NEW YORK, December 11, 2020
MetLife, Inc. (NYSE: MET) today announced that it has signed a definitive agreement to sell Metropolitan Property and Casualty Insurance Company and certain wholly owned subsidiaries to Farmers Group, Inc. (FGI), a subsidiary of Zurich Insurance Group, for $3.94 billion in cash, subject to the terms therein. FGI has informed MetLife that it will sell the insurance operations to the Farmers Exchanges.
In connection with the transaction, MetLife and the Farmers Exchanges have established a 10-year strategic partnership through which Farmers Insurance® (Farmers) will offer its personal lines products on MetLife’s industry-leading U.S. Group Benefits platform, which today reaches 3,800 employers and approximately 37 million eligible employees. Farmers will also gain access to MetLife’s network of 7,700 independent agents and assume responsibility for MetLife’s existing retail property and casualty customers.