MetLife denies looking at AFP Planvital books

US insurer MetLife (NYSE: MET) has denied it was looking at the books of Chilean pension fund manager AFP Planvital, which Switzerland's Banco della Svizzera Italiana (BSI) put up for sale last October. "A far as I know, MetLife has not taken part in the evaluation of AFP Planvital," MetLife Chile CEO Víctor Hassi told BNamericas. BSI holds a 84% stake in AFP Planvital through investment firm Asesorías e Inversiones Los Olmos. On Tuesday, the latter's shareholders approved the sale of AFP Planvital at an extraordinary meeting. MetLife, along with local insurer EuroAmérica, were rumored to be the two companies interested in AFP Planvital, which would carry a price tag of US$20mn-25mn. However, Hassi did not completely close the door on the company's entry into the AFP business. "The pension market is considered part of our core business and we are always interested in evaluating it," he said, adding MetLife Chile already operates in the pension business through life annuities, which represent 55% of the company's 123bn-peso (US$226mn) premium portfolio. AFP Planvital was the country's smallest AFP at end-November with some 400,000 affiliates and a 3.5% market share, or some US$3.01bn in terms of assets under management. MetLife's Chilean subsidiary is the country's third largest life insurer. The company operates in annuities, group and individual life as well as selling mortgage loans. In Latin America MetLife operates an Afore pension fund in Mexico and an AFJP pension fund in Argentina.