MetLife On Tuesday, insider Michel Khalaf was named president and CEO to succeed Steven Kandarian, who held the position for eight years and helped the company cope with intense regulatory oversight as a result of the financial crisis. .
Khalaf, who headed the company's US and European operations, will take up his new position on May 1 after Kandarian's retirement, MetLife said in a statement.
The new CEO takes office at a time when insurers are preparing to pay high benefits to long-term care policy owners, who cover expenses such as assisted living for disabled and elderly clients, forcing them to increase their reserves.
Khalaf joined MetLife in 2010 after the company acquired American Life Insurance Company (Alico) American international group in 2010. Khalaf has worked with Alico for over two decades in several executive roles around the world.
Under the leadership of Kandarian, MetLife has sold its long-standing business of selling individual life insurance to a new company called Brighthouse Financial in 2017. The goal was to increase the price of the action of the insurer, in addition to creating a more agile society and less sensitive to interest rates.
Kandarian also called for the deletion of MetLife's "systemic importance" designation, better known as "Too big to fail," a label that triggers increased regulatory oversight and forces companies to keep more capital.
Until Monday's close, MetLife shares have fallen more than 15% since the split of Brighthouse Financial. The title was up 1.3% early in the session Tuesday.
The New York-based insurer reported a profit of $ 880 million in the last quarter, compared to a loss of $ 97 million a year ago due to a spin-off charge.