(Bloomberg) -- MetLife, the largest U.S. life insurer, plans to separate much of its domestic retail business as CEO Steve Kandarian works to shrink the company amid tighter government oversight.

The insurer is weighing a possible sale, spinoff or public offering of the operation, New York-based MetLife said Tuesday evening in a statement. The new company would have about $240 billion of assets and accounts for approximately 20% of MetLife’s operating earnings, according to the statement.

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