President, metlife international, testifies before the u.s. house committee on ways and means

New york--(business wire)--william j. toppeta, president, metlife international, presented testimony on behalf of metlife, inc. (nyse:met) before the u.s. house committee on ways and means in support of the pending free trade agreements with south korea, colombia, and panama. the proposed agreements enable greater access for u.s. insurers to multi-billion dollar insurance markets and will help create jobs in america. during his testimony, mr. toppeta cited the benefits of the pending agreements and specifically the u.s.- korean free trade agreement (korus fta) to the u.s. life insurance industry: “the korus fta will allow u.s. insurers to compete with state-owned enterprises and other government-affiliated insurance providers under essentially the same regulatory requirements. korea’s commitments in the korus fta to a number of reforms are intended to level the playing field between the government-owned entities, sectoral cooperative insurance providers, and the private sector. these commitments are vital to the growth of metlife and other u.s. insurers in korea.” “having diversified revenues and earnings from foreign markets helped metlife to perform very well during the recent financial crisis and to sustain u.s.-based jobs of employees supporting our international business. since ftas enable our growth abroad, they will have a direct and positive impact on creating and sustaining u.s. jobs,” said toppeta. metlife has provided innovative and high quality financial products in korea for over 20 years. the company’s reputation among consumers as a product innovator has helped korea become one of metlife’s largest markets globally. metlife, inc. applauded president obama’s recent announcement that the u.s. and korean governments have reached an agreement on issues holding back the korus fta. metlife has been a resource on the financial services portions of the korus fta and continues to work with the white house and u.s. congressional leaders to complete this agreement. in november of 2010, metlife completed the acquisition of alico, providing the company with leading insurance businesses in colombia and panama. commenting on the state of the union address, toppeta continued, "president obama encouraged congress to move forward on the pending ftas in his state of the union address and that, together with tuesday’s hearing before the house committee on ways and means are both positive indications our country is ready to move forward in earnest on trade. we fully support and applaud presidential and congressional action on these agreements." for a full transcript of mr. toppeta’s testimony, please visit the website for the u.s. house committee on ways and means at www.waysandmeans.house.gov. metlife, inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 60 countries. through its subsidiaries and affiliates, metlife holds leading market positions in the united states, japan, latin america, asia pacific, europe and the middle east. for more information, visit www.metlife.com.
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