Brighthouse Financial, an operating segment of MetLife, Inc., announced Monday, March 6, that it is now offering its suite of annuity and life insurance solutions under the Brighthouse Financial brand.
“Today marks an important milestone in the evolution of Brighthouse Financial,” said Eric Steigerwalt, president and CEO of Charlotte, N.C.-based Brighthouse Financial. “As we continue to work towards the planned separation from MetLife, we are excited to offer Brighthouse Financial life insurance and annuity solutions to financial advisors and their clients.”
As of March 6, certain annuity and life insurance solutions¹ that were previously offered under the MetLife brand will now be offered under the Brighthouse Financial brand (with no other changes made). These products include:
• Brighthouse Shield Level Selector℠ Annuities, which offer clients a combination of protection from index loss and participation in potential growth opportunities
• Brighthouse Variable Annuities with FlexChoice, which provide clients guaranteed lifetime income with features that offer real-life flexibility to adapt to the ways life unfolds
• Brighthouse Premier Accumulator Universal Life, which offers clients the protection they need, along with more flexibility and liquidity than whole life insurance policies, especially in the earlier years
Brighthouse Financial also offers fixed, deferred and immediate income annuity solutions, as well as term life insurance, under the Brighthouse Financial brand.
“Building upon the strong foundation we’ve established over the past several years as a substantial part of MetLife’s U.S. Retail business, we look forward to partnering with financial professionals to deliver solutions that help consumers achieve financial security,” Steigerwalt said.
Don’t expect a consumer advertising blitz promoting the Brighthouse name just yet. Brighthouse Financial told Insurance Forums Monday that its immediate focus is on the financial advisor community and its distribution partners, but more details on consumer marketing plans could be announced soon.
MetLife began initiating the regulatory process for the planned separation of Brighthouse Financial back in Oct. 2016 with the filing of a Registration Statement on Form 10 with the SEC. The Form 10 reflects MetLife’s plan to initiate the separation of Brighthouse Financial in the form of a spinoff. No timetable for completing the spinoff – which would have to be approved by the MetLife board of directors – has been established as of yet.
• See also: MetLife U.S. retail life business rebranded as Brighthouse Financial
As outlined in the Form 10, Brighthouse Financial will be a major U.S. life insurance and annuity company, with more than $240 billion of total assets and approximately 2.8 million insurance policies and annuity contracts in-force. Through a diverse network of independent distributors, Brighthouse Financial will offer a simplified set of accumulation and protection products.
Following the planned separation, MetLife, Inc. will remain the largest provider of employee benefits in the U.S., as well as a leading global insurer. MetLife will continue to hold leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.
For additional information about Brighthouse Financial, please visit www.brighthousefinancial.com.
About Brighthouse Financial: Brighthouse Financial is an operating segment of MetLife, Inc., and a leading annuity and life insurance provider in the U.S. with approximately 2.8 million insurance policies and annuity contracts in-force. Its mission is to help consumers achieve financial security by offering essential life insurance and annuity solutions designed to protect what they have earned and ensure it lasts. Learn more at www.brighthousefinancial.com.
About MetLife: MetLife, Inc. (NYSE:MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
¹Brighthouse Financial annuities and life insurance are issued by Brighthouse Life Insurance Company, Charlotte, NC 28277 and in New York only by Brighthouse Life Insurance Company of NY, New York, NY 10017. Variable products are distributed by Brighthouse Securities, LLC (member FINRA). Product guarantees are solely the responsibility of the issuing company and not MetLife. MetLife, a registered service mark of Metropolitan Life Insurance Company, is used under license to Brighthouse Services, LLC and its affiliates. Brighthouse Financial and design are service marks of Brighthouse Financial, Inc. or its affiliates.