MetLife takes important step toward separating into two independent publicly traded companies
New York, N.Y., Oct. 5, 2016 - MetLife, Inc. (NYSE: MET) today announced that Brighthouse Financial, Inc. filed a Registration Statement on Form 10 with the U.S. Securities and Exchange Commission (the SEC ). The filing of the Form 10 is an important step in MetLife's plan to separate into two independent publicly traded companies. The filing provides information on the strategy and historical financial data of Brighthouse Financial and will be updated with additional information in subsequent amendments as the SEC reviews it.
The Form 10 reflects MetLifes current plan to initiate the separation of Brighthouse Financial in the form of a spin-off. While MetLife and Brighthouse Financial are currently preparing for a spin-off transaction, the ultimate form and timing of a separation will be influenced by a number of factors, including regulatory considerations and economic conditions. MetLife continues to evaluate and pursue structural alternatives for the planned separation, including different forms of spin-off, a public offering of shares in an independent, publicly traded company, or a sale. The first step in the separation transaction is expected to take place in the first half of 2017. In conjunction with the Form 10, MetLife today filed a Form 8-K with the SEC that includes additional financial information concerning MetLife related to the planned separation.
Today's filing marks an important milestone for both MetLife and Brighthouse Financial as we move toward separating into two companies, said Steven A. Kandarian, chairman, president and CEO of MetLife. We believe the separation will enable both companies to compete more effectively, achieve strong operational and financial performance, and create long-term value for our shareholders.
Brighthouse Financial aims to deliver simple, transparent solutions and experiences that empower advisors and consumers to confidently make choices that will take them one step closer to achieving the financial future they envision, said Eric T. Steigerwalt, executive vice president of MetLifes U.S. Retail business and incoming president and CEO of Brighthouse Financial. In addition, we believe that the company's strong capital structure and commitment to financial discipline, risk management, and operational efficiencies will create long-term shareholder value.
As outlined in the Form 10, Brighthouse Financial will be a major U.S. life insurance and annuity company, with $240 billion of total assets and approximately 2.6 million insurance policies and annuity contracts in-force as of June 30, 2016. Through a diverse network of independent distributors, Brighthouse Financial will offer a simplified set of accumulation and protection products.
Following the planned separation, MetLife, Inc. will remain the largest provider of employee benefits in the U.S., as well as a leading global insurer. MetLife will continue to hold leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.
The Form 10 describes a potential transaction which is a pro-rata distribution of at least 80.1 percent of the shares of Brighthouse Financials common stock to MetLifes shareholders. Brighthouse Financial anticipates that such a transaction would be tax-free to U.S. shareholders for U.S. federal income tax purposes (except for any cash received in lieu of fractional shares).
The separation remains subject to certain conditions including, among others, obtaining final approval from the MetLife board of directors, receipt of a favorable IRS ruling and an opinion from MetLifes tax advisor regarding certain U.S. federal income tax matters, and an SEC declaration of the effectiveness of the Form 10.
For more information, the full Brighthouse Financial Form 10 can be viewed at http://www.sec.gov and MetLifes Investor Relations site at www.metlife.com.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ( MetLife ), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
Note Regarding Forward-Looking Statements
This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as anticipate, estimate, expect, project, intend, plan, believe and other words and terms of similar meaning, or are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, statements regarding the Separation, including the timing and expected benefits thereof, the formation of Brighthouse Financial, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife and Brighthouse Financial.
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MetLife takes important step toward separating into two independent publicly traded companies 
