Metropolitan Life became the sole owner of Kolon-Met Life Insurance, its Korean subsidiary, acquiring the remaining 49% partnership stake from Kolon Group of Seoul for $15.6 million. The transaction has won regulatory approval in Korea, a MetLife statement said.
Kolon-Met Life, which will be renamed MetLife SaengMyoung, currently sells individual life insurance, retirement savings and health insurance products as well as group life insurance and retirement savings products in the Korean market. Kolon-Met Life had total assets of $290 million, total revenues of $189 million and paid-in capital of $18.9 million as of year-end 1997.
