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MetLife to Buy Long-Term Care Unit

November 21, 2003|From Reuters

MetLife Inc., the largest U.S. life insurer, said its Metropolitan Life Insurance Co. unit would buy the long-term care insurance business of pension plan manager TIAA-CREF.

New York-based MetLife did not disclose terms of the proposed purchase, which it said would strengthen its market position, especially in individual long-term care insurance. The business covers about 46,000 customers.

MetLife shares fell 2 cents to $31.05 on the NYSE.

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