Dallas, Texas 05/07/2014 (FINANCIALSTRENDS) – MetLife Inc (NYSE:MET) is New York based Life Insurance company which provides insurance, annuities, and employee benefit programs across many parts of the world. Yesterday its stock closed at $49.94, about 3.09% below its previous close of $51.53. The stock of MetLife is down almost 6.65% year to date and is trading at par with its 200 day simple moving average (down 0.21%).
First Approval for Foreign Insurer Branch in China:
MetLife Inc (NYSE:MET) yesterday announced through its joint venture that its China venture has become the first foreign backed insurance firm which received a regulatory approval to open a branch in Shanghai’s free trade zone. The China venture of MetLife Inc. is known as Sino-US United MetLife Insurance Co Ltd. which is jointly operated in partnership with state owned Shanghai Lianhe Investment Company.
The China Insurance Regulatory Commission recently confirmed that insurance firms will be allowed to enjoy lesser restrictions on offshore investment compared to operations on the mainland. As a remainder, foreign insurance companies are allowed to operate in China only through joint ventures with local partners. MetLife Inc. has got the regulatory approval almost after eight months after the launch of free trade zone and is welcomed as one of China’s boldest reforms in decades.
Launch of Two New Brands in Malaysia:
MetLife Inc (NYSE:MET) recently also announced the launch of two new brands in Malaysia, namely AmMetLife and AmMetLife Takaful as part of its strategic partnership with the AmBank Group. The new companies will develop innovative life assurance solutions in wealth, protection, retirement, health and education.
The AmBank Group has close to four decades of experience as it grew from a merchant bank in 1975 into one of Malaysia’s largest financial solutions groups with operations in wholesale banking, retail banking and insurance products. MetLife, with operations in 50 countries, will leverage AmBank Group’s domestic insights and abilities, to improve the experience and breadth of choice of Malaysian consumers.