MetLife Puts Old Individual Life, Annuity and LTCI Business Under CFO

Frank Cassandra, a senior vice president who has been managing the MetLife Holdings business, will report to McCallion, MetLife said.

MetLife Holdings had been reporting to Martin Lippert, MetLife's head of global technology and operations.

Lippert, who is 58, is retiring April 30, according to MetLife.

McCallion said in a statement that MetLife's goal for MetLife Holdings "is to maintain our strong focus on customer service while improving operating efficiency to generate distributable cash."

"Just as important, we will continue to look for opportunities to accelerate the appropriate release of capital and reserves," McCallion said in the statement.

In the past, some other LTCI and annuity issuers have talked about successful efforts to free up reserves by persuading consumers to give up their products.

— Read Just Saying No to LTCI Rate Hikes Won't Work: Regulator, on ThinkAdvisor.

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