Current Report Filing (8-k)
October 13 2015 - 4:41PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October 13, 2015
METLIFE, INC.
(Exact
Name of Registrant as Specified in Its Charter)
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Delaware |
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1-15787 |
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13-4075851 |
(State or Other Jurisdiction
of Incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
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200 Park Avenue, New York,
New York |
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10166-0188 |
(Address of Principal Executive Offices) |
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(Zip Code) |
212-578-9500
(Registrants Telephone Number, Including Area Code)
N/A
(Former Name or
Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
MetLife, Inc.s (the Company) Annual Report on Form 10-K for the fiscal
year ended December 31, 2014 (the 2014 10-K) disclosed that the Company calculates an internally defined combined risk-based capital ratio (Combined RBC Ratio). The Company has determined that its Combined RBC Ratio at
December 31, 2014 was 398%, instead of in excess of 400% as previously reported in the 2014 10-K and 410% as previously communicated on the Companys first quarter 2015 earnings call. The correction has no other impact on the financial
statements in the 2014 10-K.
The Company has determined that this correction was necessary as a result of an internal review of risk-based capital
(RBC) models of its insurance subsidiaries. In performing this review, management concluded that an adjustment was needed to a component of the RBC ratio of a Company subsidiary, MetLife Insurance Company USA (MetLife USA),
relating to the amount of projected claims on certain variable annuities with guaranteed lifetime withdrawal benefits. The RBC ratio for MetLife USA at December 31, 2014 remains in excess of 350% as previously reported in that companys Annual
Report on Form 10-K for the fiscal year ended December 31, 2014. The correction did not impact MetLife USAs statutory capital and surplus or statutory net income as of and for the year ended December 31, 2014.
The MetLife USA RBC ratio and the Companys Combined RBC Ratio for years prior to 2014 are not affected by this correction. The guarantees
associated with the variable annuities in question were reinsured by a former offshore reinsurance subsidiary of the Company that mainly reinsured guarantees associated with variable annuity products. In November 2014, MetLife USA merged with that
former offshore reinsurer and two U.S. insurance company subsidiaries of the Company. The surviving entity of the mergers was MetLife USA. The mergers have provided increased transparency relative to the Companys capital allocation and
variable annuity risk management. The merger was a complex undertaking that was part of MetLifes larger effort to de-risk its variable annuity business.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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METLIFE, INC. |
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By: |
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/s/ Timothy J. Ring |
Name: |
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Timothy J. Ring |
Title: |
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Senior Vice President and Secretary |
Date: October 13, 2015
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