MetLife

Metropolitan Life Insurance Company founded Mar 24 1868 in NYC by Joseph F. Knapp from National Travelers Insurance reorganization; pivots to working-class 'industrial life insurance' 1879 — door-to-door agents collecting weekly nickels from immigrant tenement families. By 1907 the largest US life insurer with 11M+ policies.

MetLife adopts 'Met' nickname + 'Get Met. It Pays.' philosophy 1909; expands beyond industrial life to ordinary life policies sold to middle class. By 1915 MetLife sells more life insurance than any company in the world. Holds title of world's largest life insurer 1915-1930s.

MetLife passes 100M life insurance policies in force 1955 — by far the largest US life insurer. Mutual structure with policyholder ownership; doesn't demutualize until Apr 2000. MetLife's industrial life book (working class life insurance) is the largest in the world.

MetLife Building (200 Park Ave NYC) acquired 1980 from Pan Am for $400M — former Pan Am Building becomes MetLife's iconic corporate HQ; the Snoopy logo on the side of the tower is visible across Manhattan. MetLife sells building 2005 for $1.72B to Tishman Speyer + WSP.

MetLife introduces 'Get Met. It Pays.' campaign Oct 1980 featuring Snoopy mascot from Peanuts comic strip (licensed from Charles Schulz for $1M/year). Runs 36 years through 2016 retirement — one of the longest-running corporate mascots in advertising history.

MetLife launches Snoopy/Peanuts ad campaign Oct 1985 (renews Get Met. It Pays. 1980) — licenses Snoopy from Charles Schulz for $1M+/year. Snoopy on MetLife Building (Pan Am Building) becomes iconic Manhattan landmark. Campaign runs 31 years through 2016 retirement.

MetLife pays $20M settlement Sep 1991 to NY state for sales misrepresentation by agents who sold life insurance as 'retirement plans' to retirees. First of multiple market conduct scandals for life industry; foreshadows 1994 Prudential 'churning' scandal that produces $2.4B+ in settlements.

MetLife demutualizes Apr 4 2000 — converts from policyholder-owned mutual to public company. IPO at $14.25/share raising $2.9B; ~11M MetLife policyholders receive 494M shares worth ~$7B. One of largest demutualizations in US history; ends 132-year mutual structure.

MetLife acquires Travelers Life & Annuity from Citigroup Jul 2005 for $11.7B — Travelers Life was former Travelers insurance unit. Adds $50B+ life insurance + annuity reserves. Robert Henrikson CEO; expansion mode pre-financial crisis.

MetLife acquires ALICO (American Life Insurance Co) from AIG for $16.2B Nov 2010 — AIG forced-seller post-bailout. ALICO's international life insurance ops in 50+ countries (Japan, Europe, Middle East, Latin America) make MetLife the largest US-based life insurer + expand outside North America.

MetLife designated Systemically Important Financial Institution (SIFI) Sep 2014 by FSOC; subjects MetLife to Federal Reserve supervision + bank-like capital rules. CEO Steve Kandarian fights designation through litigation 2015-2017; eventually wins reversal Jan 2018.

MetLife spins off US retail life insurance business as Brighthouse Financial Aug 2017; $52B asset spinoff. MetLife retains group life + retirement + Asia + EMEA. Brighthouse trades independently on Nasdaq; struggles with variable annuity book wind-down. MetLife refocuses as global group benefits leader.

Michel Khalaf becomes MetLife CEO May 2019 — succeeding Steve Kandarian (CEO 2011-2019). Khalaf executes 'New Frontier' strategy: simplification, divestitures (Auto/Home to Farmers 2020 $3.94B), focus on group benefits + retirement + Asia/EMEA. Stock recovers from $25 (Mar 2020 COVID) to $80+ by 2024.

MetLife removed from US Federal SIFI (Systemically Important Financial Institution) designation Jan 2018 after court win + FSOC reversal — first SIFI insurer to escape designation. Frees MetLife from Fed Reserve supervision + bank-like capital rules. Major regulatory win demonstrating insurance ≠ banking.

MetLife sells Auto & Home P&C business to Farmers Insurance for $3.94B Dec 2020 — completes exit from US property/casualty insurance, refocuses on group life + retirement + Asia. Strategic exit reduces volatility but removes one cross-sell vector.

MetLife Q4 2023 — Michel Khalaf CEO reports record $69B revenue; group benefits + retirement + Asia/EMEA drive results. Brighthouse spinoff (2017) fully separate. MetLife focused on capital-light, less-volatile businesses post-Auto/Home divestiture 2020.

MetLife Q1 2026 — Michel Khalaf CEO (since May 2019) executes 'New Frontier' strategic plan: group benefits + retirement + Asia/EMEA. MetLife stock $90+ vs 2020 $40 COVID lows. Group benefits remains MetLife's profit anchor (~$5B operating earnings annually) serving 90M+ Americans.