MetLife has announced it has approved a $1.5 billion payment in policy dividends to eligible life insurance policyholders through its Metropolitan Life Insurance Co.

Todd Katz

Eligible life insurance policyholders include MetLife clients with certain in-force permanent life policies, primarily whole life, and certain term life insurance policies, according to the New York-based insurer.

“This dividend payout not only reflects MetLife’s financial strength and stability, but also our commitment to our policyholders, today and for the future,” said Todd Katz, executive vice president of MetLife U.S. Business, in a statement. “This dividend payout demonstrates that our disciplined practices and focus on the long-term continue to serve our policyholders well.”

The life policy dividends are based on the performance of participating policies, including investment returns, mortality, persistency and expenses, and are therefore not guaranteed, according to MetLife.

The insurer, through its subsidiaries and affiliates, reaches more than 70 million customers around the globe and is the largest U.S. life insurer based on in-force policies.

MetLife recently agreed to buy American International Group’s oversees life and health insurer, American Life Insurance Co., for $15.5 billion.