MetLife Says It’s Open to Challenge Lew on Risk Tag

Oct. 31 (Bloomberg) -- MetLife Inc., the largest U.S. life insurer, said it will weigh challenging any designation as a systemically important financial institution after smaller rival Prudential Financial Inc. abandoned its fight over the label.

“We are not ruling out any of the remedies available under Dodd-Frank to contest a SIFI designation,” Steven Kandarian, chief executive officer of New York-based MetLife, said today in a conference call.

Prudential this month opted against filing a lawsuit seeking to overturn the label as a non-bank SIFI. The tag was imposed by the Financial Stability Oversight Council, which counts Treasury Secretary Jacob J. Lew as chairman.

To contact the reporters on this story: Zachary Tracer in New York at ztracer1@bloomberg.net; Marci Jacobs in New York at mjacobs63@bloomberg.net

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