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Metlife Inc

BUSINESS
August 13, 2002 | From Times Wire Services
J.P. Morgan Chase & Co., American Express Co., MetLife Inc. and Bank of America Corp. will begin expensing stock options next year, joining a growing list of financial institutions, insurance firms and manufacturers adopting the practice. The move at J.P. Morgan was outlined in a memorandum to the bank's employees from Chairman and Chief Executive William B. Harrison Jr. The memo was made public Monday by the bank.
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BUSINESS
March 14, 2001 | DAVID GLOVIN, BLOOMBERG NEWS
MetLife Inc., the largest U.S. life insurer, was accused in a lawsuit filed Tuesday of systematically discriminating against thousands of female job applicants and employees. The suit, which was filed in U.S. District Court in Manhattan, says the New York-based insurer hires fewer women than men, pays women less, denies them promotions and sometimes fires those who complain. Five women, four of whom still work for MetLife, are named as plaintiffs in the suit.
BUSINESS
February 1, 2005 | From Bloomberg News
MetLife Inc. on Monday agreed to buy Citigroup Inc.'s Travelers Life & Annuity and most of its international insurance business for $11.5 billion to become North America's biggest seller of individual life insurance. MetLife will pay Citigroup as much as $3 billion in stock and the rest in cash, the New York-based companies said.
BUSINESS
November 7, 2001 | Bloomberg News
MetLife Inc., the No. 1 U.S. life insurer, said Tuesday its third-quarter earnings fell because of $208 million of claims from the Sept. 11 attacks that destroyed the World Trade Center. The New York-based company's third-quarter net income fell to $162 million, or 21 cents a share, from $241 million, or 31 cents, a year ago. Revenue rose 1.5% to $8.07 billion from $7.95 billion. MetLife's results also reflect a $12-million expense related to a cost-cutting plan.
BUSINESS
February 14, 2001 | From Bloomberg News and Associated Press
BP Amoco said its fourth-quarter profit nearly doubled as higher prices for crude oil and the integration of newly acquired businesses more than offset pinched profits in its chemicals business. The oil giant's shares declined, however, as Chief Executive John Browne said oil and gas production this year will increase 5.5%, a target some analysts doubt as BP shifts from acquisitions to investing in its own operations. After spending more than $100 billion to acquire Atlantic Richfield Co.
BUSINESS
December 2, 2005 | From Bloomberg News
Life, health, and property and casualty insurers should press companies they cover to better protect themselves from climate changes that may cause disasters, California Controller Steve Westly said. Westly sent letters to 30 companies, including MetLife Inc., the largest U.S. life insurer, and General Re, owned by Warren E. Buffett's Berkshire Hathaway Inc., asking them to analyze and prepare for the effects that climate change may have on them.
BUSINESS
May 8, 2002 | Bloomberg News
MetLife Inc. said net income rose 15% in the first quarter because of cost cuts and higher profit from group life and disability policies. Net income climbed to $329million, or 44 cents a share. Revenue increased 2% to $8.09billion. Shares of New York-based MetLife fell $2.29, or 6.7%, to $31.86 on the New York Stock Exchange.
BUSINESS
February 8, 2002 | Associated Press
MetLife Inc. announced it will take a $250-million pretax charge against earnings to cover costs stemming from class-action lawsuits and a regulatory inquiry over allegations of race discrimination. The lawsuits allege MetLife's Metropolitan Life Insurance Co. charged higher premiums to black customers than to whites for less insurance coverage. The suits also allege the firm urged construction of race-based mortality tables.
BUSINESS
January 14, 2013 | By Jim Puzzanghera
WASHINGTON -- Snoopy is getting out of the banking business. Insurance giant MetLife Inc., which uses Peanuts characters as its corporate mascots, on Monday closed a deal to sell its banking assets.  GE Capital Retail Bank, a subsidiary of General Electric Co., acquired MetLife Bank's $6.4 billion in deposits and its online banking operation, the companies announced. Financial terms of the deal were not released. The move came after MetLife Bank's federal regulator, the Office of the Comptroller of the Currency, approved the transaction last month.
BUSINESS
April 23, 2012 | By Tiffany Hsu
Life insurance giant MetLife Inc. will shell out nearly $500 million to settle a multi-state probe into its alleged failure to pay death benefits to beneficiaries. The company said it will pay out about $438 million over the next 17 years, with $188 million going out to beneficiaries this year. Insurance regulators from dozens of states have accused the company of delaying or withholding life insurance payments to many of its policyholders. About $40 million of that will likely end up in California, said State Controller John Chiang . The funds will either be sent on to beneficiaries of deceased MetLife policyholders or stored in state coffers as unclaimed property.
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