MetLife won't move into IFA protection sector
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MetLife has ruled out extending its protection proposition to add an IFA arm in the UK.
It plans to launch a range of products in the next year and increase its UK salesforce but says the plans do not extend into an individual protection IFA offering.
MetLife completed its £10.8bn acquisition of Alico on November 1. UK managing director Dominic Grinstead will continue to head MetLife’s UK retirement business while Alico UK chief executive Mike Kirsh will head MetLife’s UK protection arm.
MetLife offers life cover, accident and sickness cover and general insurance through its bancassurance partners in the UK and the EU.
The firm also operates in the employee benefits market.
Master Adviser senior partner Roy McLoughlin says: “It is a shame that MetLife has decided not to launch an IFA individual protection arm. With all the consolidation in protection, one or two new providers would be welcome.”
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Readers' comments (1)
Anonymous | 22 Nov 2010 8:27 am
This can hardly be a surprise. The consolidation process in protection is only just beginning and we shouldn't be surprised if there are only 3 or 4 providers in the market in a couple of years time. If the current insurers can't make enough money to stay in the market then what hope for new entrants?
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