MetLife, Inc. is the parent company for Metropolitan Life Insurance Company ( MLIC ), better known as MetLife , and its affiliates. MetLife is one of the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries. The company was founded on March 24, 1868.
On January 6, 1915, MetLife completed the mutualisation process, changing from an individual-owned life-insurance company to a joint venture operating without external shareholders and for the benefit of policyholders. The company went public in 2000. Through its subsidiaries and affiliates, MetLife holds a leading market position in the United States, Japan, Latin America, the Pacific region of Asia, Europe and the Middle East. MetLife serves the top 90 Fortune 500 companies. The company's main offices are located at 200 Park Avenue, New York City in Midtown Manhattan, New York City, while still having several executive offices and meeting rooms at the MetLife Building, located on 200 Park Avenue, New York City, sold in 2005.
In January 2016, the company announced that it would stop the US Retail business, including individual life insurance and annuities for the retail market, in a separate company called Brighthouse Financial. They will retain the MetLife name at the MetLife Stadium. On March 6, 2017, a separate US retail business launched Brighthouse Financial - an independent company focused on life insurance and annuities.
Video MetLife
Company structure
In 2010, the company was "organized into five segments: Insurance Products, Pension Products," US Businesses (including Auto & Home and Corporate Benefits Funding), and International. The Insurance Products Division is the largest unit, accounting for 53% of 2009 revenues. In 2015, a division called "America" ​​has emerged.
Corporate governance
In 2011, MetLife's Chief Executive Officer was Steve Kandarian. Kandarian also serves as chairman of the board and president of the company by 2015.
Hired in 2013, John Hele serves as chief financial officer for the company in 2015.
By 2015, MetLife employs Hugh Dineen to fill a new role of chief marketing officer within the US Business Unit.
As in many large public companies, MetLife has a compensation committee that sets the level of compensation for senior corporate executives; MetLife's compensation emphasizes "variable-based performance compensation for fixed or guaranteed payments".
Subsidiaries and affiliates
Anak perusahaan MetLife dan afiliasinya telah memasukkan MetLife Investors, MetLife Bank, MetLife Securities, Metropolitan Property dan Casualty Insurance Company dan anak perusahaannya, General American, Hyatt Legal, MetLife Resources, New England Financial, Walnut Street Securities, Inc., Safeguard Health Enterprises, Inc., dan Tower Square Securities, Inc., Cigna.
A subsidiary of MetLife Insurance Company USA, in 2015 headquartered in Charlotte, North Carolina, formerly known as MetLife Insurance Company in Connecticut, and prior to this as a Travelers Insurance Company.
MetLife Bank was sold to GE Capital in 2013, and MetLife out of the banking business.
MetLife in partnership with Tishman Realty & amp; Shared construction has the resort of Walt Disney World Swan and Dolphin in Lake Buena Vista, Florida. Land where the hotels are owned by The Walt Disney Company and leased to Metlife and Tishman (which owns the buildings) and operated by Starwood Hotels & amp; The resort as a Westin hotel.
Maps MetLife
History
Initial years
The MetLife predecessor company started in 1863 when a group of New York City entrepreneurs collected $ 100,000 to find the National Union Life and Limb Insurance Company . The company insured the sailors of the Civil War and the army against defects due to wartime wounds, accidents, and illness. On March 24, 1868, he was known as the Metropolitan Life Insurance Company and shifted his focus to the life insurance business.
The severe business depression that started with Panic of 1873 forced the company to contract until it reached its lowest point in the late 1870s. After observing the insurance industry in the United Kingdom in 1879, MetLife President Joseph F. Knapp brought an "industrial" or "worker" insurance program to the United States - a small amount of insurance issued in which premiums are collected weekly or monthly at the home of policyholders. By 1880, sales had exceeded a quarter of a million of these policies, generating nearly $ 1 million in revenues from premiums. In 1909, MetLife became the largest life insurer in the United States, as measured by the prevailing life insurance (the total value of the life insurance policy issued).
