MetLife Unclaimed Property Settlement Could Top $700 Million
Posted on Apr 25, 2012 by JMS Advisory Group |
According to this article – the amount “returned to consumers could actually total [more] than $667 million, with the industrial block of 708,000 policyholders resulting in at least $467 million to policyholders or beneficiaries…there could be at least another $200 million in the non-industrial, or life and annuity policy/retained asset accounts held by MetLife area”
The good news is that this is seemingly behind the company, and resolved. 2012 will be a rough year for MetLife as their recent 1Q $52 million charge indicates; and all of this after taking a $275 million charge in 3Q 2011 related to unclaimed property. It may be just as difficult for many other life insurance companies, as similar settlements are rumored to be on the horizon.