New York-based MetLife, one of the nation’s largest insurers, plans to realign its institutional and individual businesses, as well as its Auto & Home unit, under one organization.

Officials with the insurer said the move to put all of its segments under one management is an outcome of its strategic review, launched two years ago to capitalize on growth opportunities in the changing marketplace. By combining segments, MetLife said, the company will enhance product design and distribution capabilities, streamline decision-making processes and drive profitable growth.

The changes are set to take effect Aug. 1, with the integration of the business segments expected to continue through the end of 2009 and reach completion in 2010, the company said.

William J. Mullaney, president of MetLife’s Institutional Business since January 2007, will serve as president of the U.S. business organization. Mullaney was previously president of MetLife Auto & Home, senior vice president for claims and customer service for that division and also responsible for MetLife’s voluntary benefits business.

C. Robert Henrikson

C. Robert Henrikson, MetLife’s chairman, president and CEO, said the realignment can better serve its employee benefit plan sponsors and individual customers, “through a single, integrated organization, while preserving our unique franchises.”

“Employers are increasingly shifting decision making about personal financial and retirement planning to employees,” Henrikson said in a statement. “At the same time, both institutions and individuals recognize more than ever the importance of expertise, a strong balance sheet and trustworthiness in an insurance and financial services provider. This new structure will enable us to further strengthen our industry leadership.”