MetLife Inc. said Thursday it offered its shareholders the ability to exchange all or some of their shares of MetLife common stock for 29 million shares of common stock of Reinsurance Group of America Inc.

This offer is being made in connection with the companies' June 2 announcement of MetLife's plan to split off its 52 percent interest in RGA.

For each $1 of MetLife share accepted in the exchange offer, the stockholder will receive about $1.11 of RGA Class B stock.

The exchange offer will expire Sept. 11.

The RGA class B common stock has been approved for listing on the New York Stock Exchange under the symbol RGA.B. The RGA class B common stock will be outstanding following the recapitalization of RGA, which will immediately precede the completion of the exchange offer.

Chesterfield-based Reinsurance Group of America (NYSE: RGA) provides reinsurance for life insurance companies.

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