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MetLife’s Wheeler Says Sales Hurt After Insurer Increases Prices

Aug. 2 (Bloomberg) -- MetLife Inc., the largest U.S. life insurer, said sales of some coverage have declined after the company charged customers more to cushion the impact of lower interest rates on the firm’s fixed-income holdings.

“We’ve been pricing pretty aggressively” in universal life and variable annuity lines, said William Wheeler, president of the Americas division at the New York-based company, in a conference call today. “That’s had an effect on our sales levels there but I think that’s made good sense to do.”

To contact the reporter on this story: Steven Norton in New York at Snorton7@bloomberg.net

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

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