MetLife Essay

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MetLife, Inc., is one of the biggest insurance companies in the world. It represents a group of companies offering insurance and other financial services in the United States and internationally. MetLife maintains its  operations  from  the  principal  executive  office in New York City. It was incorporated in 1999 and now employs around  49,000 people (as of January 1, 2008). MetLife is quoted  in the New York Stock Exchange with the ticker symbol MET. The company has approximately  87,000 shareholders  (as of January 1, 2008).

In addition to its U.S. operations, MetLife provides direct  insurance  products   in  Asia-Pacific, Europe, and Latin America. However, the United States is MetLife’s largest  geographical  market  (87  percent of 2006 revenues). MetLife operates  in five business areas: institutional,  individual, auto and home, international, and reinsurance,  which generated revenues in 2006 as follows: institutional (42 percent),  individual (31 percent), reinsurance (11 percent), international (10 percent), and auto and home (6 percent).

Metlife’s products include life insurance, annuities, automobile  and homeowners  insurance,  and mutual funds to individuals, as well as group insurance, reinsurance,   and  retirement  and  savings  products and services to corporations and other  institutions. Metlife’s institutional division offers group insurance and retirement and savings products  and services to corporations and  other  institutions.   These  include group  life insurance  and  nonmedical  health  insurance. The individual segment offers insurance  products  such as traditional,  universal, and  variable life insurance and variable and fixed annuities. Auto and home division offers personal property  and casualty insurance through employer-sponsored programs, as well as through  a variety of retail distribution  channels,  including  career  agency  system,  independent agents,  specialists,  and  direct  response  marketing.

The  international segment  provides  life insurance, accident and health insurance, annuities, savings, and retirement products  to both individuals and groups, and  auto  and  homeowners  coverage to  individuals primarily within Latin America and the Asia-Pacific market.  MetLife  operates  in  international markets through  subsidiaries and joint ventures. The reinsurance  segment  provides  traditional  life, asset-intensive products,  and financial reinsurance  primarily in North  America. This involves indemnifying another insurance  group for all or a portion  of the mortality insurance risk it has written.

MetLife   has   numerous    subsidiary   companies. These include RGA Reinsurance  Company,  MetLife Life and Annuity  Company  of Connecticut,  Metropolitan  Property  and Casualty Insurance  Company, New  England  Life Insurance  Company,  Texas  Life Insurance Company, MetLife Limited, Sino-U.S. MetLife Insurance Company, and United MetLife Insurance Company.

The executive team  of MetLife includes  C. Robert Henrikson (chief executive officer and chairman), Ruth A. Fattori (chief administrative  officer), Steven A. Kandarian (chief investment officer), James L. Lipscomb (general counsel), Maria R. Morris (subsidiary officer), William J. Wheeler  (chief financial officer), William J. Mullaney (division officer), William J. Toppeta (division officer), and Lisa M. Weber  (division officer). MetLife’s board of directors  includes Sylvia Mathews  Burwell, Eduardo  Castro-Wright, Cheryl W.  Grise,  William  C. Steere,  Lulu C. Wang,  John M. Keane, Hugh B. Price, Kenton J. Sicchitano, Burton A. Dole, R. Glenn Hubbard, James M. Kilts, and David Satcher.

The success of MetLife is a result of many factors including its strong market position. It is a well-known company. In the sales of some of its products, MetLife is the  largest provider  in the  U.S. market.  Its leading role in insurance  sales gives it a key competitive advantage. Considering  the hypercompetitive  insurance market, MetLife performs  better  than its rivals in many insurance  products,  especially in group life insurance and group auto and home insurance sales. Another reason may be regarded to be the company’s well-organized sales network. MetLife is able to reach a wide range of customers through multiple distribution channels. These include direct marketing, independent  agents,  agency network,  brokerage,  direct employer sales, and the internet. Also, MetLife’s multiple range of products  makes the company stronger than its rivals. Its life and nonlife insurance, savings, and investment  products  are among the highest-selling products in the insurance industry. Using its massive financial power, MetLife can provide insurance solutions designed specifically for diverse customers by considering their differentiated  needs. This is not limited  to institutional customers  with sales of life, nonmedical health, and retirement and savings operations, but also available to individual customers  via individual life and annuities operations. These several revenue-generating  operations   with  their   similarity in relevant products  and services enhance  cross selling opportunities between product  segments. At the same time, they decrease MetLife’s business risk across various market segments.

Bibliography:   

  1. MetLife, metlife.com  (cited  March 2009);
  2. Todd Raphael, “Well Done—MetLife Shifts Culture Quickly,” Workforce (v.80/7, 2001);
  3. SEC-EDGAR, www.sec.gov (cited March 2009).

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