MetLife Board of Directors Approves Spin-Off of Brighthouse Financial
July 11, 2017 by MetLife
July 5, 2017 — NEW YORK–(BUSINESS WIRE)–MetLife, Inc. (NYSE: MET) today announced that its board of directors has approved the spin-off of Brighthouse Financial, subject to the U.S. Securities and Exchange Commission’s (SEC) declaration that the Brighthouse Financial, Inc. Registration Statement on Form 10 is effective. In addition, all necessary state insurance regulatory approvals have been granted.
Subject to the SEC’s timely declaration that Brighthouse Financial’s Registration Statement on Form 10 is effective, the record date will be 5 p.m. New York City time on Wednesday, July 19, 2017, and the distribution date will be 5 p.m. New York City time on Friday, Aug. 4, 2017.
Stock Shares: One for every eleven
MetLife common shareholders will receive a distribution of one share of Brighthouse Financial common stock for every 11 shares of MetLife common stock they own as of the close of business on the July 19 record date. Following completion of the distribution, the price of shares of MetLife, Inc. common stock on the New York Stock Exchange will reflect the distribution of Brighthouse Financial, Inc. shares, and as a result may be lower than before the distribution.
Prior to completion of the spin-off, MetLife will make an Information Statement containing information about Brighthouse Financial and the spin-off available to MetLife, Inc. common shareholders.
Brighthouse Financial’s Registration Statement on Form 10, including amendments thereto, can be found at www.sec.gov and on the Investor Relations section of www.metlife.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.
About Brighthouse Financial
Brighthouse Financial is currently an operating segment of MetLife, Inc. (NYSE: MET), and a leading annuity and life insurance provider in the U.S. with approximately 2.8 million insurance policies and annuity contracts in-force. Our mission is to help people 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.
