Now that the company is exiting the US retail market and focusing on group coverage in the country, it's time for a change.
The company said it wanted to bring "contemporary blue and green colors together in a symbol of partnership to form an M for MetLife" in its new branding.
The 148-year-old company MET, -1.20% first used the Peanuts' cartoon character in advertising 31 years ago as it tried to connect with USA consumers.
"We have a lot of affection for Snoopy", Chief Marketing Officer Esther Lee said in a phone interview Thursday.
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The decades ago, "the industry back then was seen as really cold and distant, and when we actually hired the Peanuts characters to represent the brand, it was a way to become friendlier and more approachable, so it made a lot of sense", Lee said. "We have great respect for these iconic characters".
But MetLife is spinning off its domestic retail life insurance business to focus more on corporate clients.
Sometime in 2017 a MetLife's USA -based life insurance customers will become part of a new company called Brighthouse Financial.
Snoopy first appeared in Schulz's cartoons in October, 1950.
"As we focus on our future, it's important that we associate our brand directly with the work we do and the partnership we have with our customers", the company wrote. The company will comprise of more than 2.6 million insurance policies and annuity contracts, as well as $240 billion in total assets.