In a rare move for an insurer, MetLife is set to begin originating mortgages through its bank this autumn to woo new customers.

Until now, MetLife's bank, which opened three years ago and contributes less than 5 per cent to the life assurer's profits each year, mainly collected deposits. MetLife is looking to mortgage originations as a way to improve its opportunities to cross-sell. Only a handful of its rivals of which State Farm is the biggest originate mortgages.