MetLife Holdings to Report to CFO John McCallion
NEW YORK--(BUSINESS WIRE)-- MetLife, Inc. (NYSE: MET) today announced that MetLife Holdings, which contains the closed-block businesses of the company’s former U.S. Retail segment, will become part of the finance organization effective May 1, 2019.
John D. McCallion, Executive Vice President and Chief Financial Officer, will assume responsibility for the business, which in 2018 delivered $1.3 billion of adjusted earnings. Reporting to McCallion will be Senior Vice President Frank Cassandra, who manages the segment day to day. MetLife Holdings currently reports to Executive Vice President and Head of Global Technology and Operations Martin J. Lippert, who is retiring effective at the end of business on April 30, 2019.
“Our goal for MetLife Holdings is to maintain our strong focus on customer service while improving operating efficiency to generate distributable cash,” McCallion said. “Just as important, we will continue to look for opportunities to accelerate the appropriate release of capital and reserves.”
The primary product lines in MetLife Holdings are traditional life insurance, variable and fixed annuities, and long-term care. The company is no longer actively marketing new business for these lines.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
This news release may contain or refer to forward-looking statements. Forward-looking statements give expectations or forecasts of the future using terms such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will,” and other terms tied to future periods. Results could differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements are based on assumptions and expectations. They involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. The company has no obligation to correct or update any forward-looking statement. Parts of this news release may include additional information on forward-looking statements.
Source: MetLife, Inc.