MetLife, Inc. (NYSE: MET) issued the following statement today in response to inquiries regarding its potential participation in the U.S. Department of the Treasury's Capital Purchase Program:
MetLife, which has been a federally chartered bank holding company since launching MetLife Bank, N.A. in 2001, has elected not to participate in the program.
"MetLife is well positioned, with approximately $5 billion in excess capital, a strong balance sheet and leading market positions in our core group and individual insurance businesses, where our revenues continue to be healthy," said C. Robert Henrikson, chairman, president and chief executive officer of MetLife, Inc. "MetLife has already taken actions to reinforce its strong financial position, including raising capital in the marketplace. We have therefore decided not to participate in the Program."
"Although a number of economic challenges remain, MetLife is well positioned to continue meeting the needs of our clients," added Henrikson. "We repositioned our investment portfolio over a year ago for the current recession; completed a successful $2.3 billion common stock offering last October; and successfully remarketed over $1 billion in debt earlier this year. We are confident that we have the finicial strength to continue to succeed now and over the long-term."
MetLife also confirmed today that, as a federally chartered bank holding company with more than $100 billion in total assets, the company is one of the top 19 U.S. banking organizations participating in the Treasury's capital planning exercise being conducted under the department's Capital Assistance Program. MetLife is working closely with the Federal Reserve on this exercise.
I do not own metlife stock.
Good fro met life.
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