MetLife Sets New All-Time Structured Settlement Sales Record In 2004
April 27th, 2005NEW YORK, April 27, 2005 – Sales from MetLife, Inc.’s (NYSE: MET) structured settlement business totaled over $907 million in 2004, a new company sales record. Year-end 2004 sales represent an increase of $174 million over 2003.
“For the second consecutive year, MetLife continued to grow its structured settlement sales and market share,” said Sherif Zakhary, vice president, MetLife Retirement & Savings. “MetLife is highly regarded in the judiciary, legal and broker communities because of our company’s strong brand recognition, financial strength, strong ratings, and competitive pricing.”
According to Tillinghast Towers Perrin, U.S. torts system costs were over $246 billion in 2003. Of that total, approximately 65% – or $156 billion – is paid to claimants and plaintiffs (or to their attorneys). In 1982, Congress passed legislation that allowed claimants in personal injury, wrongful death and workers compensation lawsuits to receive their settlement awards as a stream of tax-free income payments through a structured settlement annuity. Prior to the legislation, settlements were awarded as single lump sums, and claimants were often burdened with the task of managing that money themselves.
Structured settlements can be used to provide funding for a child’s education, medical expenses, and other basic living needs of a family — ensuring they will not run out of money when they need it most. According to the National Structured Settlements Trade Association, studies have shown that the more serious the injury, the greater the likelihood that a structured settlement will be used.
MetLife offers innovative strategies for complex litigation settlements by providing integrated, comprehensive solutions and implementation programs for bridging the gap between defendants and plaintiffs. MetLife has been an innovator in this market, offering the first and only structured settlement variable annuity option. Like other variable annuities, it offers an investment fund lineup to meet a broad range of investment objectives.
MetLife Retirement & Savings delivers integrated retirement programs and innovative investment management services for defined contribution and defined benefit plans.
MetLife, Inc., through its subsidiaries and affiliates, is a leading provider of insurance and other financial services to individual and institutional customers. The MetLife companies serve individuals in approximately 13 million households in the U.S. and provide benefits to 37 million employees and family members through their plan sponsors. Outside the U.S., the MetLife companies serve approximately 9 million customers through direct insurance operations in Argentina, Brazil, Chile, China, Hong Kong, India, Indonesia, Mexico, South Korea, Taiwan and Uruguay. For more information about MetLife, please visit the company’s Web site at www.metlife.com.
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