Metropolitan Life Insurance Company
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MetLife, Inc. NYSE: MET is the holding corporation for the Metropolitan Life Insurance Company or MetLife for short. The firm was founded on March 24, 1868. For most of its life the company was a mutual organization, but it went public in 2000.
Company descriptionMetLife is the largest life insurer in the United States, with more than $2 trillion of life insurance in force. A leader in savings and retirement products and services for individuals, small business, and large institutions. MetLife serves 88 of the largest Fortune 500 companies. It has a large global market in more than 12 countries. History
In 1879, MetLife President Joseph F. Knapp turned his attention to Great Britain, where "industrial" or "workingmen's" insurance programs were widely successful. By importing English agents to train an American agency force, MetLife quickly transferred successful British methods for use in the United States. By 1880, the company was signing up 700 new industrial policies a day. Rapidly increasing volume quickly drove down distribution costs, and the new program proved immediately successful. In 1907, the company commissioned the Metropolitan Life Insurance Company Tower to serve as its headquarters in Lower Manhattan; completed two years later, the building was the world's tallest until 1913 and remained the company's headquarters until 2005. For many years, an illustration of the building (with light emanating from the tip of its spire and the slogan, "The Light That Never Fails") featured prominently in MetLife advertising. 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, insuring every fifth man, woman, and child in the United States and Canada. On the way it supported the country and the community in many ways. For example,
In 1980, The company completed the largest single building purchase (of the Pan Am Building) in history. Since the 1980s Snoopy has been the mascot taken from the Peanuts cartoons. Many other characters from the Peanuts cartoons have also been featured in MetLife television commercials. In 1998, The board of directors authorizes demutualization. In 2000, Metropolitan Life Insurance Company (MetLife) launches 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. The MetLife Headquarters building was featured in Spider-Man: The Movie (game), released in 2002. In 2005, Working Mother magazine honored MetLife by naming the company one of the "100 Best Companies for Working Mothers," for the seventh consecutive year. In early 2006, MetLife was also named to the National Association for Female Executives’ annual list of Top 30 Companies for Executive Women. In 2006, MetLife appointed ""C. Robert (Rob) Henrikson"" chairman of the board of directors, president and ""chief executive officer"" of MetLife, Inc. Henrikson was appointed ""CEO"" on March 1, 2006 and chairman of the board on April 25, 2006. ServicesMetLife serves group benefit products and Individual benefit products. International segment serves these products to groups and individual in the Asia/Pacific region, Europe, and Latin America. The company's reinsurance business operates as Reinsurance Group of America, but serves customers around the world. Products
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