MetLife Inc., the largest U.S. life insurer, named John Hele to oversee finances as Chief Executive Officer Steven Kandarian reshapes management and seeks to reduce risk tied to stock market declines and low interest rates.

Hele is stepping down as chief financial officer of Arch Capital Group Ltd. to take the same post at the life insurer. He starts the new role on Sept. 4, New York-based MetLife said today in a statement.

MetLife is seeking to expand sales of group benefits, such as dental and disability coverage sold through employers, while curtailing volume in variable annuities, the equity-linked retirement products that add to liabilities when markets decline. Kandarian has targeted a return on equity of 12 percent to 14 percent by 2016, from 10.3 percent in 2011.

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