MetLife, the largest life insurer in the US, plans to grow its operations in Hong Kong, China and other Asian markets both organically and through acquisitions, according to William Toppeta, president of the group's international business.
The insurer last month completed a US$11.8 billion acquisition of Citigroup's Travelers Life & Annuity and most of its international divisions, which include joint ventures in Hong Kong and Japan, offices in China and wholly owned insurance companies in Britain, Belgium, Australia, Brazil, Argentina and Poland.
The deal made MetLife the biggest US life insurer and delivered a much-expanded global distribution network, as the two companies also signed a 10-year agreement under which Citigroup would allow MetLife to use its branches to distribute insurance products.
'The acquisition has had a big impact on MetLife's business in the Asia-Pacific region. It helped us to expand into the markets where MetLife does not already have any presence, such as Japan and Australia,' said Mr Toppeta in an interview with the South China Morning Post.
The deal would also help boost businesses in Hong Kong by adding a joint venture and expanding its distributing channels in the city, he added.
In Hong Kong, MetLife has had a wholly owned subsidiary selling life business since 1995, and the Travelers' transaction now adds to this presence a life insurance joint venture, Citi Fubon Life, which was jointly set up by Taiwan's Fubon Bank and Citibank Hong Kong.