MetLife Canada's block of life and health insurance policies and annuities complements Unity Life's growth strategy

MISSISSAUGA - Unity Life of Canada, a Foresters(TM) company, and MetLife Canada, a subsidiary of MetLife, Inc., announced that they have entered into an agreement under which Unity Life will acquire substantially all of the insurance business of MetLife Canada.

Under the agreement, which is subject to regulatory approval, Unity Life will acquire MetLife Canada's block of approximately 100,000 life and health insurance policies and a small number of group annuity contracts, including policy liabilities of approximately $300 million and related assets, pursuant to an assumption reinsurance transaction.

Announcing the transaction, Unity Life President and CEO, Tony Poole said, "This transaction is Unity Life's largest acquisition to-date and reaffirms our growth strategy of acquiring complementary blocks of business that align with Unity Life's market and area of expertise, support the growth of our Canadian business and reduce our unit costs."

It is anticipated that the transaction will be completed before the end of the year.

"Today's announcement follows our acquisition of the business segment of GeniSys Management Solutions, announced on April 1st, and our December 31st, 2008, acquisitions of the Canadian insurance business of Forethought Life Insurance Company and of Washington National Insurance Company," adds Tony Poole. "These transactions reinforce Unity Life's ongoing commitment to growth and to maintaining a leadership position in our core markets."

The value of the transaction was not disclosed. Following the transaction close date, Unity Life will continue to serve MetLife Canada's policyholders and provide them with their contracted insurance and annuity benefits.