Exhibit 99.1
Contacts:
|
For Media: | John Calagna | ||
| (212) 578-6252 | ||||
| For Investors: | John McCallion | |||
| (212) 578-7888 |
METLIFE REORGANIZES TO TAP FULL POTENTIAL
OF GLOBAL BUSINESS PROFILE
OF GLOBAL BUSINESS PROFILE
NEW YORK, November 21, 2011 — MetLife, Inc. (NYSE: MET) announced today that it is reorganizing
its business from a U.S. and International business structure into three broad geographic regions
to better reflect the company’s global reach. MetLife significantly grew its global footprint in
2010 through the $16.4 billion acquisition of Alico. The three new business regions, each of which
will have its own president, are the Americas, EMEA (Europe, the Middle East and Africa), and Asia.
“To reach its full potential, MetLife needs an organizational structure that leverages the best of
both MetLife and Alico,” said President, CEO and Chairman-elect Steven A. Kandarian. “This
structure will lay the foundation for a global company. Each of our new regions have both mature
and developing markets, both of which are critical to shareholder-value creation. At the same time,
we will be able to draw on strengths from across each region to drive collaboration and
efficiencies.”
The Americas
William J. Wheeler has been appointed president of the Americas division and remains a member of
the executive group. As MetLife’s chief financial officer since 2003, Wheeler was responsible for
overseeing all financial management matters and was a key architect of the company’s acquisitions
of Alico and Travelers Life & Annuity in 2005. Prior to becoming CFO, Wheeler oversaw business
development, product management and marketing activities for the company’s former Individual
Business division. Wheeler joined MetLife in 1997 as treasurer after 10 years in investment
banking. He holds an M.B.A. from Harvard Business School and an A.B., magna cum laude, from Wabash
College.
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“With his deep knowledge of the company and the industry, his superior financial acumen, and his
proven leadership skills, Bill is the right person to take charge of this part of the business,”
Kandarian said.
As a result of this reconfiguration, MetLife will no longer have a president of the U.S. Business,
and William J. Mullaney has decided that this was the right time for him to pursue other
opportunities outside of MetLife. “Bill has made a tremendous contribution to MetLife over the past
29 years,” Kandarian said. “He has been one of the driving forces in helping the company to become
an insurance powerhouse, and we wish him well in the future.”
EMEA
Michel Khalaf has been appointed president of the EMEA division and becomes a member of the
executive group. Khalaf, who joined MetLife through the Alico acquisition, previously was executive
vice president and CEO of MetLife’s Middle East, Africa and South Asia (MEASA) region. Before that,
he was deputy president and chief operating officer of Philamlife, AIG’s operating company in the
Philippines. Since joining Alico’s investment department in 1989, Khalaf has held a number of
leadership roles in various markets around the world, including the Caribbean, France and Italy. In
1994, he was named the first general manager of Alico’s operation in Egypt, and in 1996 he became
the regional senior vice president for Alico’s life, pension and mutual fund businesses in Poland,
Romania and the Baltics, as well as president and chief executive officer of Amplico Life. Khalaf
earned his undergraduate degree in engineering and his M.B.A. in finance from Syracuse University.
“Michel is a dynamic global leader who has spearheaded the profitable growth of the company’s
operations, and I am confident he will achieve even greater success in his new role,” Kandarian
said.
Asia
MetLife is conducting a search for a president of the Asia division. In the meantime, the region is
reporting directly to Kandarian.
With the integration of Alico close to completion and due to the reconfiguration of the company’s
structure, William J. Toppeta, who served as president of the company’s International business, has
announced his plans to retire. Toppeta will remain with MetLife in the newly created position of
vice chair, EMEA/Asia, through May 31, 2012, reporting to Kandarian. In this role, Toppeta will
serve as a mentor and consultant to the presidents of EMEA and Asia. In addition, he will serve as
MetLife’s ambassador in EMEA and Asia to external constituencies on major regulatory and
legislative issues that may impact the company’s business.
“Bill has been a tremendous asset to MetLife during his 38 years of service,” Kandarian said. “He
has played an especially important role in the development and growth of our
international businesses over the past decade, and we appreciate his decision to stay on
temporarily to ensure a smooth transition.”
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Global Employee Benefits
MetLife is also creating a new global employee benefits business unit, headed by Executive Vice
President Maria R. Morris, who will continue as a member of the company’s executive group and
report to Kandarian. Morris has led the Alico integration and in prior roles has headed group
insurance, retirement and voluntary benefit sales and service operations, and has run the group and
individual disability and dental businesses. She will continue to oversee the integration of Alico
until mid-2012.
“MetLife is the leader in group benefits in the United States and one of the most globally diverse
insurers in the world,” Kandarian said. “With corporations becoming ever more global, we see great
opportunities to extend the reach of our business to many new markets. Maria has deep experience in
both group benefits and global markets through the Alico integration, making her the ideal leader
to head this effort in partnership with the presidents of the three regions.”
The operations function formerly led by Morris now reports to Executive Vice President Marty
Lippert, who becomes head of global technology and operations.
MetLife is currently conducting a search for a new chief financial officer. The interim CFO is
Executive Vice President Eric Steigerwalt.
