MetLife Shares Surge On Plan To Separate U.S. Retail Business

MetLife Inc. shares surged in Tuesday's extended session after the insurance giant said it is planning to spin off its U.S. retail business into a separate entity as part of its strategic review process. The new company will have assets of around $240 billion and represent about 20% of MetLife's operating earnings. MetLife Insurance Co. USA, General American Life Insurance Co., Metropolitan Tower Life Insurance Co. and subsidiaries that have reinsured risks underwritten by MetLife Insurance Co. USA will be included in the spinoff. "The completion of a transaction taking the U.S. retail segment public would depend on, among other things, the U.S. Securities and Exchange Commission filing and review process as well as market conditions," said the company in a statement. Shares of MetLife climbed 9.3% in after-hours trading.