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MetLife's (MET) retreat from the variable annuity business (joining Hartford, Genworth, and Sun...

MetLife's (MET) retreat from the variable annuity business (joining Hartford, Genworth, and Sun Life) is leaving plenty of market share that Prudential (PRU) and AIG are happy to pick up. Overall industry sales of the products fell 4.9% Y/Y in Q2 as insurers - worried about the risk from these equity-linked products - cut benefits.
Comments (1)
  • terryc3344
    , contributor
    Comments (6) | Send Message
     
    Hartford, Genworth, Sun Life and ING retreated completely from this market with regards to new sales. Met Life has not done that. Met has simply repriced the benefits offered under their products based on the market conditions currently. Additionally, Met did close down many third party channels for sale of these products but still sell through the 3 largest as well as their own captive Met and New England Financial reps.
    These facts are quite different from the facts surrounding other insurers. Met will still compete favorably with Pru and AIG.
    20 Aug 2012, 06:30 PM Reply Like
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