(Bloomberg) -- MetLife Inc., the life insurer that is reshaping its business mix to limit government oversight, is in talks with Massachusetts Mutual Life Insurance Co. about a possible sale of MetLife Premier Client Group, the company’s U.S. adviser force.
The group targets middle- to upper-income consumers, including small-to-medium sized company executives and small business owners, according to a regulatory filing. There is no guarantee that a transaction will be consummated, New York-based MetLife said Thursday in a statement.
MetLife Chief Executive Officer Steve Kandarian is weighing the possible sale, spinoff or public offering of a U.S. retail unit after his company was declared by regulators as a systemically important financial institution, a too-big-to-fail designation that can bring tighter capital rules. A separate U.S. proposal for stricter rules on retirement-product sales is pushing some insurers to evaluate whether they keep broker-dealer operations. American International Group Inc. said last month that it was selling AIG Advisor Group to funds affiliated with Donald Marron’s Lightyear Capital LLC and PSP Investments.
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