MetLife Buys $200 Million Protection Against Portugal Default

MetLife Inc., the largest U.S. life insurer, said it bought $200 million of credit-default swaps to protect against declines in Portugal’s sovereign debt.

The insurer entered the contracts in connection with the acquisition of American Life Insurance Co., Chief Investment Officer Steven Kandarian said at a presentation today in New York, where the company is based.

To contact the reporter on this story: Andrew Frye in New York at afrye@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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