MetLife has pulled out of the fixed term annuity business blaming insufficient returns.
An email released by Primetime Retirement, MetLife said it could no longer offer sufficient returns to deliver customer benefits on its Freedom Income Plan. It said it would not provide quotes until the interest rate environment changes "substantially". The rest of its product range is unaffected, the email added. The email said: "We will of course service all existing and pipeline business but after 14 September 2012 we will no longer be offering quotes on new FIP business." Stuart Wilson, marketing director at Primetime Retirement, said: "We are very sad to hear that MetLife i...
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