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MetLife (MET) Stock Declines, Sells Retail Adviser Force to MassMutual

NEW YORK (TheStreet) -- MetLife (MET - Get Report) stock is down 0.65% to $39.83 in midday trading on Monday after the insurance company announced it was selling its U.S. retail adviser force to Massachusetts Mutual Life Insurance Companyfor $300 million.

MassMutual, a Springfield, MA-based mutual life insurance company, will acquire MetLife's Premier Client Group, which includes 4,000 advisers in the U.S.

Additionally, MetLife's U.S. retail business will serve as the exclusive developer of certain annuity products issued by MassMutual, the company said in a statement.

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