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs,
serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates, MetLife
holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and
the Middle East. For more information, visit www.metlife.com.
This press release may contain or incorporate by reference information that includes or is
based upon forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events.
These statements can be identified by the fact that they do not relate strictly to historical or
current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,”
“plan,” “believe” and other words and terms of similar meaning in connection with a discussion of
future operating or financial performance. In particular, these include statements relating to
future actions, prospective services or products, future performance or results of current and
anticipated services or products, sales efforts, expenses, the outcome of contingencies such as
legal proceedings, trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate
assumptions or by known or unknown risks and uncertainties. Many such factors will be important in
determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These
statements are based on current expectations and the current economic environment. They involve a
number of risks and uncertainties that are difficult to predict. These statements are not
guarantees of future performance. Actual results could differ materially from those expressed or
implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause
such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s
filings with the U.S. Securities and Exchange Commission (the “SEC”). These factors include: (1)
difficult conditions in the global capital markets; (2) concerns over U.S. fiscal policy and the
trajectory of the national debt of the U.S., as well as rating agency downgrades of U.S. Treasury
securities; (3) increased volatility and disruption of the capital and credit markets, which may
affect our ability to seek financing or access our credit facilities; (4) uncertainty about the
effectiveness of
the U.S. government’s programs to stabilize the financial system, the imposition of fees relating
thereto, or the promulgation of additional regulations; (5) impact of comprehensive financial
services regulation reform on us; (6) exposure to financial and capital market risk; (7) changes in
general economic conditions, including the performance of financial markets and interest rates,
which may affect our ability to raise capital, generate fee income and market-related revenue and
finance statutory reserve requirements and may require us to pledge collateral or make payments
related to declines in value of specified assets; (8) potential liquidity and other risks resulting
from our participation
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in a securities lending program and other transactions; (9) investment losses and defaults, and
changes to investment valuations; (10) impairments of goodwill and realized losses or market value
impairments to illiquid assets; (11) defaults on our mortgage loans; (12) the impairment of other
financial institutions that could adversely affect our investments or business; (13) our ability to
address unforeseen liabilities, asset impairments, loss of key contractual relationships, or rating
actions arising from acquisitions or dispositions, including our acquisition of American Life
Insurance Company and Delaware American Life Insurance Company (collectively, “ALICO”) and to
successfully integrate and manage the growth of acquired businesses with minimal disruption; (14)
uncertainty with respect to the outcome of the closing agreement entered into with the United
States Internal Revenue Service in connection with the acquisition of ALICO; (15) the dilutive
impact on our stockholders resulting from the issuance of equity securities in connection with the
acquisition of ALICO or otherwise; (16) economic, political, currency and other risks relating to
our international operations, including with respect to fluctuations of exchange rates; (17) our
primary reliance, as a holding company, on dividends from our subsidiaries to meet debt payment
obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay
such dividends; (18) downgrades in our claims paying ability, financial strength or credit ratings;
(19) ineffectiveness of risk management policies and procedures; (20) availability and
effectiveness of reinsurance or indemnification arrangements, as well as default or failure of
counterparties to perform; (21) discrepancies between actual claims experience and assumptions used
in setting prices for our products and establishing the liabilities for our obligations for future
policy benefits and claims; (22) catastrophe losses; (23) heightened competition, including with
respect to pricing, entry of new competitors, consolidation of distributors, the development of new
products by new and existing competitors, distribution of amounts available under U.S. government
programs, and for personnel; (24) unanticipated changes in industry trends; (25) changes in
accounting standards, practices and/or policies; (26) changes in assumptions related to deferred
policy acquisition costs, deferred sales inducements, value of business acquired or goodwill; (27)
increased expenses relating to pension and postretirement benefit plans, as well as health care and
other employee benefits; (28) exposure to losses related to variable annuity guarantee benefits,
including from significant and sustained downturns or extreme volatility in equity markets, reduced
interest rates, unanticipated policyholder behavior, mortality or longevity, and the adjustment for
nonperformance risk; (29) deterioration in the experience of the “closed block” established in
connection with the reorganization of Metropolitan Life Insurance Company; (30) adverse results or
other consequences from litigation, arbitration or regulatory investigations; (31) inability to
protect our intellectual property rights or claims of infringement of the intellectual property
rights of others; (32) discrepancies between actual experience and assumptions used in establishing
liabilities related to other contingencies or obligations; (33) regulatory, legislative or tax
changes relating to our insurance, banking, international, or other operations that may affect the
cost of, or demand for, our products or services, impair our ability to attract and retain talented
and experienced management and other employees, or increase the cost or administrative burdens of
providing benefits to employees; (34) the effects of business disruption or economic contraction
due to disasters such as terrorist attacks, cyberattacks, other hostilities, or natural
catastrophes, including any related impact on our disaster recovery systems, cyber-or other
information security systems and management continuity planning; (35) the effectiveness of our
programs and practices in avoiding giving our associates incentives to take excessive risks; and
(36) other risks and uncertainties described from time to time in MetLife, Inc.’s filings with the
SEC.
MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking
statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved.
Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the
SEC.
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