MetLife to supply annuity advantages for 3M retirees, beneficiaries

MetLife has introduced that its subsidiary, Metropolitan Tower Life Insurance coverage Firm, has entered into an settlement with 3M to supply annuity advantages to roughly 23,000 retirees and beneficiaries of the 3M Worker Retirement Earnings Plan.

In keeping with a news release, this settlement covers pension obligations totaling roughly $2.5 billion.

In June 2024, Metropolitan Tower Life Insurance coverage Firm issued a bunch annuity contract as a part of the transaction. The month-to-month pension profit quantities for the company’s retirees, their spouses, and beneficiaries will stay unchanged.

Metropolitan Tower Life Insurance coverage Firm will assume duty for making these month-to-month funds, changing the Plan. The agency defined that no motion is required from retirees or beneficiaries, and that each 3M and Metropolitan Tower Life will talk the small print to the affected contributors and beneficiaries concerning their ongoing funds.

Melissa Moore, senior vice chairman and head of annuities at MetLife, highlighted the significance of this settlement for 3M’s beneficiaries.

“MetLife helped pave the way in which for immediately’s pension danger switch market greater than 100 years in the past and continues to be firmly dedicated to this enterprise, leveraging our experience at managing danger throughout a variety of financial eventualities to stay an business chief,” Moore stated.

In different information for MetLife…

Elsewhere for MetLife, sources have lately revealed that the corporate is pursuing an acquisition of Hayfin Capital Administration, the personal credit score specialist that started exploring a sale final yr.

The insurance coverage big is in talks for a deal that might worth the London-based direct lender at greater than 1.2 billion euros ($1.3 billion), stated the individuals, who requested to not be recognized discussing personal info. The discussions are ongoing and will not finally result in a deal.

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