March 1, 2018 / 10:37 PM / 3 months ago

BRIEF-Metlife Says Additional Internal Review Of Practices And Procedures Was Completed In Early 2018

March 1 (Reuters) - Metlife Inc:

* METLIFE SAYS ADDITIONAL INTERNAL REVIEW OF PRACTICES AND PROCEDURES WAS COMPLETED IN EARLY 2018 - SEC FILING

* METLIFE - REVIEW ON CALCULATION OF SOME RESERVES RELATED TO METLIFE HOLDINGS VARIABLE ANNUITY GUARANTEES ASSUMED FROM FORMER OPERATING JV IN JAPAN

* METLIFE - AS A RESULT, CO REDUCED THE RESERVES BY $896 MILLION($582 MILLION, NET OF INCOME TAX)

* METLIFE - OF $896 MILLION AMOUNT, $214 MILLION INCURRED IN 2017, $682 MILLION ($443 MILLION, NET OF INCOME TAX) WAS CONSIDERED “AN ERROR”

* METLIFE - RECORDING ERRONEOUS AMOUNT IN Q4 2017 FINANCIAL STATEMENTS WOULD HAVE HAD A MATERIAL EFFECT ON RESULTS OF OPERATIONS FOR 2017

* METLIFE - AS A RESULT OF FINANCIAL ADJUSTMENTS, RESERVES AMOUNTS PREVIOUSLY REPORTED HAVE BEEN IMMATERIALLY RESTATED

* METLIFE - CO CORRECTED OTHER UNRELATED IMMATERIAL ERRORS WHICH WERE PREVIOUSLY RECORDED IN THE PERIODS THE COMPANY IDENTIFIED THEM Source text (bit.ly/2F533Es) Further company coverage:

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