MetLife to Pay $500 Million to Settle Death-Benefit Probe
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MetLife Inc., the largest U.S. life insurer, will pay about $500 million in a multistate settlement after regulators reviewed whether companies were holding funds that should go to beneficiaries.
MetLife said $188 million will be paid in 2012, and remaining funds over the next 17 years. The New York-based company said it reserved for the expense after taking charges against earnings, including one in the first quarter for $52 million. The insurer said it will use Social Security Administration records to determine when policyholders die.