Metropolitan Life Insurance Co. of New York said it would keep its mutual fund and annuity businesses separate from those of General American Life Insurance Co. of St. Louis, Mo. MetLife announced on Aug. 27 it would acquire General American, which had been unable to repay short-term funding agreements.
"We will preserve their (General American's) brand and keep them intact," said Mary Ann Brown, head of product management for individual business at MetLife. However, MetLife plans to take advantage of General American's distribution system to strengthen its own wholesaling, she said.
"That is a strength we don't have, particularly their very strong relationships with broker/dealers Edward Jones and A.G. Edwards," Brown said. But, she said the two companies would not be combined.