New York, March 8^th (TradersHuddle.com) – Shares of MetLife (NYSE:MET) surged the most in the S&P 500. Shares of the New York based insurer jumped 5.09% to $40.90.

MetLife, Inc. (NYSE:MET) provides individual insurance, employee benefits and financial services with operations throughout the United States and the regions of Latin America, Europe, and Asia Pacific. The Company's products include life insurance, annuities, automobile and homeowners insurance, retail banking and other financial services to individuals as well as group insurance.

American International Group Inc. (NYSE:AIG) announced that it will sell its American Life Insurance Co. division for $15.5 billion to MetLife Inc.

The purchase expands MetLife's presence in Japan and high-growth markets in Europe, the Middle East and Latin America. American Life Insurance, known as Alico, operates in more than 50 countries. MetLife currently offers services in 17 countries.

For AIG, this is the second largest asset sale and the also the second done during this month, as the company is looking to raise cash by selling foreign units in order to be able to payback the bailout funds the U.S. government lend the troubled insurer at the height of the credit crisis.