Metlife Insurance has formed a strategic alliance with mortgage protection specialists ALI Group to provide ALI with an exclusive mortgage and loan protection product for the next five years.

Metlife was impressed with the ALI business, which provided a natural fit to Metlife in looking to develop and provide low-cost high-value life insurance products, said Metlife Australia chief executive Marc Lieberman.

The agreement creates opportunities for Metlife, which doesn’t currently do a huge amount of work in the mortgage sector, to distribute more life insurance product through ALI, Lieberman said.

The alliance will also enhance the service ALI Group’s brokers and policyholders receive, according to ALI Group executive chairman Huy Truong.

“This is a pivotal and exciting development for our business as it secures an insurance partner with a strategic interest in the long-term growth and success of ALI Group and brokers who offer cover,” Truong said.

ALI Group has 4,000 mortgage brokers and has purpose-built its business to provide simplified mortgage and loan protection via the mortgage broking industry, the company said.