MetLife Europe has announced plans for a significant range of new product launches and an expansion of its salesforce following its acquisition of American Life Insurance Company (Alico) on 1 November.
The new UK wealth management business will combine a catalogue of products offered by the two businesses including a combination of guaranteed unit-linked retirement income products and investment products, including capital-guaranteed products. However, as a temporary transitional measure, the Alico Select Portfolio has been withdrawn.
"MetLife's integration with Alico transforms MetLife's footprint in the UK giving us the power to fully embrace the IFA and advisory marketplace," said Dominic Grinstead, MD at MetLife's UK Branch. "The integration enables MetLife in the UK to develop new products that will provide greater certainty to investors and their advisers and will help us strengthen our relationship with advisers and customers. Our future success will be dictated by our offering better products, service and value, and that will be driven by our staff."
Metlife is planning a new protected growth bond will be launched in early 2011 offering the option of a daily guarantee of 80% of the highest ever unit value. Also a new investment plan will also be launched to target IFA clients affected by the new lower lifetime allowance for pension contributions of £1.5m.