MetLife (NYSE:MET) and Citigroup (NYSE:C) announced today that they have entered into a 10-year distribution agreement that will allow MetLife to provide credit insurance products to Citi clients in 15 markets through 2025. This agreement expands upon an existing distribution agreement between MetLife and Citi that will expire in 2015. Financial terms of the agreement were not disclosed.
Building on MetLife and Citi’s longstanding partnership, this new arrangement makes MetLife and its affiliates the underwriter or reinsurer of credit insurance products to Citi clients in 15 countries, 13 exclusively, across Asia, Europe, the Middle East, Africa and Latin America through 2025. The products will be available to Citi retail bank and credit card clients in Australia, Argentina, Brazil, Bahrain, Czech Republic, Egypt, Greece, Indonesia, Malaysia, Philippines, Poland, Russia, Spain, Thailand and the UAE.
“We look forward to continuing to build on our strong partnership with Citi by providing credit insurance products to Citi’s clients across the globe. MetLife and Citi are pioneering the type of partnership required today to ensure that consumer needs are met in a consistent way,” said Maria Morris, executive vice president, MetLife, Inc. “This deal is unique in nature as it enables Citi and MetLife to deliver enhanced value to their customers through product and process innovation.”
“We are pleased to extend our agreement with MetLife into the next decade and are excited about the opportunities ahead,” said Jonathan Larsen, Citi’s Global Head of Retail Banking and Asia Pacific Head of Consumer Banking. “This agreement enables us to provide enhanced value, products, and service to our clients while driving efficiency through a single, standard global product framework. With a footprint that complements Citi’s global reach, this partnership is a win for our clients and our business.”About MetLife MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com. About Citi Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.