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Wednesday, February 20, 2013

MetLife puts British bulk annuity business up for sale, (NYSE: MET)

MetLife Inc, the largest U.S. life insurer, has put its British bulk annuity business, MetLife Assurance Ltd, up for sale and has hired investment bankers from Citibank to run an auction for the unit, a person familiar with the matter said. The source, who is not authorized to speak to the media, said MetLife had begun a sale process for the establishment -- which employs 55 people -- and was talking to several potential buyers.The sale does not include MetLife's other British businesses, the source said.Sky News first reported the planned sale and said it was unclear how much MetLife was seeking for the business. But Sky News, citing people close to the situation, said the price tag would be far below the 1 billion pounds ($1.53 billion) suggested by some analysts,"We do not comment on market rumours or speculation," MetLife said.

MetLife, Inc. (MetLife), is a provider of insurance, annuities and employee benefit programs. Shares of MET fell by 3.16% or $-1.17/share to $35.83. In the past year, the shares have traded as low as $27.60 and as high as $39.55. On average, 9554260 shares of MET exchange hands on a given day and today's volume is recorded at 5765094.