MetLife plans to split off US retail business; shares rise

MetLife Inc, the largest US life insurer, plans to separate a substantial portion of its US retail business from the core company, saying on Tuesday that the "regulatory environment" helped drive its decision.

MetLife is considering various approaches for splitting off the retail business, including an initial public offering, a spinoff or a sale. The business sells life insurance and other financial products across the United States, generating at least one fifth of MetLife earnings.

The company's shares rose 8 percent to $45.06 in after-market trading on Tuesday following the announcement. MetLife is currently in a legal tangle over federal regulators designating it a "systemically important financial institution," or SIFI, in 2014.