PCG purchased PineBridge from American Worldwide Group Inc. for $500 million in 2010 because the insurer was promoting belongings to repay a authorities bailout. PineBridge’s purchasers embrace pension plans, insurance coverage firms, official establishments, personal banks, advisers and intermediaries.
A purchase order of PineBridge’s non-China belongings may increase MetLife’s roughly $175 billion of present shopper funding belongings by greater than 50%, Bloomberg Intelligence analyst Jeffrey Flynn wrote in a be aware on Monday.
The deal worth would align with MetLife’s deal with much less capital-intensive areas to assist its rising return on fairness, Flynn mentioned.
MetLife shares have been down 0.1% to $84.75 at 4:45 p.m. Tuesday in New York. They’ve climbed roughly 26% this 12 months, giving the corporate a market worth of about $59 billion.
(Credit score: Bloomberg)
