MetLife and Citigroup have entered into a 10-year distribution agreement that will allow MetLife to provide credit insurance products to Citi clients in 15 markets through 2025. The agreement expands upon an existing distribution agreement between MetLife and Citi that will expire in 2015. Financial terms of the agreement were not disclosed.
MetLife said the arrangement makes MetLife and its affiliates the underwriter or reinsurer of credit insurance products to Citi clients in 15 countries across Asia, Europe, the Middle East, Africa and Latin America through 2025. The products will be available to Citi retail bank and credit card clients in Australia, Argentina, Brazil, Bahrain, Czech Republic, Egypt, Greece, Indonesia, Malaysia, Philippines, Poland, Russia, Spain, Thailand and the UAE.
MetLife added that it looks forward to continuing to build on the partnership with Citi by providing credit insurance products to Citi’s clients across the globe. MetLife said the deal is unique in nature as it enables Citi and MetLife to deliver value to their customers through product and process innovation.
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