On January 6, 1915, MetLife completed the mutualization process, changing from a stock life insurance company owned by individuals to a mutual company operating without external shareholders and for the benefit of policyholders.[7] After 85 years as a mutual company, MetLife demutualized into a publicly traded company with an initial public offering in 2000.[8] Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia's Pacific region, Europe, and the Middle East.[9] MetLife serves 90 of the largest Fortune 500 companies.[10]