Citigroup has sold its Travelers Life & Annuity book and the majority of its international business to MetLife in a deal worth $11.5bn.
In its largest acquisition, MetLife will pay $8.5bn to $10.5bn in cash for Citigroup's life and annuity division and nearly all of its international insurance operations. The rest of the purchase will be in MetLife stock.
For Citigroup, the sale will result in an immediate $2bn gain and remove from its balance and consolidate its position as an investment bank.
As part of the deal, MetLife will have access to Citigroup's extensive sales network for 10 years.
MetLife said the acquisition should add to its profit almost immediately, increasing its earnings per share 4 percent to 6 percent in 2006.
The company also expects to achieve annual savings of at least $150m from more efficient product management and sales support once the two companies combine.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
