MetLife Inc. (MET), the largest U.S. life insurer, said the Federal Reserve agreed to extend a deadline to submit a capital plan by about six months as the company works to exit banking to limit regulatory oversight.
The plan is due by June 30, the New York-based company said today in a regulatory filing. The insurer said in October that the deadline had been extended to Jan. 5 from Sept. 30.
The Fed has blocked MetLife Chief Executive Officer Steven Kandarian from boosting the dividend or repurchasing shares as regulators considered how the largest U.S. banks would fare in a financial crisis. Kandarian, 60, received regulatory approval in December for a sale of MetLife’s bank assets and has reached deals to divest reverse-mortgage and home-loan units.
The insurer’s annual dividend has been 74 cents a share since 2007 and the company last authorized a buyback in 2008. The Fed last year rejected MetLife’s plans to repurchase $2 billion in shares and boost its dividend to $1.10 a share after finding that it would fall short of U.S. capital standards in a severe economic downturn.
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