1924 METROPOLITAN LIFE INSURANCE COMPANY Premium Receipt Book MET LIFE New York

Description

1924 MET LIFE RECEIPT BOOK
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1924 premium receipt book from the Metropolitan Life Insurance Company. Filled by owner. Center fold line.
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MetLife, Inc.
is the holding corporation for the
Metropolitan Life Insurance Company
, or
MetLife
for short, and its affiliates. MetLife is among the largest global providers of
insurance
,
annuities
, and
employee benefit
programs, with 90 million customers in over 60 countries.
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The firm was founded on March 24, 1868.
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On January 6, 1915, MetLife completed the
mutualization
process, changing from a stock life insurance company owned by individuals to a mutual company operating without external shareholders and for the benefit of policyholders.
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The company went public in 2000.
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Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia’s Pacific region, Europe, and the Middle East.
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MetLife serves 90 of the largest
Fortune 500
companies.
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The company’s principal offices are located at
1095 Avenue of the Americas
in
Midtown Manhattan
,
New York City
, though it retains some executive offices and its boardroom in the
MetLife Building
, located at 200 Park Avenue, New York City, which it sold in 2005.
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History
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edit
]
Early years
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]
The
Metropolitan Life Insurance Company tower
, which previously served as company headquarters, was featured in its advertising for many years.
Home office of the New England Mutual Life Insurance Co. one of the predecessor companies of MetLife. see
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The predecessor company to MetLife began in 1863 when a group of
New York City
businessmen raised 0,000 to found the
National Union Life and Limb Insurance Company
. The company insured
Civil War
sailors and soldiers against disabilities due to wartime wounds, accidents, and sickness. On March 24, 1868, it became known as Metropolitan Life Insurance Company and shifted its focus to the life insurance business.
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A severe business depression that began in the early 1870s forced the company to contract, until it reached its lowest point in the late 1870s. After observing the insurance industry in Great Britain in 1879, MetLife President Joseph F. Knapp brought “industrial” or “workingmen’s” insurance programs to the United States – insurance issued in small amounts on which premiums were collected weekly or monthly at the policyholder’s home. By 1880, sales had exceeded a quarter million of such policies, resulting in nearly million in revenue from premiums. In 1909, MetLife had become the nation’s largest life insurer in the U.S., as measured by life insurance in force (the total value of life insurance policies issued).
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In 1907, the
Metropolitan Life Insurance Company tower
was commissioned to serve as MetLife’s 23rd Street headquarters in Lower Manhattan. Completed two years later, the building was the world's tallest until 1913 and remained the company's headquarters until 2005. For many years, an illustration of the building (with light emanating from the tip of its spire and the slogan, "The Light That Never Fails") featured prominently in MetLife’s
advertising
.
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By 1930, MetLife insured every fifth man, woman, and child in the United States and
Canada
.
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During the 1930s, it also began to diversify its portfolio by reducing the percentage of individual mortgages in favor of public utility bonds, investments in government securities, and loans for commercial real estate.
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The company financed the construction of the
Empire State Building
in 1929 as well as provided capital to build
Rockefeller Center
in 1931. During
World War II
, MetLife placed more than 51 percent of its total assets in war bonds, and was the largest single private contributor to the
Allied
cause.
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Postwar
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Company president Leroy Lincoln in 1947
Metropolitan Life logo, ca. 1970.
During the postwar era, the company expanded its suburban presence, decentralized operations, and refocused its career agency system to serve all market segments. It also began to market group insurance products to employers and institutions. By 1979, operations were segmented into four primary businesses: group insurance, personal insurance, pensions, and investments.
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In 1981, MetLife purchased what became known as the MetLife building for 0 million from a group that included
Pan American World Airways
.
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MetLife building
at 200 Park Ave in New York City. The building is no longer owned by MetLife
In 1995, New England Mutual merged with MetLife.
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Current era
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]
In 1998, the board of directors authorized
demutualization
.
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Eighteen months later in April 2000, MetLife held an
IPO
, resulting in the issuance of 202,000,000 shares at the price of .25 per share.
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At the time of the IPO, MetLife, Inc. had nine million shareholders and was the most widely held stock in North America.
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Also in 2000, MetLife acquired GenAmerica.
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In 2001, MetLife was the first insurance company to establish a financial holding company with a nationally chartered bank through its purchase of Grand Bank, which was renamed MetLife Bank.
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The company also invested billion in the U.S. stock market during 2001, immediately after the
September 11th terrorist attacks
.
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MetLife acquired Travelers Life & Annuity and substantially all of Citigroup’s international insurance businesses for billion.
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At the time of the deal, which was completed on July 1, 2005, the Travelers acquisition made MetLife the largest individual life insurer in North America based on sales.
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Current MetLife chairman C. Robert (Rob) Henrikson was appointed chairman of the board of directors, president and chief executive officer of MetLife in 2006.
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In 2008, MetLife Bank, N.A., a division of MetLife Inc., purchased the residential mortgage business of Memphis-based
First Horizon National Corporation
. The purchase included the home loan unit of
First Tennessee Bank
National Association (outside Tennessee), with 230 offices in the US.
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The same year, MetLife also purchased the reverse mortgage division of Florida-based
Everbank
Financial Corp. Both transactions were completed in order to expand the company's stake in the US housing market.
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Later that year, MetLife split-off substantially all of its 52% stake in
Reinsurance Group of America
, Inc.
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MetLife had received the majority stake in RGA as a result of its 2000 acquisition of GenAmerica.
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The split-off gave MetLife shareholders the option to exchange MetLife shares for shares of RGA.
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In 2010, MetLife completed its purchase of American Life Insurance Company (Alico), from American International Group (AIG).
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The .2 billion acquisition of Alico expanded the company’s life insurance and employee benefits business into more than 60 countries compared to 17 countries before the acquisition.
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On March 21, 2011, MetLife announced that
Steven Kandarian
, who had headed MetLife's investment department would succeed Robert Henrickson as President and CEO as of May 1, 2011.
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MetLife Bank sale
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]
MetLife Bank, along with three other large US banking institutions, failed a Federal Reserve stress test in 2012 to determine how well it could handle a worst-case economic scenario. As a result, MetLife announced the sale of its banking unit to
GE Capital
.
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On November 2, 2012, MetLife said it is selling its
billion
mortgage
servicing business to
JPMorgan Chase
for an undisclosed amount.
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Both sales were part of its strategy to focus on the
insurance
side of its business.
Fines
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On August 7, 2012, it was announced that MetLife will pay .2 million in fines after the
Federal Reserve
charged it used unsafe and unsound practices in handling its mortgage servicing and foreclosure operations.
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