MetLife Canada's block of life and health insurance policies and
annuities complements Unity Life's growth strategy
MISSISSAUGA, ON, May 13 /CNW/ - Unity Life of Canada, a Foresters(TM)
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.
Foresters(TM) is a trademark of The Independent Order of Foresters, a
fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9.
For further information:
For further information: Unity Life of Canada, Irene Shimoda, Director,
Public Relations, (416) 429-3000 ext. 4651, 1-877-664-6602,
email@example.com; MetLife, Inc., Peter Stack, Vice President
International Communications, (212) 578-3674, firstname.lastname@example.org