UPDATE 1-Life insurer MetLife has eye on Japanese market

NEW YORK, May 29 (Reuters) - MetLife Inc (MET.N: Quote, Profile, Research) Chief Executive Robert Henrikson said on Friday the No. 1 U.S. life insurer wants to expand in Japan and could seek to diversify there through acquisitions.

The New York-based company, which has been expanding in international markets in recent years, already sells retirement products in Japan and sees greater opportunity now to scoop up customers.

"I would feel a little bit better if we had diversification in Japan," said Henrikson, speaking at an investor conference held by Sanford Bernstein.

That included the possibility of acquisitions.

"We like Japan," he added.

Hartford Financial Services Group Inc (HIG.N: Quote, Profile, Research), a large U.S. life and property insurer that has had great success in Japan, recently said it would withdraw from that market, focusing almost solely on the United States as it tries to recover from investment losses.

Henrikson said missing opportunities that emerge from the credit crisis is one of the things on his mind right now.

He said the scene playing out in his mind is to be walking down the street five years from now only to be approached by an investor disappointed MetLife did not seize opportunities in 2009.

While MetLife has not been immune to the credit crisis -- posting sizable investment writedowns in recent quarters -- it has remained strongly capitalized as the credit crisis weakened many competitors. Henrikson said that had given the company an opportunity to pick up market share.

MetLife's shares were 1 percent lower at $30.76 in afternoon trading on the New York Stock Exchange. (Reporting by Lilla Zuill; Editing by Andre Grenon)