MetLife, Inc. announced on June 29, 2017, that its board of directors has approved the spin-off of Brighthouse Financial, a leading U.S. annuity and life insurance provider. The transaction is subject to the SEC declaring Brighthouse Financial's Registration Statement on Form 10 effective and obtaining necessary state insurance regulatory approvals. Upon completion of the distribution, MetLife common shareholders will receive one share of Brighthouse Financial common stock for every 11 shares of MetLife common stock held as of the close of business on July 19, 2017. The record date is set for 5 p.m. New York City time on Wednesday, July 19, 2017, with the distribution scheduled to occur at 5 p.m. New York City time on Friday, August 4, 2017. Following the spin-off, the price of MetLife common stock on the New York Stock Exchange will reflect the distribution of Brighthouse Financial shares, which may result in a lower share price prior to the distribution. Brighthouse Financial currently holds approximately 2.8 million insurance policies and annuity contracts in-force as an operating segment of MetLife. MetLife, founded in 1868, operates globally with approximately 100 million customers across nearly 50 countries. The company serves as one of the largest life insurance companies in the world, providing life insurance, annuities, employee benefits, and asset management services.