February 13, 2018 / 10:28 PM / 3 months ago

CORRECTED-(OFFICIAL)-BRIEF-Metlife Says Management Identified Material Weakness Related To Group Annuity Reserves (Feb. 13)

(Corrects 3rd bullet to say Metlife expects corporate & other adj. loss of $650-$850 mln after-tax in 2018 (not $700 mln-$900 mln) Metlife Inc:

* METLIFE INC SAYS MANAGEMENT HAS IDENTIFIED A MATERIAL WEAKNESS RELATED TO GROUP ANNUITY RESERVES

* SAYS WILL HIRE THIRD PARTY ADVISORS TO CONDUCT COMPREHENSIVE EXAMINATION LED BY CHIEF RISK OFFICER‍​

* SEES CORPORATE & OTHER ADJUSTED LOSS OF $650 MILLION TO $850 MILLION AFTER-TAX IN 2018 EX. EXPENSE INITIATIVE COSTS‍​

* SAYS INTIAL STEPS TO REMEDIATE MATERIAL WEAKNESS INCLUDE CORRECT ADMINISTRATIVE PRACTICES OF RELEASING RESERVES TO ENSURE IMPROVEMENTS ARE MADE

* SAYS MAINTAINING AVERAGE. 2018-2019 FCF TARGET OF 65-75 PCT‍​

* METLIFE SAYS TO REVISE NET INCOME FOR 2016 AND PRIOR YEARS TO INCLUDE A $241 MILLION POST-TAX RESERVE CHARGE Source text: bit.ly/2EE7HZ6 Further company coverage:

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