MetLife has agreed to sell its network of 4000 US advisers to the Massachusetts Mutual Life Insurance Company (MassMutual) for an undisclosed sum.

The advisers will join MasMutual’s agency of more than 5600 advisers.

Under the deal MetLife will develop annuity products to be sold exclusively by MassMutual.

MetLife Chairman and CEO Steven Kandarian says the sale allows the life insurer to redirect capital to operations that deliver a competitive advantage.

“This transaction will enable our US retail business to sharpen its focus on its core strength in product manufacturing, while also providing a broader distribution network through the partnership with MassMutual,” he said.

“By decoupling manufacturing from distribution, our US retail business will be more agile and MetLife can achieve significant cost savings.”

MassMutual Chairman and CEO Roger Crandall says the deal represents a milestone in the company’s 165-year history.

“It will result in the transformative creation of a distribution powerhouse,” he said. “This unprecedented transaction will position us for stronger future growth by better enabling our company and agents to do what we do best – help people secure their future.”

The deal, subject to regulatory approval, is expected to be completed by the middle of this year.