July 13, 2014 11:46 PM ET

Insurance

Company Overview of Metropolitan Life Insurance Company

Company Overview

Metropolitan Life Insurance Company, together with its subsidiaries, provides insurance, annuities, and employee benefit programs in the United States. It operates in three segments: Retail; Group, Voluntary & Worksite Benefits; and Corporate Benefit Funding. The Retail segment offers variable, universal, term, and whole life insurance products; disability products; and a range of mutual funds and other securities products, as well as variable and fixed annuities. The Group, Voluntary & Worksite Benefits segment provides group insurance products and services comprising life, dental, group short- and long-term disability, and accidental death and dismemberment coverages, as well as administra...

200 Park Avenue

New York, NY 10166

United States

Founded in 1868

Phone:

212-578-2211

Key Executives for Metropolitan Life Insurance Company

Chairman of the Board
Age: 62
Chief Financial Officer and Executive Vice President
Age: 55
Chief Executive Officer of Romanian Unit
Chief Executive Officer of Metlife Gulf
Chief Accounting Officer and Executive Vice President of Finance Operations
Age: 50
Compensation as of Fiscal Year 2014.

Metropolitan Life Insurance Company Key Developments

Metropolitan Life Insurance Co. Announces Management Changes

Emilia Bunea will leave ING Groep NV to take over as the CEO of Metropolitan Life Insurance Co.'s Romanian unit, replacing Theodor Alexandrescu as of July 1, 2014. Bunea's appointment is pending regulatory approval. At ING, Bunea worked as CFO with the ING Insurance Europe segment.

The U.S. District Court for the Southern District of New York Dismisses Complaint Against Metropolitan Life Insurance Co

The U.S. District Court for the Southern District of New York dismissed a complaint against Metropolitan Life Insurance Co. alleging unlawful termination of benefits under a long-term disability (LTD) plan, finding the plan reserved the right to change benefits and expressly provided that benefits did not vest. Diane Iannone worked for Metropolitan Life Insurance Co. (MetLife) as a registered nurse before becoming permanently disabled. From Dec. 15, 2004, through March 14, 2005, Iannone received her monthly salary offset by her receipt of any government-provided benefits. MetLife discontinued benefits in March 2005 after determining Iannone was no longer disabled. Iannone sued MetLife. The parties agreed to a settlement that retroactively restored Iannone's status in MetLife's LTD plan as to March 14, 2005. In October 2012, MetLife gave notice it was amending the plan. As a result of the amendment, all employees on disability for more than 24 consecutive months were terminated and were no longer eligible for LTD benefits. Ianonne was terminated effective June 30, 2013. Iannone sued MetLife. She argued the discontinuation of her health and life insurance benefits violated the parties settlement agreement and the plan. The complaint asserted a claim for fraudulent misrepresentation and violation of ERISA. With regard to the ERISA claim, Iannone contended her right to medical and life insurance benefits vested when she became disabled. The district court determined MetLife's discontinuation of benefits was permissible under ERISA. The plan unambiguously stated that MetLife reserved the right to modify the plan. The plan clearly stated that benefits did not vest. The district court observed the settlement agreement stated nothing to the contrary. The settlement agreement provided that resumption of benefits did not guarantee payment of LTD benefits in the future. The district court held that Iannone's claim that MetLife fraudulently violated the settlement agreement justified dismissal. The complaint alleged in a conclusory fashion that MetLife falsely represented that it would abide by the terms of its ERISA plan. The complaint did not allege the who, when, what, how or why of the alleged misrepresentation. Furthermore, ERISA preempts state law fraud claims. The district court found Iannone did not identify any independent legal duty that required MetLife to continue to provide her with benefits. Iannone did not assert a viable claim. The ERISA claim failed because MetLife had the right to unilaterally amend the plan at any time. The district court held the fraud claim was legally insufficient and preempted.

AcelRx Pharmaceuticals, Inc. Enters into an Lease Amendment with Metropolitan Life Insurance Company

On May 2, 2014, AcelRx Pharmaceuticals Inc. entered into an amendment to that certain lease dated December 21, 2011 with Metropolitan Life Insurance Company (the “Landlord”) for 13,787 square feet of space located at 301 Galveston Drive, Redwood City, California (the “Current Premises”). Pursuant to the Lease Amendment, the term of the Existing Lease has been extended for a period of twenty (20) months and twenty-two (22) days (the “Extended Term”) and expiring January 31, 2018 (the “Expiration Date”), unless sooner terminated pursuant to the terms of the Lease. In addition, the lease amendment included a new lease on an additional 12,106 square feet of office space (the “Expansion Space”), which is adjacent to the current premises. The new lease for the Expansion Space has a term of 42 months commencing on August 1, 2014, and expiring on the expiration date. The company has an option to extend the term of the lease amendment for an additional five years, which would commence upon the Expiration Date, at a market rate determined according to the existing lease.

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