How was this $ 1 billion insurance company called Metlife Inc built? It was a difficult start for Metlife. By the end of 1864, National Union had written only 17 life insurance policies and 56 accident policies. It ranked last among 27 life insurance companies operating in New York State and had a deficit of $ 1,400.
After five difficult years and several reorganizations and name changes, President James R. Dow (Physician) and the Board of Directors decided to abandon the property and casualty insurance industry and focus solely on the insurance industry. life. And so began Metropolitan Life Insurance Company.
Organized by a group of businessmen from New York City in 1863, the National Union Life and Company Insurance Company began operations in July 1864 and provided insurance for seamen and soldiers of the American Civil War. disabilities related to the war.
When MetLife opened on March 24, 1868 (selling a small number of fonts on that date), the phone was not invented yet and electric lamps were still rare.
The Metropolitan Life Life Insurance Company was established 151 years ago.
The population of the United States was about 37 million and the country had 37 states. The company’s first home office consisted of two rooms – enough space for its six employees.
How was this insurance company called Metlife built? Is Metlife Inc really a billion dollar insurance company? And what do you need to know about Metlife before signing a policy with them?
This new company has also encountered difficulties. The severe economic crisis that began in the early 1870s quickly led to the bankruptcy of half of the 70 life insurance companies in New York State.
How Metlife became the largest life insurer in AmericaThe company funded the construction of the Empire State Building in 1929 and provided the capital needed to build the Rockefeller Center in 1931.
- During the Second World War, MetLife placed more than 51% of its total assets in war bonds and was the largest private contributor to the Allied cause.
- In 1880, the company signed 700 new industrial policies a day. The rapid increase in volume quickly brought down distribution costs and the new program was immediately successful.
- The MetLife agent has become an important person in the lives of these burgeoning families.
- In 1930, MetLife insured one in five men, women, and children in the United States and Canada.
- This approach was so successful that in 1909, MetLife became the largest life insurer in the country in terms of current insurance, a leadership position it continues to hold today in North America
- US companies had not bothered to buy industrial insurance until that date because of expenses related to the establishment and maintenance of an agency selling home-based policies and weekly collection premiums of 5 or 10 cents.
- By importing English agents to form an American agency, MetLife quickly transferred effective British methods to the United States.
- In 1981, MetLife purchased for $ 400 million what is now called the MetLife building from a group including Pan American World Airways.
- MetLife has developed manuals that guide agents to homes at the same time each week to ensure familiarity and contact.
- When collecting premiums, insurance agents listened to the problems, concerns and hopes of their clients.
- How has MetLife Insurance become “systematically important” for the economy American? In 2000, Metlife became a publicly traded company. With an initial public offering (IPO) to be a mutual insurance company operating for the benefit of its policyholders. Subscribers received shares of the new company during this process.
- Insurance companies acquired by MetLife Insurance since 1992
- Since 1992, Metlife has acquired or partnered with other insurance companies.
- Due to its expansion, the government has classified it as “systemically important” for the US economy. Otherwise known as “too big to fail”.
- Security Group first acquired
- Acquisition of the New England Mutual Life Insurance Company
- He is listed in the top 50 Fortune 500 companies.
- Acquired American Life Insurance Company at AIG
- Acquisition of Lincoln National Corporation’s Individual Disability Income Unit.
- Acquisition of Executive Life’s single premium deferred annuity business, MetLife also acquired the life insurance business of the company.
- Acquired reinsurance provider GenAmerica Corporation and its subsidiaries Reinsurance Group of America and Conning Corporation
- Acquisition of Grand Bank of Kingston in New Jersey, renamed MetLife Bank.
- Merger with United Mutual Life Insurance Company
- Acquisition of Citigroup’s Travelers Life Life 26% annuity and all Citigroup’s international insurance business