New York-based MetLife says it will rebrand its retail business "Brighthouse Financial" in preparation for the unit's spin-off.
“As a separate entity, Brighthouse will benefit from greater focus and more flexibility in products and operations,” Steven A. Kandarian, MetLife chairman, president and CEO, said in a statement.
The separation will allow MetLife, the nation's largest life insurer, to concentrate more closely on its U.S. group business and on international operations, Kandarian said.
The company has not yet decided whether Brighthouse will be separated via a spinoff, sale or IPO.
For the time being, MetLife will retain its Snoopy logo and continue to use characters from the Peanuts comic strip, the company said.
The company announced intentions to separate its retail channel in January, then sold its distribution network of advisors to Massachusetts Mutual Life Insurance in February to streamline its business
Brighthouse Financial, based in Charlotte, N.C., will be led by current MetLife executive vice president Eric Steigerwalt. The new company will create insurance and retirement-related products that will be sold to U.S. consumers through third-party sales forces.
Earlier this year, MetLife’s retail business was estimated to have around $240 billion in assets and account for about 20 percent of the company’s earnings.
No shareholder approval is expected to be necessary, but MetLife’s board of directors will have to sign off on the plan, the company said.