Metropolitan Life Tower (with light emanating from the tip of its spire and the slogan, "The Light That Never Fails") featured prominently in MetLife's advertising. In 1905, MetLife faced lost a legal case, Pavesich v. New England Life Insurance Company, where they attempted to use an image of another person for promotion but this was ruled a breach of privacy and libelous: this case became a standardly cited case on privacy in US law. By 1930, MetLife insured one of five men, women, and children in the United States and Canada. During the 1930s, it also began to diversify its portfolio by reducing the percentage of individual mortgages in favor of public utility bonds, investments in government securities, and loans for commercial real estate. The company financed the Empire State Building's construction in 1929 as well as provided capital for Rockefeller Center's construction in 1931. During World War II, MetLife placed more than 51 percent of its total assets in war bonds and was the largest single private contributor to the Allied cause. Postwar During the post-war era, the company expanded its suburban presence, decentralized operations, and refocused its career agency system to serve all market segments. It also began to market group insurance products to employers and institutions. By 1979, operations were segmented into four primary businesses: group insurance, personal insurance, pensions, and investments. In 1981 MetLife purchased the Pan Am Building from a group that included Pan American World Airways for the price of $400 million. The building was subsequently renamed and the prominently displayed Pan Am logo was replaced with the MetLife logo. De-mutualization and IPO In 2000, MetLife converted from a mutual insurance company operated for the benefit of its policyholders to a for-profit public company. The de-mutualization process allowed MetLife to enter unrelated insurance businesses and increase executive compensation. Policyholders received some stock in the new company in this process. MetLife was accused of breaching federal securities laws by misrepresenting and omitting information in materials given to policyholders during this process, resulting in years of litigation ending with a $50 million settlement in 2009. Acquisitions, sales, and major deals 1992 - merged with United Mutual Life Insurance Company, the only African-American life insurer in New York, in 1992. 1992 - acquired Executive Life's single premium deferred annuity business, which was worth approximately $1.2 billion. MetLife also acquired the firm's life insurance business, valued at about