MetLife Hit By SEC Market Timing Scrutiny
NU Online News Service, March 8, 3:14 p.m. ESTThe insurer, which offers auto and home insurance as well as life coverage among its products, said the SEC scrutiny involves a limited number of privately placed variable insurance contracts sold through its General American Life Insurance Company, St. Louis unit.
On an earnings basis, property-casualty lines represent seven percent of MetLife's business.
The company, according to a March 5 10K filing, is in the process of responding to the SEC inquiry. "At present time," Met Life writes, it is "not aware of any systemic problems with respect to such matters that may have a material adverse effect on the company's consolidated financial position."
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