Hidden Nook

"Because in Cyberspace, no one can hear you scream."

Monday, January 31, 2005

Citigroup selling Travelers Life

[Media Source*]

(Reuters) The only reason I am posting about this is because it deals with my company. It appears that Citigroup is selling Travelers Life & Annuity to it's rival MetLife. I wonder what my manager will think about that?

Photo by Chip East/Reuters

A MetLife flag is pictured outside the MetLife building in New York, January 31, 2005. MetLife Inc. announced it would acquire Travelers Life & Annuity from Citigroup Inc. for $11.5 billion in cash and stock, a deal that will make it the largest individual life insurer in North America.

The transaction will make MetLife's already dominant position in the U.S. individual life insurance market even larger and make it No. 2 in the annuities market behind Hartford Life Insurance Co. For Citigroup, it is another step back from the concept of one-stop financial shopping -- combining insurance, brokerage and banking under one roof -- which it pioneered in the 1990s.

As part of the deal, MetLife will market its financial products through Citigroup for the next 10 years, including through Smith Barney retail brokerages and Citibank branches. Citigroup will receive $1 billion to $3 billion of the purchase price in MetLife stock and the remainder in cash, giving it an after-tax gain of about $2 billion subject to adjustments at closing.

I disagree with the last part of this statement. From what I am hearing from some of my friends who work at Primerica, Citigroup is concentrating on term Insurance instead of the traditional whole life insurance (buy term, invest the difference?). I guess I will have to wait for further news to come out. Either way, this is exciting. I almost feel like I am in the right place at the right time. Selah!

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By Darnell Clayton • 10:14 PM • Email Post • •


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