MetLife Inc, the largest U.S. life insurer, is in advanced talks to purchase Banco Bilbao Vizcaya Argentaria SA's Chilean pension management unit, Bloomberg reported, citing three people with knowledge of the matter. MetLife could sign a deal for the unit - AFP Provida SA - which has a market value of more than $2 billion, within days or weeks, the report said.MetLife is looking to expand its operations in emerging markets as it suffers from low interest rates in the United States and the company said earlier this month it did not expect to buy back shares in 2013.BBVA, Spain's No.2 bank, had said in May it might sell its Latin American pension fund businesses as it looks to shed operations outside its main markets to reduce risks and meet tougher capital rules.If MetLife is able to close the deal, it will be the second major U.S. insurer to target the region after Principal Financial Group agreed in October to buy AFP Cuprum, another Chilean pension company, for $1.51 billion.
MetLife, Inc. (MetLife), is a provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Shares of MET traded higher by 0.65% or $0.215/share to $33.36. In the past year, the shares have traded as low as $27.60 and as high as $39.55. On average, 11201200 shares of MET exchange hands on a given day and today's volume is recorded at 4192872.
Principal Financial Group, Inc. (PFG) is a provider of retirement savings, investment and insurance products and services. Shares of PFG fell by 1.29% or $-0.37/share to $28.33. In the past year, the shares have traded as low as $23.09 and as high as $29.96. On average, 1845570 shares of PFG exchange hands on a given day and today's volume is recorded at 548995.
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