metlife inc (MET) Key Developments
MetLife, Inc. Files Certificate of Amendment to its Amended and Restated Certificate of Incorporation
Apr 30 15
On April 29, 2015, MetLife, Inc. filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware. The stockholders approved the Charter amendment at the company's annual meeting of stockholders on April 28, 2015. The Charter amendment permits the Company's stockholders to amend certain provisions of the Charter by the affirmative vote of a majority of outstanding stock entitled to vote generally in the election of Directors. The amendment to the Charter also permits the Company's stockholders to amend the Company's Amended and Restated
By-Laws (the By-Laws) by the affirmative vote of a majority of the Outstanding Stock.
MetLife, Inc. Declares Second Quarter Dividend, Payable on June 12, 2015
Apr 28 15
The board of directors of MetLife, Inc. declared a second quarter common stock dividend of $0.375 per share, an increase of 7% from the first quarter common stock dividend of $0.35 per share. The dividend will be payable on June 12, 2015 to shareholders of record as of May 11, 2015.
Metlife, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015
Apr 24 15
MetLife, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total operating revenues of $17,116 million, operating earnings available to common share holders of $1,562 million, operating earnings of $1,592 million, income from continuing operations, net of income tax of $1,342 million, net income attributable to company of $1,328 million.
MetLife, Inc. Starts Construction on New Global Headquarters for its Investments Business in Hanover, N.J
Apr 21 15
MetLife, Inc. announced that construction has begun on a new global headquarters for its investments business in Hanover, N.J. The new, four-story office complex will be LEED Gold-certified and is expected to be completed in the summer of 2016. MetLife Investments will move all 850 employees from its current location in Morristown, N.J., where it has been located for 15 years. The new headquarters will be about 2.5 miles from the current location. In addition to its headquarters in New Jersey, MetLife Investments has regional offices throughout the United States as well as in Europe, Asia and Latin America.
MetLife Inc., AXA Equitable Life Insurance Co. and Lincoln National Corp. Face Class-Action Lawsuits over Shadow Insurance Allegations
Apr 16 15
MetLife Inc., AXA Equitable Life Insurance Co. and Lincoln National Corp. are facing class-action lawsuits related to certain practices involving reinsurers. MetLife and AXA Equitable each face two lawsuits, while Lincoln National is facing one. Four of the cases were reportedly filed in the U.S. District Court in New York, while the fifth was filed in the U.S. District Court in New Jersey. Plaintiffs in the lawsuit against Lincoln National alleged that the insurer used a practice called two-step transactions through which it was able to hide its shadow insurance practices. The law suit, in such a transaction the New York-based insurance company transfers risk to its non-New York-based affiliate. The affiliate then retrocedes such risk to a captive reinsurer affiliated with the original New York-based company. That process allows the New York-based insurance company to report that it did not transact directly with the captive, the news outlet said. The suit against Lincoln National further claims that this practice allowed the company to use assets to pay higher salaries to executives, acquire other life insurers or declare higher dividends instead of preserving such assets to pay claims. One of the lawsuits against AXA Equitable reportedly alleged that the insurer engaged in shadow insurance practices related to its life insurance business, resulting in materially misleading representations of its financial condition. The other lawsuit, which pertains to the company's variable annuity business, alleges that the company's shadow insurance practices resulted in misrepresentations about its financial condition, which it used to market guaranteed benefits insurance riders and other life insurance products. In one of the complaints against MetLife, it is alleged that the company is engaging in practices that places the financial futures of its policyholders, their beneficiaries and even the public at risk.