In 1907, the Metropolitan Life Insurance Company tower was assigned to serve as MetLife's 23rd Street base in Lower Manhattan. Completed two years later, it was the tallest building in the world until 1913 and remained the company's headquarters until 2005. Over the years, an illustration of the building (with the light emanating from the tip of the tower and the slogan, "The Light Never Fails" ) is clearly displayed in the MetLife ad. In 1930, MetLife insured every man, woman, and fifth child in the United States and Canada. During the 1930s, he also began to diversify his portfolio by reducing the percentage of each mortgage that supported public utility bonds, investments in government securities, and loans to commercial real estate. The company financed the construction of the Empire State Building in 1929 and provided capital to build the Rockefeller Center in 1931. During World War II, MetLife placed more than 51 percent of its total assets in war bonds, and was the single largest private contributor. for the cause of the Allies.
Postwar
During the postwar era, the company expanded its suburban presence, decentralized operations, and refocused its career agent system to serve all market segments. It also began marketing group insurance products to entrepreneurs and institutions. In 1979, operations were divided into four main businesses: group insurance, personal insurance, pensions, and investments. In 1981, MetLife purchased what is known as the $ 400 million MetLife building of the group including Pan American World Airways.
De-mutualization and IPO
In 2000, MetLife was converted from a mutual insurance company that operated for the benefit of its policyholder into a non-profit public company. The de-mutualization process allows MetLife to enter the unrelated insurance business and increase executive compensation.
The policyholder receives some shares in the new company in this process. MetLife is accused of violating federal securities laws by misinterpreting and omitting information in material given to policyholders during this process, resulting in a year of litigation ending with a $ 50 million settlement in 2009.
Acquisitions, sales and main offers
- 1992 - joined United Mutual Life Insurance Company, the only African-American life insurance in New York, in 1992.
- 1992 - acquired a single Life Life premium business allowance, valued at approximately $ 1.2 billion. MetLife also acquired the company's life insurance business, worth approximately $ 260 million.
- 1995 - buy New England Mutual Life Insurance Company.
- 1997 - gained Security First Group in 1997 for $ 377 million.
- 1999 - acquires National Lincoln's individual disability income unit.
- 1999 - purchased the $ 1.2 billion GenAmerica Corporation reinsurance provider, as well as its subsidiaries, Reinsurance Group of America and Conning Corporation. That year, the company has grown to serve 7 million policyholders.
- 2000 - de-mutualization and IPO. Initial public offering is worth $ 6.5 billion, which is the largest IPO on that date in US financial history. MetLife policyholders are required to choose cash or stock. This IPO makes MetLife the most heavily owned share in the United States, and raised MetLife's value to more than $ 4 billion. In 2000, the number of MetLife policyholders has increased to 11 million, and that year has become the number one life insurance company in the United States, exceeding Prudential, according to The New York Times.
- 2000 - $ 470 million voice and data network management handles AT & T Solutions
- 2001 - acquired Grand Bank of Kingston, New Jersey, which changed its name to MetLife Bank.
- 2001 - invested $ 1 billion in US stock markets during 2001, shortly after the September 11 terrorist attacks.
- 2005 - acquired Citigroup Travelers Life & amp; Annuities and all Citigroup international insurance business for $ 11.8 billion. At the time of the agreement, which was completed on July 1, 2005, the Travelers acquisition made MetLife the largest life insurance company in North America based on sales.
- 2006 - opened a joint insurance company in Shanghai, in May 2006.
- 2006 - sold Peter Cooper Village, or Stuyvesant Town, the largest apartment complex in New York City at the time, for $ 5.4 billion. MetLife has developed an apartment complex between 1945 and 1947, until the homes of veterans returning home from duty in World War II.
- 2010 - buy American Life Insurance Company from AIG for US $ 15.5 billion.
- 2011 - sells MetLife bank to GE Capital, out of the banking business.
Current era
From 2004 to 2011, MetLife continues to hold its position as the largest life insurance company in the United States. The company has $ 2.5 trillion in written policy, $ 350 billion in managed assets, more than 12 million customers in the United States, 8 million customers outside the United States, and a net profit in 2003 of $ 2.2 billion. That year, Barron's reported that 13 million American households had at least one product from MetLife.
MetLife named Robert H. Benmosche as chairman and CEO in July 1999. Benmosche held that position until 2006, when he was replaced by C. Robert Henrikson.
The company's sales grew 11.5% between 2008 and 2009, despite the national recession. In 2011, CEO Robert Henrikson was replaced by Steven A. Kandarian, who has overseen the company's "investment portfolio worth US $ 450 billion" as head of investment. Henrikson remains chairman of the company until the end of 2011, at which point he reached the company's mandatory retirement age.
