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发帖数: 2789 | 1 有啥直接影响?所有us business都分出去? | s******7
发帖数: 446 | 2 MetLife, the largest U.S. life insurer, plans to separate a substantial
portion of its U.S. retail business from the core company.
MetLife is considering various approaches for splitting off the retail
business, including an initial public offering, a spinoff or a sale. The
business sells life insurance and other financial products across the United
States, generating at least one fifth of MetLife earnings.
MetLife’s Chief Executive Steven Kandarian said in a statement on Tuesday
the lagging retail section “risks higher capital requirements that could
put it at a significant competitive disadvantage.”
The new company, to be led by executive vice president Eric Steigerwalt,
will not house certain parts of the U.S. retail segment, including the life
insurance closed block and property-casualty units.
It would represent about 20% of Metlife’s operating earnings and have
approximately $240 billion in total assets, based on September data, the
company said.
Growth in MetLife’s U.S. retail business has been slowing, with the unit
reporting an operating income of $523 million in the third quarter, down 33%
from a year earlier. In the second quarter, retail’s operating earnings
growth slowed to 2% from 12% a year earlier. | s******7
发帖数: 446 | 3 The company plans to put most of its variable annuity accounts in the new
American retail unit. Included are three-quarters of those with bells and
whistles that, in effect, expose MetLife to market risk in what it might
have to pay out. Along with other nontraditional products, the variable
annuities have been singled out by the International Association of
Insurance Supervisors and Daniel K. Tarullo, a Federal Reserve governor and
regulation specialist, as particularly deserving of higher capital cushions.
Such firms, known by the acronym SIFI, are those whose failure would have a
damaging effect on the American economy.
The scale of any potential competitive disadvantage is not yet clear because
the rules have not been written. But MetLife’s spinoff numbers work out
conveniently. The new variable annuity-heavy business would have $240
billion of assets — just over a quarter of the $882 billion the insurer had
on Sept. 30. That’s handily less than the $250 billion reported by not-so-
dissimilar Lincoln National, which has not been tagged with a SIFI label.
The remainder of MetLife, with roughly $640 billion of assets, would fit
between Prudential Financial and A.I.G., the two other insurance SIFIs. On
that simple yardstick, the spinoff would not render Mr. Kandarian’s battle
with watchdogs moot – his company would still be big enough to merit the
systemic designation and have to hold extra capital. But most of the
products likely to attract big surcharges would be gone.
Mr. Icahn’s proposal, made public in October, that A.I.G. should split into
three to reduce complexity and escape the SIFI label gives MetLife
additional motivation to act. Mr. Kandarian says he will continue his legal
battle. But dividing in two makes the outcome less important. And judging by
the 5 percent stock-price pop in Wednesday morning trade, it may help keep
shareholders happier, too. | s******7
发帖数: 446 | 4 MetLife on Tuesday said it plans to separate much of its Charlotte-based
retail business as the company looks to decrease its size and limit federal
capital requirements.
MetLife intends to keep the separated company headquartered in Charlotte,
led by Executive Vice President Eric Steigerwalt, who is based in the city,
company officials said. | s******7
发帖数: 446 | 5 MetLife has long complained about its SiFi designation, arguing that the
extra regulation that comes along with the SiFi designation will drive up
costs too much. Specifically, MetLife is concerned about the extra capital
they may be forced to hold. | s******7
发帖数: 446 | 6 MetLife is among four non-bank companies that were named SIFIs by the
Financial Stability Oversight Council. That panel was created by the 2010
Dodd-Frank law and charged with monitoring potential threats to the
financial system after the near collapse in 2008 of companies including
insurer American International Group Inc., which required a U.S. bailout.
GE has been divesting finance operations and has said it will apply to drop
its tag as a SIFI. Prudential Financial Inc., the second-largest U.S. life
insurer, in 2013 opted against filing a lawsuit to overturn its SIFI status.
AIG, also a SIFI, has been facing pressure from activist investor Carl Icahn
to break up into three separate businesses --- one offering property-
casualty coverage, another selling life insurance and a third backing
mortgages. Icahn has said the risk tag is intended to be a tax on size and
AIG’s businesses would be worth more to shareholders if they’re not part
of a systemically important company. | y**a
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【在 a*****b 的大作中提到】
: 有啥直接影响?所有us business都分出去?
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