News
No Mideast Cuts After Sale, Alico Promises
| March 21, 2010 by Rob Morris
US insurer says sale to MetLife will not affect regional jobs
American Life Insurance Company (Alico) has ruled out redundancies in the Middle East following its $15.5bn sale to US life insurer MetLife.
Rodney O. Martin Jr, Alico’s chairman and chief executive, insisted employees had no cause for concern over job security because there was no overlap in both companies’ regional operations.
It is understood that MetLife is actually planning to add a further 1000 employees in 2010, as it did last year amid the global financial crisis.
“We will continue to invest in people going forward,” Martin reportedly said in Dubai during a recent visit to notify Alico’s clients, employees, regulators and distributors about the sale to MetLife.
Alico has some 1,600 workers in the Middle East after making no redundancies last year, according to the company.
On March 8, Alico’s parent company American International Group agreed to sell its foreign life insurance business to MetLife, providing it with necessary funds to pay off a US government bail out.
