SPRINGFIELD, Mass., July 5, 2016 /PRNewswire/ -- Massachusetts Mutual Life Insurance Company (MassMutual) announced today that its acquisition of MetLife's U.S. retail advisor force – the MetLife Premier Client Group (MPCG) – has been completed.
On Feb. 29, 2016, the companies announced they had entered into the acquisition agreement, which also includes certain MetLife employees who support MPCG; MetLife's affiliated broker-dealer, MSI Financial Services, Inc. (formerly known as MetLife Securities, Inc.); and certain assets associated with MPCG, including employee contracts. MassMutual stated the purchase price of $165 million, net of adjustments upon closing, is not material to MassMutual's capital and surplus.
"This acquisition begins the next chapter in our rich heritage, underscored by our 165-year history of helping people and families secure their future and protect the ones they love," said Roger Crandall, Chairman, President and CEO, MassMutual. "We are now positioned to help even more policyowners and customers access a portfolio of holistic financial solutions for every phase of life."
"We are pleased that the financial professionals and employees joining MassMutual will be able to continue to provide the exceptional advice and service that their customers have grown accustomed to," said Eric Steigerwalt, executive vice president of MetLife's U.S. Retail business.
The acquisition significantly expands MassMutual's footprint in the U.S.:
- The network of MassMutual financial professionals increases 60 percent to more than 9,200
- The number of MassMutual sales and advisory offices across the country now totals more than 2,000 – an increase of nearly 45 percent
- In addition to the 5 million customers MassMutual currently serves, the company has the opportunity to help millions more people and their families
Further, as part of the transaction, MassMutual and MetLife have entered into a product development agreement under which MetLife's U.S. retail business will be the developer of certain annuity products to be issued by MassMutual.
"Now that we've expanded our team to include thousands of new and talented advisors and employees – unwavering in their commitment to help policyowners and customers make better financial decisions – MassMutual has become a distribution powerhouse and pacesetter for the industry," said Michael Fanning, Executive Vice President, MassMutual U.S. "This transaction puts us firmly on the path to become the number one provider of individual life insurance – and whole life insurance – in the United States."
MassMutual is a leading mutual life insurance company that that is run for the benefit of its members and participating policyowners. MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance, long term care insurance, annuities, retirement plans and other employee benefits. For more information, visit www.massmutual.com.
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SOURCE Massachusetts Mutual Life Insurance Company