MetLife says its completion of an acquisition of American Life Insurance Co. (ALICO) makes it a “global life insurance and employee benefits powerhouse.”

MetLife bought the insurer from American International Group for $16.2 billion.

“With our acquisition of ALICO complete, MetLife has become the premier global life insurance and employee benefits powerhouse,” said C. Robert Henrikson, chairman, president and CEO of MetLife, in a statement. ” This transaction delivers on our global growth strategies, adding significant scale and reach to MetLife’s international footprint. It also further diversifies and balances our geographic mix and product offerings and significantly increases the company’s distribution power.

MetLife paid $7.2 billion in cash to AIG on after adjustments and $9.0 billion in MetLife equity and other securities, subject to closing adjustments. The securities portion of the purchase price consisted of 78.2 million shares of MetLife common stock, 6.9 million shares of contingent convertible preferred stock and 40 million equity units.

Through its subsidiaries and affiliates, MetLife holds market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East.