By 2015, MetLife ranks first in Fortune magazine's list of the World's Most Admired Companies in the category of Insurance: Life and Health.
In the summer of 2017, MetLife plans to add a 255,000 square foot third office building in Cary, North Carolina's Global Technology Campus, to provide a 655,000 square foot company in a location that has more than 1,000 employees in fields such as engineering, software and technology. This plan is a result of North Carolina that gives the company a $ 94 million incentive in 2013 to create more than 2,600 jobs, half in Cary and half in Charlotte.
"Too large to fail"
In 2012, MetLife failed in the Comprehensive Capital Analysis and Analysis of Federal Reserve Reviews (Fed), which are intended to predict the potential failure of firms in a recession. The Fed stated that the minimum ratio of total capital-based risk should be 8% and estimate MetLife's ratio of 6%. The Company has requested approval to repurchase shares worth US $ 2,000,000,000 to prop up share prices, along with an increase in dividends. Because MetLife has MetLife Bank, it is subject to strict financial regulations. To avoid that level of regulation, MetLife announced the sale of its banking unit to GE Capital. On November 2, 2012, MetLife said it had sold a $ 70,000 million mortgage services business to JPMorgan Chase for an undisclosed amount. Both sales are part of his strategy to focus on the insurance side of his business.
Attempts to escape the "too big to fail" rule did not work. In September 2014, the United States government observed Dodd-Frank's 2010 financial reform law by proposing the adoption of an official label for MetLife as "essential systemic" for the American economy. If implemented, MetLife will be subject to a series of different rules and regulations, with increased oversight from the Federal Reserve. The company appealed this proposal in November 2014. In December 2014, federal regulators decided that MetLife required special regulations to be made available to financial and organizational companies that were considered "systemically important," or "too big to fail". MetLife announced in January 2015 that it will file a lawsuit against the District of Columbia to overturn a federal regulatory decision, thus becoming the first nonbank to oppose such a decision. Three other nonbank companies have been designated as "essential systemic": AIG, General Electric and Prudential. MetLife continues to file the lawsuit in mid 2015, with the US Department of Justice requesting that their challenges be terminated.
Fine
On August 7, 2012 it was announced that MetLife will pay a $ 3.2 million penalty after the Federal Reserve charges it using unsafe and unhealthy practices in handling its assault operations and mortgage foreclosures.
In 2014, MetLife paid $ 23 million to settle several lawsuits for waste disposal operations used to generate life insurance sales prospects.
In 2015, MetLife Home Loans LLC paid $ 123.5 million to the US Department of Justice to resolve allegations that consciously create mortgages guaranteed by the United States government that do not meet federal emissions guarantee requirements.
Products and services
In 2010, MetLife has a "mixed product range" that includes insurance (home, car and life), variable life annuities and structured settlements, commercial mortgages and securities backed by commercial mortgages, and state debt.
Life insurance
Individual Life Insurance products and services MetLife consists of term life insurance and certain types of permanent life insurance, including life, universal life, and lifetime end-of-life insurance. These services vary in terms of duration and amount of coverage available and whether medical checks are required for coverage. The company also offers group life insurance, provided through an employer, consisting of life term, permanent life, and accidental death and cutting coverage. MetLife is the largest life insurance in the United States, based on current life insurance.
Dental
MetLife offers group dental benefits plans for individuals, employees, pensioners and their families and provides dental plan administration for over 20 million people. Plans include the Metilife Dentists Choice Program (PPO) and DHMO SafeGuard (available to individuals and employees in CA, FL, TX, NJ and NY.). As of May 2010, MetLife's dental PPO network includes more than 135,000 participating dentist locations nationwide while the HMO dental network includes more than 13,000 participating dentist locations in California, Florida and Texas. MetLife also maintains a continuing dental education program for dentists and allied health care professionals, recognized by the American Dental Association (ADA) and Academy of General Dentistry (AGD).
