MetLife Closer to Spinning Off U.S. Life Insurance Business

MetLife Inc. on Wednesday cleared one of the last obstacles to spinning off most of its longtime core business of selling life insurance to U.S. families.

Delaware state insurance regulators approved the company’s planned divestiture, which will create a new company called Brighthouse Financial. The spinoff is expected to strip MetLife of its bragging rights as the nation’s biggest life insurer by assets, as it is slips behind…

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