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MetLife to Buy Travelers for $11.5 Bln

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russian33 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-31-05 04:38 PM
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MetLife to Buy Travelers for $11.5 Bln
NEW YORK (Reuters) - MetLife Inc. (NYSE:MET - news) on Monday agreed to acquire Travelers Life & Annuity from Citigroup Inc. (NYSE:C - news) for $11.5 billion, bolstering its product reach while sounding Citigroup's retreat from the one-stop financial supermarket concept.

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.



http://story.news.yahoo.com/news?tmpl=story&cid=580&e=1&u=/nm/20050131/bs_nm/financial_metlife_dc
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papau Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-31-05 05:32 PM
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1. 100 b of assets 5 b of revenue, 1 b of profit - - a large transaction!
:-)
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DaedelusNemo Donating Member (336 posts) Send PM | Profile | Ignore Fri Feb-04-05 02:16 AM
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2. Well, there's your 'corporate investment' :P /nt
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