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08-March-2010

MetLife enters into an agreement with AIG to acquire Alico

Today it was announced that MetLife has entered into an agreement with AIG to acquire Alico. The deal was signed on March 8th, 2010 and will be completed by the end of the year.

Commenting on the announcement, Michel Khalaf, CEO of Alico Middle East, Africa & South Asia said “ This is an excellent development for Alico and for our customers, business partners, agents and employees. This transaction represents a vote of confidence in the Alico brand and its people, and reinforces the desirability of Alico as a franchise. Furthermore, it represents a clear path forward as part of a financially secure, stable and well regarded company, where the combined international footprint will have access to over 75% of the world’s population in 60 countries around the globe.

We are excited to be part of the MetLife family as we continue to see significant growth prospects in the MEASA region. We are very much focused on continuing to meet the needs of our clients and the markets that we serve and on maintaining our leadership position in the region.”

Letter to policyholders

Letter to policyholders (Arabic)

AIG Press Release

MetLife Press Release

02 October, 2009
National Underwriter Magazine: Alico #1 in Individual Life Premiums
Source : National Underwriter Magazine

15 July, 2009
AIG to accelerate separation of Alico

1 July, 2009
Alico announces re-branding initiative

25 June, 2009
AIG moving forward with accelerated separation of Alico