Disabled
MetLife provides defective products to individuals and groups of employees and associates who receive them through their employers. For individuals, individual disability income insurance companies can replace a portion of the income lost if a person can not work due to illness or injury. MetLife offers several individual income disability policies, including Income Income MetLife, OMNI Advantage, OMNI Essential, Business Overhead Costs, and Sale and Purchase. The policy options provided by the company vary in terms of feasibility and coverage provided. For the group, MetLife offers short-term disability insurance and long-term disability insurance. Short-term disability insurance is structured to replace a portion of individual income during the early weeks of a crippling disease or accident. Long-term disability insurance serves to replace a portion of a person's income over an extended period of crippling diseases or accidents. The company also maintains attendance management products that allow companies to track and manage planned and unplanned employee absences. The product, which MetLife calls MetLife Total Absence Management, is structured for businesses with 1,000 or more employees.
Annuities
MetLife is one of the largest annuity providers in the world, posting $ 22.4 billion in sales during 2009. MetLife offers annuities consisting of fixed annuities, variable annuities, deferred annuities and immediate annuities. In 1921, MetLife was the first company to issue a group annuity contract. Recently in 2004, the first insurance company to introduce long life insurance products. As of December 31, 2009, MetLife globally manages the group's $ 60 billion annuity asset with $ 34 billion of transferred pension obligations and provides benefit payments to over 600,000 annuitants per month.
Auto & amp; Home
MetLife Auto & amp; Home is the brand name for nine front-line personal insurance companies MetLife. Collectively these companies offer personal property and accident insurance in 50 states and the District of Columbia. The flagship company in MetLife Auto & amp; Home group, Metropolitan Property and Casualty Insurance Company, was established in 1972. MetLife Auto & amp; The home-based company currently has more than 2.7 million active policies and services 58 out of Fortune's 100 companies.
MetLife's home insurance solutions include homeowners insurance, condominium insurance, tenant insurance, landlord insurance, and car insurance. The policies available for home insurance MetLife provide protection for ownership, property damage from natural disasters or theft, and various legal costs incurred due to injuries sustained on a person's property. Companies also sell RVs, ATVs, boats, mobile homes, collectible vehicles, and motorcycle policies and offer flood insurance policies as participants in the National Flood Insurance Program (NFIP), administered by the federal government. Various types of MetLife coverage for car insurance including comprehensive liability, collision and coverage coverage, personal injury protection, rental car coverage, and coverage of uninsured and insured riders. Through arrangements with Hyatt Legal Plans, a subsidiary of MetLife, MetLife Auto & amp; Homes overshadow group legal plans in many states.
This is the first national insurance company in the United States that offers identity-theft identity resolution services without additional premiums and in 2012 continues to do so today in most countries of the United States. In 2010, MetLife Auto & amp; Houses began offering their GrandProtect plans in most states. This GrandProtect policy simplifies the need for complex insurance by combining client homes, valuables, cars, RVs and boats into a comprehensive policy package. The main benefit for consumers is to have one bill, one deductible, comprehensive coverage, and usually a lower rate than trying to get each policy individually.
Other products
MetLife products also include critical illness insurance. Financial services include cost-based financial planning, retirement planning, wealth management, 529 Plans, banking, and commercial and residential mortgages. The Company also provides retirement plans and other financial services for health care, education, and non-profit organizations. The MetLife Center for Special Needs Planning is a group of planners who serve families and individuals with special needs. In 2014, MetLife launched MetLife Defender, a digital identity theft protection product.
International presence
Outside the United States, MetLife operates in Latin America, Europe, Asia Pacific region and the Middle East, with leading market positions in Mexico, Japan, South Korea and Chile.
On March 8, 2010, MetLife announced its intention to purchase the life insurance business of international leader, American Life Insurance Company (Alico), from American International Group (AIG). MetLife, which completed the agreement on November 1, 2010, paid approximately $ 7.2 billion in cash and $ 9.0 billion in MetLife equity and other securities. The securities portion of the transaction consists of 78.2 million shares of MetLife common shares, 6.9 million shares of contingent preferred stock and 40 million equity units. The value of ordinary and preferred shares is based on the closing price of MetLife common shares on October 29. Upon completion of the purchase, MetLife became a major competitor in Japan, the second largest life insurance market in the world, and moved to the top 5 market positions in many developing countries in Central and Eastern Europe, such as Romania, Middle East and Latin America. The deal adds 20 million subscribers to 70 million MetLife and according to Barron more than double the percentage of operating profit that MetLife gets overseas up to 40%.
