METLIFE STATEMENT ON PRELIMINARY SIFI DESIGNATION
New York, September 04, 2014
MetLife, Inc. (NYSE: MET) Chairman, President and Chief Executive Officer Steven A. Kandarian issued the following statement today after the Financial Stability Oversight Council (FSOC) notified the company that it has been preliminarily designated a non-bank Systemically Important Financial Institution (SIFI):
"MetLife strongly disagrees with the Financial Stability Oversight Council’s preliminary designation of MetLife as a SIFI.
"MetLife is not systemically important under the Dodd-Frank Act criteria. In fact, MetLife has served as a source of financial strength and stability during times of economic distress, including the 2008 financial crisis.
"The current regulatory system oversees a stable industry that pays out more than $500 billion every year. Imposing bank-centric capital rules on life insurance companies will make it more difficult for Americans to buy products that help protect their financial futures. At a time when government social safety nets are under increasing pressure and corporate pensions are disappearing, the goal of public policy should be to preserve and encourage competitively priced financial protection for consumers.
"MetLife is not ruling out any of the available remedies under Dodd-Frank to contest a SIFI designation."
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
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