MetLife retires Snoopy after more than three decades

MetLife has ended a more than three-decade branding relationship with Snoopy and the Peanuts gang last month. The licensing relationship, estimated at more than US $12 million per year, will come to an end in 2019 as MetLife reveals an updated logo and brand identity, Forbes reported.

"We brought in Snoopy over 30 years ago to make our company more friendly and approachable during a time when insurance companies were seen as cold and distant. Snoopy helped drive our business and served an important role at the time," Esther Lee, MetLife's global chief marketing officer said in an official statement.

"We have great respect for these iconic characters. However, 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's new image, to roll out globally through 2017, will feature blue and green colors "in a symbol of partnership to form an M for MetLife", the insurance company said.

It also replaces its branding tagline "Met Life. I can do this" with "MetLife: Navigating life together."

According to The Wall Street Journal, MetLife has a multiyear contract with the Peanuts cartoon characters. The most recent contract was approved in 2014, and valued the Snoopy license as much as US $15 million annually.