MetLife, Inc. nyse: MET is the holding corporation for the Metropolitan Life Insurance Company or MetLife for short. The firm was founded on March 24, 1868. For most of its life the company was a mutual organization, but it went public in 2000.

Company description

MetLife is the largest life insurer in the United States, with more than $3.3 trillion of life insurance in force. A leader in savings and retirement products and services for individuals, small business, and large institutions. MetLife serves 90 of the largest Fortune 100 companies. It has a large global market in more than 12 countries.

History

The origins of Metropolitan Life Insurance Company (MetLife) go back to 1863, when a group of New York City businessmen raised $100,000 to found the National Union Life and Limb Insurance Company. The new company insured Civil War sailors and soldiers against disabilities due to wartime wounds, accidents, and sickness. In 1868, after several reorganizations and five difficult years, the company decided to focus on the life insurance business. A new company was chartered to sell "ordinary" insurance to the middle class.

1868 March 25, one day after the Company opened its books, the first policy carrying the name of the Metropolitan Life Insurance Company was issued. Dr. James R. Dow, a retired physician from Brooklyn, NY, was named Metropolitan Life's first President. He held this position until 1871. The Company's office consisted of two and a half rooms; it was located at 243 Broadway in lower Manhattan. By the close of business in 1868, the Company had issued 1,477 policies for $4,340,000.

In 1869 Metropolitan moved its office to the 3rd floor of 319 Broadway.

1870 By the end of the year, Metropolitan had on its books in excess of $13,000,000 of insurance, an increase of 93 percent over the previous year. The Company's Field Force numbered approximately 80 agents.

1871 Joseph F. Knapp was named Metropolitan Life's second President. He held this position until 1891. The Company began a series of health and safety messages in Company periodicals for distribution to its employees and policyholders.

1873 Despite a depression, Metropolitan issued 12,242 policies for $17,753,000. These figures placed it third in number of policies and fifth in aggregate of insurance for that year.

1875 The Company purchased its first home of its own. Located at Park Place and Church Street in Manhattan, it was occupied early the following year.

1877 Two Metropolitan firsts: a female clerk was hired, and the Company used its first typewriter.

In 1879, MetLife President Joseph F. Knapp turned his attention to Great Britain, where "industrial" or "workingmen's" insurance programs were widely successful. By importing English agents to train an American agency force, MetLife quickly transferred successful British methods for use in the United States. By 1880, the company was signing up 700 new industrial policies a day. Rapidly increasing volume quickly drove down distribution costs, and the new program proved immediately successful.