MetLife Sells Off Stake In Annuity Venture For $275M

Law360, New York (October 29, 2010, 2:56 PM EDT) -- MetLife Inc.'s global holdings unit has agreed to sell its interest in the Japan-based Mitsui Sumitomo MetLife Insurance Co. annuity products joint venture to partner MS&AD Insurance Group Holdings Inc. for about $275 million, the company said Friday.

MetLife Worldwide Holdings Inc. will transfer all of its ownership interest, and MS&AD will become the sole operator once the transaction closes, according to the New York-based insurer.

Mitsui Sumitomo MetLife Insurance will be renamed after the transfer is complete, MetLife said.

MetLife executive vice president Eugene Marks...
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