Did MetLife get bought out?

Editorial team Published on

No, MetLife Inc. has not been bought out as a whole and remains an independent, publicly traded company on the New York Stock Exchange under the ticker symbol NYSE: MET.

However, MetLife has sold off or spun off several major business units in recent years:

🏠 Property and Casualty Business

  • What happened: MetLife sold its U.S. property and casualty business (MetLife Auto & Home) to Farmers Group Inc. for $3.94 billion.
  • When: April 2021.
  • Impact: Farmers assumed 2.4 million policies, making it a major player in personal lines insurance.

🔄 U.S. Retail / Brighthouse Financial

  • What happened: MetLife separated its U.S. retail/life insurance operations into a separate, independent public company called Brighthouse Financial.
  • When: Fully spun off in 2017.
  • Impact: Brighthouse handles legacy retail annuities and life insurance, while MetLife focuses on group benefits and international markets.

📈 Recent Acquisitions by MetLife

Rather than being bought, MetLife has been doing the buying:

  • PineBridge Investments: MetLife Investment Management completed the acquisition of PineBridge Investments (excluding its China JV and private equity group) in late 2025 to expand its global asset management.

Who owns MetLife now?

MetLife is a publicly traded company on the New York Stock Exchange (NYSE: MET) and is owned by its shareholders, with institutional investors holding the majority of its shares.

Major Institutional Shareholders

  • BlackRock owns approximately 7.9% of the company.
  • Dodge & Cox owns roughly 7.4% of the shares.
  • The Vanguard Group holds a combined stake of about 10% through various funds.
  • Other large institutional holders include State Street Corp and T. Rowe Price.

Recent Ownership Changes

  • Home and Auto Insurance: MetLife sold its U.S. property and casualty (home and auto) business to Farmers Insurance (a subsidiary of Zurich Insurance Group) in April 2021.
  • Retail Annuities and Life Unit: MetLife spun off its former U.S. retail business into an independent publicly traded company called Brighthouse Financial in 2017.

What happened to MetLife insurance?

MetLife stopped selling new individual retail life insurance policies directly to consumers and shifted its focus primarily to group benefits through employers.

Key Shifts in MetLife's Business

  • Exit from Retail Sales: MetLife stopped selling new individual life insurance, long-term care, disability policies, and annuities via individual agents.
  • Creation of Brighthouse Financial: MetLife spun off its U.S. retail business into a separate company called Brighthouse Financial to handle retail products and existing individual policies.
  • Focus on Group Insurance: MetLife, Inc. now focuses heavily on corporate and employer-sponsored group life insurance and retirement plans rather than individual retail markets.
  • Existing Policy Continuity: Customers who already held legacy individual policies kept their original contract terms and conditions, which were transferred or managed under the appropriate separated entities.

Is MetLife no longer selling life insurance?

MetLife no longer sells new individual life insurance policies to consumers through agents.

What Changed

  • Individual Sales Ended: MetLife stopped selling individual retail life insurance, annuities, and disability policies in the United States around 2017.
  • Brighthouse Financial: The company spun off its U.S. retail insurance business into an independent company named Brighthouse Financial. Existing individual policies issued back then are handled or administered through them.
  • Group Insurance Continues: MetLife still sells and manages group life insurance through employers as part of workplace benefits packages.

What company did MetLife change to?

MetLife did not change its entire company name, but it spun off its U.S. retail life insurance and annuity business into a separate company called Brighthouse Financial in 2017.

Key Details

  • The Spin-Off: MetLife announced the separation in 2016 and completed it on August 4, 2017.
  • Rebranded Entities: MetLife Insurance Company USA officially became Brighthouse Life Insurance Company.
  • What MetLife Did Instead: MetLife (NYSE: MET) continues to operate globally, focusing on group benefits, employee benefit programs, and international markets.
  • Policy Status: Existing individual life insurance and annuity policies previously issued by MetLife USA were transferred to Brighthouse Financial, though terms and conditions remained the same.

Metlife Long Term Disability Lump Sum Buyouts

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What was the MetLife insurance scandal?

