Australian-based life insurer Citicorp Life Insurance has been bought by US company MetLife Inc as part of its $US11.8 billion acquisition of Citigroup’s Travelers Life and Annuity and nearly all of Citigroup’s international insurance businesses.

The acquisition will make MetLife the biggest life insurance company in sales in the US. Ratings group Standard & Poor’s gave its own nod of approval to the move, saying the AA- financial strength rating on Citicorp Life reflected its strong financial position in its own right and its importance to MetLife.