MetLife said that this is a major outcome of the company's strategic review, which was launched two years ago to capitalize on growth opportunities in the changing marketplace.

Combining the segments will enhance the company's product design and distribution capabilities, streamline its decision making processes and drive profitable growth, according to MetLife.

William Mullaney, who has served as president of MetLife's institutional business since January 2007, has been named as president of the US business organization.

The changes announced will be effective August 1, 2009. The integration of the business segments is expected to proceed through the second half of 2009 and be completed in 2010.

Robert Henrikson, chairman, president and CEO of MetLife, said: "With this realignment, we are recognizing that we can better serve both employee benefit plan sponsors and individual customers through a single, integrated organization, while preserving our unique franchises.

"Employers are increasingly shifting decision making about personal financial and retirement planning to employees. At the same time, both institutions and individuals recognize more than ever the importance of expertise, a strong balance sheet and trustworthiness in an insurance and financial services provider. This new structure will enable us to further strengthen our industry leadership."

A service of YellowBrix, Inc.