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State giving MetLife millions to create jobs in Charlotte, Cary

RALEIGH, N.C. (AP) — Insurance giant MetLife Inc. plans to create 2,600 management, information-technology and other jobs in Charlotte and Cary by the end of 2015, Gov. Pat McCrory’s office said Thursday.

The announcement comes after a state committee approved a tax break that could be worth up to $89 million over 12 years if MetLife retains the jobs and invests $125 million in two new sites. The new jobs would include product management, marketing, sales and customer support in Charlotte and information technology positions in Cary.

Some media outlets are reporting that the state’s commitment to MetLife totals as much $116 million.

MetLife plans to establish hubs for its U.S. retail business in Charlotte, one of the country’s financial centers, and for its global technology and operations in Cary, in the Research Triangle technology region, McCrory’s office said. Favorable infrastructure and deep talent pools in the regions were key reasons for the decisions, MetLife executive vice president Eric Steigerwalt said.

New York-based MetLife reported last month that its fourth-quarter profits plunged after it took $855 million in losses on derivatives, which are financial instruments often used to hedge against future price fluctuations of an underlying commodity or security. MetLife uses them to hedge changes in interest rates and fluctuations in foreign currencies.

The company also announced last month it plans to pay about $2 billion to buy the largest private pension fund administrator in Chile as MetLife builds its presence in emerging markets.

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