MetLife has acquired Citigroup's Travelers Life & Annuity and substantially all of Citigroup's international insurance businesses for $11.5 billion, subject to closing adjustments. The deal will make MetLife the largest individual life insurer in North America, based on sales. In connection with the transaction, Citigroup and MetLife have entered into 10-year agreements, under which MetLife will expand its distribution by making products available through certain Citigroup distribution channels, such as Smith Barney, Citibank, and Primerica.
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