Met Life Reportedly to Merge With Travelers Inc.

Metropolitan Life Insurance Co. and Travelers Inc. are expected to announce as soon as today a merger that would create the nation’s largest health care company, the New York Times reported.

The two companies are expected to announce the merger of their health care businesses as well as the acquisition by Met Life of Travelers’ group life and related businesses, the newspaper said in today’s editions, citing people close to the negotiations whom it did not name.

Merging the two companies’ health care businesses into a new joint venture would create a company with about 13 million customers, the newspaper said.

The new company, whose name was not announced, would be owned equally by Met Life and Travelers. Met Life, which boasts more customers and a more profitable business, would contribute $280 million of capital, the Times said. Travelers would contribute $370 million.

Much of Travelers’ contribution would come from the sale to Met Life of its group insurance and related businesses for $350 million.

Met Life spokesman Charles Sahner, reached by the Associated Press on Monday night, refused to confirm the report. Attempts to reach a spokesman for Travelers at home were not successful.