MetLife Inc. has completed a deal to acquire the Travelers Life & Annuity business and most international insurance operations from Citigroup Inc. for $11.8 billion in cash and stock.[@@]
Some skeptics have questioned how much the deal will do to increase profits at MetLife, New York, but MetLife Chairman Robert Benmosche says the deal will help the company by significantly increasing the size of its insurance and annuity operations while also expanding the company's retirement and savings operations.
Going forward, Citigroup has agreed to distribute MetLife products through its Primerica and Smith Barney units and its Citigroup retail bank branches, Benmosche says.
