MetLife Company History Timeline

(1,447 Jobs)

Metlife was founded on March 24, 1868 and is headquartered in New York, NY.“

Founded on 24th March, 1868, this company operates in more than 60 countries around the world and has more than 90 million customers.

Later, on March 24th, 1868, the company became completely engrossed in the Life Insurance business and was renamed MetLife Insurance Company.

On March 24, 1868, it became known as Metropolitan Life Insurance Company and shifted its focus to the life insurance business.


By the year 1880, the company had regained its lost glory and had collected nearly $1 million from these newly launched insurance programs alone.

By 1880, sales had exceeded a quarter million of such policies, resulting in nearly $1 million in revenue from premiums.


In 1890, the Metropolitan Life Insurance Company Building was commissioned to serve as MetLife's home office on 23rd Street in Manhattan.


In 1909, MetLife had become the nation's largest life insurer in the United States, as measured by life insurance in force (the total value of life insurance policies issued).


Starting in 1921, Alico grew to become one of the largest and most diversified international insurance companies in the world—and the first foreign life insurance company licensed to sell in Japan.


By 1979, operations were segmented into four primary businesses: group insurance, personal insurance, pensions, and investments.


In 1981, MetLife purchased what became known as the MetLife building for $400 million from a group that included Pan American World Airways.


In 1992, MetLife merged with the only African American life insurance company called United Mutual Life Insurance Company.


MetLife named Robert H. Benmosche as chairman and CEO in July 1999.


The company demutualized in 2000 and decided to convert into a profit based public company from one that had only the benefit of policyholders in its mind.

In 2000, MetLife converted from a mutual insurance company operated for the benefit of its policyholders to a for-profit public company.


Benmosche occupied the position until 2006, when he was replaced by C. Robert Henrikson.


MetLife was accused of breaching federal securities laws by misrepresenting and omitting information in materials given to policyholders during this process, resulting in years of litigation ending with a $50 million settlement in 2009.


On November 1, 2010, MetLife added significant scale and reach to its international footprint by acquiring American Life Insurance Company (Alico) from American International Group, Inc. (AIG) for $16.4 billion.


They exited the banking business in 2011, when they sold MetLife Bank to GE Capital and started concentrating solely on insurance policies.

Henrikson remained the company's chairman to the end of 2011, at which point he reached the company's mandatory retirement age.


On November 2, 2012, MetLife said it was selling its US$70,000,000,000 mortgage servicing business to JPMorgan Chase for an undisclosed amount.


In 2014, MetLife paid $23 million to settle multiple lawsuits over junk fax operations used to generate leads for life insurance sales.


In 2015, MetLife was ranked as number one on Fortune magazine's list of World's Most Admired Companies in the Insurance: Life and Health category.

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