The US-based insurer combined MetLife Insurance Company of Connecticut, MetLife Investors USA Insurance Company, MetLife Investors Insurance Company and Exeter Reassurance Company.
The company said that it has obtained all the required permissions from the concerned regulatory agencies for the merger.
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The plan to combine these subsidiaries was announced by the insurer at the investor day meeting in May 2013, in an effort to de-risk its variable annuity business.
MetLife noted that the mergers will enable it to meet Dodd-Frank collateral requirements and proactively address regulatory issues surrounding the use of captive reinsurance companies.
Further, it is also claimed to enhance the risk profile and transparency of its US variable annuity business.
The integration of these companies will not affect any policy, contract, certificate or retained asset account terms and conditions or benefits.
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By GlobalDataSet up in 1868, MetLife delivers life insurance, annuities, employee benefits and asset management services and manages operations in 50 nations across the globe.