In India MetLife has an Indian Insurance Company Limited (MetLife) affiliated company which has been operating in India since 2001. The company is headquartered in Bangalore and Gurgaon and jointly owned by MetLife and some local Indian corporate finances. In 2012 a deal was made with a local Indian bank, the National Bank of Punjab to form a strategic alliance and for it to take a 30% stake in MetLife India. State-owned banks will again sell MetLife insurance products in its branches
In 2015, Julio Garcia-Villalon leads the Middle East & amp; African regional business, headquartered in Dubai International Financial Center and has been operating in the region since the 1950s.
MetLife Foundation
MetLife Foundation is a charitable foundation and independent MetLife grant. The company was founded in 1976 and has provided more than $ 650 million in grants in January 2015. The Foundation has partnered with and donated to various organizations, including Habitat for Humanity since 2010 and Martin Luther King, Jr. National Memorial Project Foundation since 2008 In 2013, MetLife Foundation announced a new focus on financial inclusion, including basic education finance education programs for disadvantaged children and financial services aimed at low-income communities.
Relationship with Bean
The use of the MetLife comic character, according to chief marketing officer Esther Lee, is meant "to make our company more friendly and approachable during times when insurance companies look cold and distant."
MetLife licensed Snoopy and other Peanuts characters for promotional purposes from Iconix Brand Group, which has promotional rights to the works of Charles M. Schulz. In 2010, Iconix formed a joint venture with Schulz heir (when Charles Schulz himself died in 2000), bought E. W. Scripps Co. and United Features Syndicate for $ 175 million. MetLife reportedly paid $ 12 million per year to Iconix for license rights. Prior to the Iconix agreement, MetLife has licensed the character of other rights holders.
Peanut based campaigns developed by youth & amp; Rubicam. MetLife has also used Foote Cone & amp; Belale to develop Peanut-related promotions.
MetLife announced the end of a 31-year relationship with Peanuts on October 20, 2016. This decision resulted from the company's sales of the life insurance business to concentrate on corporate clients. MetLife's new blue and green logo is being criticized for being a clone of the Diffen comparison site.
Sponsorship of Blimp and sports
The MetLife hot air balloon program began in 1987 with the aircraft "Snoopy 1" and, in 1994, expanded to include the "Snoopy 2" aircraft. This program provides air coverage for over 80 major sporting events every year and is currently the official coverage provider of the PGA Tour. "Snoopy 1" and "Snoopy 2" also provide television coverage for NFL, CBS College Football, LPGA, NBA Finals, Copa Chile, Preakness Stakes, and Kentucky Derby. On August 23, 2011, MetLife approved a 25-year sponsorship deal to rename New Meadowlands Stadium in East Rutherford, New Jersey, home of the NFL New York Giants and New York Jets to MetLife Stadium.
Dari 2014 hingga 2017, MetLife adalah sponsor utama turnamen bulutangkis BWF Super Series.
MetLife dan "Berat Ideal"
In 1959, The Metropolitan Life Insurance Company (as it was known at the time) released the best weight tables for each height for long life, based on the insurance data they collected. These tables show "desired weight". In 1983, they released a chart showing the "ideal" weight for the greatest longevity; this information is based on data collected in the Build Study of 1979 collected by the Society of Actuaries. This data followed the patient for 18 years (from 1954-1972) and was collected from 25 life insurance companies in Canada and the United States, representing 4.2 million people. This "ideal" weight is higher than previous "desired" weight, this is associated with increased muscle mass due to an increased level of fitness among the population. This study is still the largest data set available for this purpose. It appears that the average weight in the population is higher than the ideal weight to survive. The '' 'Metropolitan Table' '' '' '' '' '' '' '' '' '' '' '' '' 'frame, based on the elbow-thickness is measured using a caliper, since the elbow is not developing adipose tissue. They present the weight range for height, sex and skeleton (again related to lowest mortality) The midpoint of the ideal weight for the medium frame for each height is selected as the "ideal" weight used for "excess weight" calculations early minus ideal weight). This led to a formula for calculating the ideal body weight used by bariatric surgeons, but had lost considerable accuracy in 2007, again due to improvements in medical care and public health.
See also
- List of US insurance companies
- Met English
- Park La Brea, Los Angeles, California
- Park Merced, San Francisco, California
- Parkchester, Bronx
- Riverton House
- Stuyvesant City
References
External links
- Official website
Source of the article : Wikipedia
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