MetLife to Acquire the Czech, Hungarian and Romanian Operations of Aviva plc
January 30 2012 - 4:00AM
Business Wire
MetLife, Inc. (NYSE: MET) has agreed to acquire from Aviva plc
its life insurance businesses in the Czech Republic (Aviva Czech
Life) and Hungary (Aviva Hungary Life), and its life insurance and
pension businesses in Romania (Aviva Romania Life and Pensions).
The transaction is expected to be completed during 2012, and is
subject to regulatory approvals. The financial terms of the deal
are not disclosed.
“MetLife is intent on investing and growing in high-potential
markets,” said Michel Khalaf, MetLife’s President for the Europe,
Middle East and Africa (EMEA) region, “and this transaction creates
an excellent opportunity to reach more customers with a broader
product and service offering, and further build scale in our
existing operations in these countries.”
“This is yet another step in realizing MetLife’s vision to be
the leading global provider of life, accident and health, and
retirement products and employee benefits, and it exemplifies our
disciplined pursuit of this goal and our ability to strategically
deploy capital in growth markets,” said Khalaf.
The transaction will add a large, diverse distribution network
and expand MetLife’s product capabilities, further solidifying the
company’s market position in the region.
Deutsche Bank Securities Inc. served as exclusive financial
advisor to MetLife.
About MetLife
MetLife, Inc. is a leading global provider of insurance,
annuities and employee benefit programs, serving 90 million
customers in over 50 countries. Through its subsidiaries and
affiliates, MetLife holds leading market positions in the United
States, Japan, Latin America, Asia Pacific, Europe and the Middle
East. For more information, visit www.metlife.com.
In EMEA, MetLife is present in 35 countries, operating in both
established and emerging markets, and offering customers a broad
product suite through a highly diversified and efficient
distribution network.
This press release may contain or incorporate by reference
information that includes or is based upon forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give expectations or
forecasts of future events. These statements can be identified by
the fact that they do not relate strictly to historical or current
facts. They use words such as “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe” and other words and terms of
similar meaning in connection with a discussion of future operating
or financial performance. In particular, these include statements
relating to future actions, prospective services or products,
future performance or results of current and anticipated services
or products, sales efforts, expenses, the outcome of contingencies
such as legal proceedings, trends in operations and financial
results.
Any or all forward-looking statements may turn out to be wrong.
They can be affected by inaccurate assumptions or by known or
unknown risks and uncertainties. Many such factors will be
important in determining the actual future results of MetLife,
Inc., its subsidiaries and affiliates. These statements are based
on current expectations and the current economic environment. They
involve a number of risks and uncertainties that are difficult to
predict. These statements are not guarantees of future performance.
Actual results could differ materially from those expressed or
implied in the forward-looking statements. Risks, uncertainties,
and other factors that might cause such differences include the
risks, uncertainties and other factors identified in MetLife,
Inc.’s filings with the U.S. Securities and Exchange Commission
(the “SEC”). These factors include: (1) difficult conditions in the
global capital markets; (2) concerns over U.S. fiscal policy and
the trajectory of the national debt of the U.S., as well as rating
agency downgrades of U.S. Treasury securities; (3) increased
volatility and disruption of the capital and credit markets, which
may affect our ability to seek financing or access our credit
facilities; (4) uncertainty about the effectiveness of the U.S.
government’s programs to stabilize the financial system, the
imposition of fees relating thereto, or the promulgation of
additional regulations; (5) impact of comprehensive financial
services regulation reform on us; (6) exposure to financial and
capital market risk; (7) changes in general economic conditions,
including the performance of financial markets and interest rates,
which may affect our ability to raise capital, generate fee income
and market-related revenue and finance statutory reserve
requirements and may require us to pledge collateral or make
payments related to declines in value of specified assets; (8)
potential liquidity and other risks resulting from our
participation in a securities lending program and other
transactions; (9) investment losses and defaults, and changes to
investment valuations; (10) impairments of goodwill and realized
losses or market value impairments to illiquid assets; (11)
defaults on our mortgage loans; (12) the impairment of other
financial institutions that could adversely affect our investments
or business; (13) our ability to address unforeseen liabilities,
asset impairments, loss of key contractual relationships, or rating
actions arising from acquisitions or dispositions, including our
acquisition of American Life Insurance Company and Delaware
American Life Insurance Company (collectively, “ALICO”) and to
successfully integrate and manage the growth of acquired businesses
with minimal disruption; (14) uncertainty with respect to the
outcome of the closing agreement entered into with the United
States Internal Revenue Service in connection with the acquisition
of ALICO; (15) the dilutive impact on our stockholders resulting
from the issuance of equity securities in connection with the
acquisition of ALICO or otherwise; (16) economic, political,
currency and other risks relating to our international operations,
including with respect to fluctuations of exchange rates; (17) our
primary reliance, as a holding company, on dividends from our
subsidiaries to meet debt payment obligations and the applicable
regulatory restrictions on the ability of the subsidiaries to pay
such dividends; (18) downgrades in our claims paying ability,
financial strength or credit ratings; (19) ineffectiveness of risk
management policies and procedures; (20) availability and
effectiveness of reinsurance or indemnification arrangements, as
well as default or failure of counterparties to perform; (21)
discrepancies between actual claims experience and assumptions used
in setting prices for our products and establishing the liabilities
for our obligations for future policy benefits and claims; (22)
catastrophe losses; (23) heightened competition, including with
respect to pricing, entry of new competitors, consolidation of
distributors, the development of new products by new and existing
competitors, distribution of amounts available under U.S.
government programs, and for personnel; (24) unanticipated changes
in industry trends; (25) changes in accounting standards, practices
and/or policies; (26) changes in assumptions related to deferred
policy acquisition costs, deferred sales inducements, value of
business acquired or goodwill; (27) increased expenses relating to
pension and postretirement benefit plans, as well as health care
and other employee benefits; (28) exposure to losses related to
variable annuity guarantee benefits, including from significant and
sustained downturns or extreme volatility in equity markets,
reduced interest rates, unanticipated policyholder behavior,
mortality or longevity, and the adjustment for nonperformance risk;
(29) deterioration in the experience of the “closed block”
established in connection with the reorganization of Metropolitan
Life Insurance Company; (30) adverse results or other consequences
from litigation, arbitration or regulatory investigations; (31)
inability to protect our intellectual property rights or claims of
infringement of the intellectual property rights of others; (32)
discrepancies between actual experience and assumptions used in
establishing liabilities related to other contingencies or
obligations; (33) regulatory, legislative or tax changes relating
to our insurance, banking, international, or other operations that
may affect the cost of, or demand for, our products or services,
impair our ability to attract and retain talented and experienced
management and other employees, or increase the cost or
administrative burdens of providing benefits to employees; (34) the
effects of business disruption or economic contraction due to
disasters such as terrorist attacks, cyberattacks, other
hostilities, or natural catastrophes, including any related impact
on our disaster recovery systems, cyber-or other information
security systems and management continuity planning; (35) the
effectiveness of our programs and practices in avoiding giving our
associates incentives to take excessive risks; and (36) other risks
and uncertainties described from time to time in MetLife, Inc.’s
filings with the SEC.
MetLife, Inc. does not undertake any obligation to publicly
correct or update any forward-looking statement if MetLife, Inc.
later becomes aware that such statement is not likely to be
achieved. Please consult any further disclosures MetLife, Inc.
makes on related subjects in reports to the SEC.
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