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MetLife Completes Acquisition of Aseguradora Hidalgo S.A.

Publication: Business Wire
Publication Date: 20-JUN-02 		Format: Online - approximately 1024 words
Delivery: Immediate Online Access

Article Excerpt
Business Editors and Insurance Writers

NEW YORK--(BUSINESS WIRE)--June 20, 2002

MetLife Inc. (NYSE:MET) announced today it has completed its acquisition of the former government-owned Aseguradora Hidalgo S.A., Mexico's largest life insurer, for approximately 9.2 billion pesos.

MetLife acquired Aseguradora Hidalgo through a bidding process conducted by the Mexican government. This process resulted in MetLife being selected as the winning bidder on May 24th. Following the receipt of final regulatory approvals and the expiration of an employee right of first refusal, the transaction has now been officially completed.

"We believe that this transaction is a win for Mexico, Mexican consumers, as well as for MetLife shareholders," said Robert H. Benmosche, MetLife chairman and chief executive officer. "We have had a successful experience in the Mexican insurance market and view our acquisition of Aseguradora Hidalgo as a way to further expand our presence in Mexico. We will make this transition run smoothly for our...

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