MetLife may spin off retail life and annuity unit
It cites burden of additional capital requirements after it was designated too big to fail by regulators after the financial crisis
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THE giant insurer MetLife said on Tuesday that it was exploring spinning off its retail life and annuity business in the United States because of financial pressures it is facing under regulations put in place in the wake of the financial crisis.
The decision was made two years after the Financial Stability Oversight Council, a group created by the 2010 Dodd-Frank regulatory legislation, named MetLife a systemically important nonbank financial institution, or SiFi. That designation carries requirements to set aside more capital as a cushion against a big decline in financial markets as occurred in 2008, potentially limiting its earnings.
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