MetLife has agreed a 10-year service contract with Capita as it seeks to expand its presence in the UK retirement and investment market.
A spokesman say the deal, which is an extension on an initial agreement signed in 2007, demonstrates MetLife’s commitment to the UK market.
MetLife UK managing director Dominic Grinstead (pictured) says: “The UK retirement income market is set for a period of rapid expansion driven by product innovation and this contract gives us a strong platform for long-term growth.”
MetLife is developing a fixed-term annuity with an “equity element”, due to launch later this year. Earlier this year, the US-based firm agreed a distribution deal with fixed-term annuity specialist Living Time.