MetLife Inc, the largest American life insurer, said on Tuesday that it plans to combine some U.S. businesses as part of a revamp it undertook to increase growth opportunities.
The New York-based company said it would combine its institutional and individual business segments, and its home and auto units, into a single U.S. division.
William Mullaney, who is currently president of the company's institutional business, will be president of the division. The changes are to take effect from August 1, although the full integration of the business segments is not expected to be completed until next year.
MetLife said bringing these businesses together would help it reach more customers, as it tries to increase its sales of a range of insurance products and financial services.
A unified U.S. business organization creates a stronger growth platform, Chief Executive Robert Henrikson said in a statement.
(Reporting by Lilla Zuill; Editing by Tim Dobbyn)