Metlife has list of UK targets

5 November 2009 | By Helen Pow

Speaking at a press briefing in New York last week, president of the international business Bill Toppeta said the company had “a list of targets” that it is eyeing up.

He said: “We know during the next two to three years that there definitely will be consolidation within the life insurance industry and we are very much an active participant in that and I believe you will see us engage primarily, if not exclusively, as an acquirer.

“We will potentially acquire companies in the UK. We have a list of targets we like. In every market we are interested in, we are looking all the time.”

Toppeta would not be drawn on whether the firm was still in talks to acquire Alico, the underwriter of Living Time’s products.
Metlife revealed that it is also considering a move into the fixed-term annuity market.

UK managing director Dominic Grinstead told Money Marketing that he would like to launch a fixed-term product to complement the firm’s variable annuity range.

He said: “I would definitely like to go down the fixed-term annuity route next.”

In August, Money Marketing revealed that LV= was developing a fixed-term annuity to rival Living Time.

Aviva is also considering a temporary product and other providers have expressed interest in this sector.

Grinstead says that Metlife, which recently launched a unit-linked bond, is doubling its UK salesforce to a total of 46 due to increased demand and is poised to expand into Germany.

Metlife Europe has operations in Ireland, Belgium, Greece, Poland and the UK.

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