NEW YORK (TheStreet) -- MetLife (MET) - Get Report stock is down 0.65% to $39.83 in midday trading on Monday after the insurance company announced it was selling its U.S. retail adviser force to Massachusetts Mutual Life Insurance Companyfor $300 million.
MassMutual, a Springfield, MA-based mutual life insurance company, will acquire MetLife's Premier Client Group, which includes 4,000 advisers in the U.S.
Additionally, MetLife's U.S. retail business will serve as the exclusive developer of certain annuity products issued by MassMutual, the company said in a statement.
Earlier this year, MetLife announced it planned to separate its U.S. retail business.
"This transaction will enable our U.S. Retail business to sharpen its focus on its core strength in product manufacturing while also providing a broader distribution network through the partnership with MassMutual," MetLife CEO Steven Kandarian said in a statement. "By decoupling manufacturing from distribution, our U.S. Retail business will be more agile, and both MetLife and the U.S. Retail business can achieve significant cost savings."
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "buy" with a ratings score of B-. The company's strengths can be seen in multiple areas, such as its attractive valuation levels and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: MET