covers 11 provinces and municipalities in 25 cities
China Hong Kong
China Hong Kong
  • Since 1995
  • Growing agency and broker businesses 
India
India
  • Since 2001
  • #10 life insurer5
  • JV with PNB, #3 largest bank
Japan
Japan
  • Since 1973
  • #3 foreign life insurer4
  • Diverse and scaled distribution – Captive and Independent Agency, Bank and Direct
  • Leader in A&H and foreign currency Life
Malaysia
Malaysia
  • Since 2014
  • JV with AMMB, #5th largest bank
  • Asia Data Analytics Centre of Excellence
Nepal
Nepal
  • Since 2001
  • #4 life insurer8
South Korea
South Korea
  • Since 1989
  • #2 foreign life insurer3
  • Most productive agency force
  • Strong tradition of product innovation
Vietnam
Vietnam
  • Since 2013
  • JV with BIDV, #2 largest state bank
Singapore
Singapore
  • Since 2015
  • LumenLab - Asia Innovation center, targeting consumer needs across Health, Ageing and Wealth
References