The MetLife insurance scandal refers to a major 1993–1994 controversy where sales agents deceptively sold life insurance policies as high-yield retirement savings plans.

What Happened

  • Deceptive Sales: Agents in Tampa, Florida, and later across the United States marketed life insurance products to consumers—including nurses—disguised as tax-free or retirement savings accounts without mentioning they were insurance policies.
  • Policy Churning: Agents encouraged customers to replace their existing policies with new ones to generate higher commissions, a controversial practice known as churning.

The Aftermath

  • Settlements and Fines: The widespread deception led to numerous lawsuits and regulatory investigations. MetLife paid tens of millions of dollars in fines and class-action settlements.
  • Corporate Overhaul: The scandal damaged the company's credit ratings and earnings, forcing MetLife to overhaul its marketing, sales practices, and internal supervision.

Who is the #1 life insurance company in the USA?

New York Life is the #1 life insurance company in the U.S. by direct premium market share, holding about 7.4% of the market.

Because "number one" can mean different things depending on how it is measured, top rankings vary by category:

Market Share (Direct Premiums)

  • #1 New York Life: Holds 7.40% of the market with over $15.5 billion in direct premiums.
  • #2 Northwestern Mutual: Holds 6.75% of the market.
  • #3 Metropolitan (MetLife): Holds 6.19% of the market.

Total Assets

  • #1 Prudential Financial: Manages over $568 billion in total assets.
  • #2 New York Life: Manages over $446 billion in total assets.

Customer Satisfaction

  • #1 Mutual of Omaha: Ranked highest for customer satisfaction in the J.D. Power Individual Life Insurance Study.

Has MetLife been sued?

Yes, MetLife has been sued multiple times and has faced numerous major lawsuits, class actions, and regulatory penalties throughout its history.

Major Lawsuits and Settlements

  • Policy Sales Deceptions ($1.7B+): Between 1994 and 1999, MetLife faced multi-state investigations and settled for over $1.7 billion after agents deceptive marketed life insurance policies as retirement savings plans.
  • Unclaimed Death Benefits ($478M): MetLife settled claims regarding the misuse of the Social Security Death Master File to avoid paying out life insurance claims.
  • Mortality Table ERISA Dispute ($23M): In Masten v. Metropolitan Life Insurance Co., MetLife agreed to a $23 million settlement in 2026 to end an 8-year dispute over using outdated mortality tables that reduced retiree benefits.
  • Shareholder Class Action ($84M): MetLife agreed to an $84 million settlement in 2011/2012 over allegations that it misled investors regarding unreported death benefit liabilities.
  • Overtime Pay Class Action ($50M): A nationwide class action filed by long-term disability claim specialists alleged that MetLife failed to pay over $50 million in earned overtime.

According to records compiled by the Violation Tracker, MetLife has accumulated nearly $1 billion in total penalties across dozens of records involving consumer protection, financial, and employment infractions since 2000.

Is MetLife still around?

Yes, MetLife is still in business, but the company changed its focus.

Current Business Focus

  • Group Benefits: MetLife now focuses mainly on corporate and employer-sponsored group benefits like dental, vision, and group life insurance.
  • No Retail Sales: MetLife stopped selling new individual life insurance, annuities, and disability policies through retail agents.

What Happened to Individual Policies

  • Brighthouse Financial: MetLife spun off its individual retail business into a separate company called Brighthouse Financial.
  • Existing Policies: Older individual policies moved to Brighthouse, while existing group policies and support remain accessible through the MetLife Customer Support page.

What is another name for MetLife insurance?

MetLife's formal and original corporate name is the Metropolitan Life Insurance Company.

Alternative and Related Names

  • Brighthouse Financial: MetLife rebranded and spun off its U.S. retail life insurance and annuity business (formerly MetLife Insurance Company USA) under this separate corporate name.
  • Metropolitan Tower Life Insurance Company: A subsidiary and alternate operating entity associated with MetLife.
  • General American Life Insurance Company: An acquired company operating under the MetLife corporate umbrella.
  • OFEGLI (Office of Federal Employees' Group Life Insurance): An administrative unit of MetLife that manages federal employee life insurance programs.