MetLife plans to double salesforce in UK growth push

MetLife is set to double its salesforce and unveil an overhaul of its retirement portfolio products by the end of the year as part of plans to accelerate UK growth.

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The provider began the year with 23 in its sales force team and has been steadily hiring throughout the summer, with many members of staff of The Hartford having been taken on after it pulled out of the market earlier this year.

MetLife's third quarter results revealed that in Europe variable annuity deposits increased significantly primarily due to expanded distribution and greater product acceptance in the UK.

As a result, funds have been set aside to take the size of the sales team to 60 by the end of the year and to appoint an extra regional sales director, according to MetLife.

Dominic Grinstead, managing director of the UK MetLife, said the expansion of the sales force was part of plans to deepen distribution in the IFA sector and all members of staff should be in place by the end of December for a major push in 2010.

When asked would MetLife consider distribution deals with banks, Mr Grinstead said he believed new distribution models would emerge as part of the FSA's retail distribution review proposals but there were "no agreements on the table today".

In addition to widening distribution and adding to the salesforce, Mr Grinstead said there were also plans to expand the product range.

He said an overhaul of MetLife's retirement portfolio would be revealed by the end of the year with enhancements to its trustee investment plan following in 2010.

Mr Grinstead said: "We are committed to offering quality support and service. Our recruitment plans are a massive vote of confidence in our strategy of developing the guarantee market and putting it firmly in the mainstream of retirement planning.”

Mark Epstein, European product head for MetLife Europe Limited, said the provider would also continue to hit the road in the UK and explain how these products are able to deliver on their promise.

He said there had been a fundamental shift in the kind of questions MetLife gets asked by IFAs following the credit crunch.

Speaking at the MetLife UK Media Symposium, which took place in New York last week, Mr Epstein said: "They used to ask: why are these products so expensive?

"Now they want reassurance as to how we can guarantee we will be here, not just now or in 10 years time but in 30 years time, when their clients will still need us."

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