MetLife to reduce costs 11%, cut jobs as low rates hurt returns

The MetLife building in New York, on March 8, 2010.
The MetLife building in New York, on March 8, 2010.PHOTO: REUTERS

NEW YORK (BLOOMBERG) - MetLife, the largest United States life insurer, plans to cut expenses by 11 per cent as low interest rates squeeze investment income.

The plan is to reduce annual costs by about $1 billion by the end of 2019 and will include job cuts, Chief Executive Officer Steve Kandarian said Thursday in a conference call without specifying how many employees will be dismissed by the New York-based company.

(This story is developing)