Massachusetts Mutual Life Insurance Co. has announced that it has completed its previously announced acquisition of MetLife's U.S. retail advisor force, the MetLife Premier Client Group, significantly expanding its U.S. footprint.
The deal represents a 60 percent expansion of MassMutual's financial professional network, to more than 9,200, as well as a nearly 45 percent increase in the number of MassMutual sales and advisory offices around the country to more than 2,000.
MetLife Premier Client Group is a retail distribution operation that consists of more than 40 local sales and advisory operations across the country, with approximately 4,000 advisors among its employees. There were more than 5,600 financial professionals in MassMutual's existing career agency system.
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Prior to the acquisition, MassMutual already served a client base of 5 million; the deal represents an opportunity to greatly expand that number. As of the end of 2015, the Springfield, Massachusetts-based company had approximately $642 billion in assets under management.
At the end of February, the companies announced that they had reached agreement about the deal, which also includes some MetLife employees who support the MetLife Premier Client Group; MetLife's affiliated broker-dealer, MSI Financial Services Inc. (formerly known as MetLife Securities Inc.); and some assets associated with etLife Premier Client Group, including employee contracts.
In addition to the staff expansion, the transaction brought with it a product development agreement between MassMutual and MetLife, under which MetLife's U.S. retail business will be the developer of some annuity products that will then be issued by MassMutual.
The purchase price in the deal was $165 million, net of adjustments upon closing, according to MassMutual. The company also said that the amount is not material to its capital and surplus.
MassMutual offers a range of financial products and services that include life insurance, disability income insurance, long-term care insurance, annuities, retirement plans and other employee benefits.
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