MetLife Canada’s block of life and health insurance policies and annuities complements Unity Life’s growth strategy
Mississauga, ON, May 13, 2009 – Unity Life of Canada, a Foresters™ company, and MetLife Canada, a subsidiary of MetLife, Inc., today announced that they have entered into an agreement under which Unity Life will acquire substantially all of the insurance business of MetLife Canada.
Under the agreement, which is subject to regulatory approval, Unity Life will acquire MetLife Canada’s block of approximately 100,000 life and health insurance policies and a small number of group annuity contracts, including policy liabilities of approximately $300 million and related assets, pursuant to an assumption reinsurance transaction.
Announcing the transaction, Unity Life President and CEO, Tony Poole said, “This transaction is Unity Life’s largest acquisition to-date and reaffirms our growth strategy of acquiring complementary blocks of business that align with Unity Life’s market and area of expertise, support the growth of our Canadian business and reduce our unit costs.”
It is anticipated that the transaction will be completed before the end of the year.
“Today’s announcement follows our acquisition of the business segment of GeniSys Management Solutions, announced on April 1st, and our December 31st, 2008, acquisitions of the Canadian insurance business of Forethought Life Insurance Company and of Washington National Insurance Company,” adds Tony Poole. “These transactions reinforce Unity Life’s ongoing commitment to growth and to maintaining a leadership position in our core markets.”
The value of the transaction was not disclosed. Following the transaction close date, Unity Life will continue to serve MetLife Canada’s policyholders and provide them with their contracted insurance and annuity benefits.
About MetLife, Inc.
MetLife, Inc. is a leading provider of insurance, employee benefits and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance and retirement & savings products and services to corporations and other institutions. For more information, visit www.metlife.com.
About Unity Life
Unity Life of Canada is a Canadian incorporated life insurance company, which provides financial security to Canadians through innovative life insurance products and services. The company originated in 1898 as the Insurance Department of the Subsidiary High Court of the Ancient Order of Foresters. It was incorporated as a mutual company in 1934, subsequently changing its name to Toronto Mutual Life Insurance Company. In 2002, Toronto Mutual Life amalgamated with its subsidiary, The Western Life Assurance Company, as Unity Life of Canada. On April 2, 2008, Unity Life was converted from a mutual life insurance company to a stock life insurance company owned by Foresters. Based in Mississauga Ontario, Unity Life currently has more than 227,000 active policies and certificates, $15.6 billion of insurance in force, and $637 million in assets (all figures in Canadian dollars as at December 31, 2008). Unity Life has been assigned an “A-“(Excellent) rating by A.M. Best. Unity Life’s Web address is www.unitylife.ca.