MetLife is the largest life insurer in the United States, with more than $3.3 trillion of life insurance in force.
Quick Metlife Stats
Type – Public (NYSE: MET)
Founded – 1868
Headquarters – New York, NY
Key people – C. Robert Henrikson, Chairman of the Board, President, and CEO
Industry Finance and Insurance
Products – Insurance
Revenue – $44.776 billion USD (2005)
Net income – $4.651 billion USD (2005)
Employees – 83,800 (2006)
Website – www.metlife.com
Metlife, shortened form of Metropolitan Life Insurance Company , was founded on March 24, 1868. For most of its life the company was a mutual organization, but it went public in 2000.
Brief History
A group of New York City businessmen raised $100,000 to found the National Union Life and Limb Insurance Company.
The new company insured Civil War sailors and soldiers against disabilities due to wartime wounds, accidents, and sickness. In 1868, after several reorganizations and five difficult years, the company decided to focus on the life insurance business.
In 1873, despite a depression, Metropolitan issued 12,242 policies for $17,753,000. These figures placed it third in number of policies and fifth in aggregate of insurance for that year. By 1880, the figure had risen to a total of 213,878 Industrial policies were written, with a value of more than $9,000,000.
Beginning in the 1930s, the company broadened its tradition of public service from promoting individual health to fostering national social and economic goals. In 1930, MetLife was the undisputed leader of the insurance industry,
In 2000, Metropolitan Life Insurance Company (MetLife) launched the seventh largest IPO ever held in the United States.
In 2001, MetLife was the first insurance company to establish a financial holding company with a nationally chartered bank. Leveraging its unparalleled distribution channels, MetLife entered the retail-banking arena with the launch of MetLife Bank
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