MetLife Declines After Accounting Blunder Tied to Annuities
- RBC ratio was 398%, compared with previously reported 410%
- Announcement follows disclosure last month of tax cost
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MetLife Inc., the largest U.S. life insurer, declined in New York trading after saying that a measure of financial strength monitored by regulators was lower than previously reported.
MetLife dropped 1.4 percent to $47.20 at 4:04 p.m., extending its loss for the year to 13 percent. The combined risk-based capital ratio as of Dec. 31 was 398 percent, the New York-based company said in a regulatory filing Tuesday after markets closed. The insurer had previously said in its annual report that the figure was “in excess of 400 percent” at the end of 2014, and put the figure at 410 percent in a May conference call.