MetLife Inc. (NYSE: Met), through its subsidiary Metropolitan Tower Life Insurance Company, and the Principal Financial Group® have undertaken to cover the pension obligations of the Philips North America company, amounting to about $1.2 billion.
The agreement applies to the management of guaranteed pension benefits for about 11,000 pensioners, beneficiaries and future participants in Philips North America’s group pension plan.
“The fact that MetLife Inc. is being selected to manage large-scale pension obligations reaffirms its financial robustness, its specialised expertise and the high standards of governance it adheres to. Many of the largest companies in the world today trust MetLife to guarantee the lifetime earnings of thousands of their pensioners. They choose the security it offers them so they can focus on their activities without worrying,” said Antonis Dendis, head of Group Insurance at MetLife Greece.
Aside from its strong financial position, MetLife is highly qualified in managing risks related to handling pension obligations and can design solutions adapted to the needs of each organisation. These factors made it the partner of choice for companies wishing to provide their people more security and confidence about their economic future.
By leveraging its global leadership position, MetLife nowadays has the largest portfolio of group pension plans on the Greek market. Specifically, it manages the pension plans for about 400 multinational and domestic companies where the total capital under management exceeds €800 million. The retention rate for MetLife’s group insurance programmes has remained consistently above 97% over the last few years.
