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Exhibit 99.1
Contact: John Calagna
212-578-6252
[email protected]
METLIFE RECEIVES $858 MILLION FOR ITS INTEREST IN NVEST
New York, October 30, 2000 -- MetLife, Inc. (NYSE: MET) today announced the
completion of the sale of its Boston-based investment management affiliates,
Nvest, L.P. and Nvest Companies, L.P., to wholly-owned subsidiaries of CDC Asset
Management. MetLife sold its 48 percent interest in Nvest as part of the
transaction. A definitive agreement relating to the sale of Nvest was announced
in June 2000.
The purchase price paid was $40 per unit for Nvest, L.P. and Nvest Companies,
L.P. MetLife is receiving $858 million in the transaction.
MetLife's Nvest interest was acquired as part of MetLife's merger with New
England Financial in 1996. CDC Asset Management is the investment management arm
of France's Caisse des Depots Group, a major diversified financial institution
headquartered in Paris.
MetLife, Inc., through its subsidiaries and affiliates, is a leading provider of
insurance and other financial services to individual and group customers. The
MetLife companies serve approximately nine million individual households in the
U.S. and companies and institutions with 33 million employees and members. It
also has international insurance operations in 12 countries.
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This release contains statements which constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are not guarantees of future performance. Actual
results may differ materially from those anticipated in the forward-looking
statements as a result of risks and uncertainties including: changes in interest
rates, declines in securities markets and the effect on sales of investment
products and on our investment portfolio, competition, litigation, differences
between actual claims experience and underwriting and reserving assumptions,
downgrades in our or our affiliates' ratings and the risk factors described from
time to time in our filings with the Securities and Exchange Commission,
including our S-1 registration statements.
