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8-K - FORM 8-K - METLIFE INC | y93012e8vk.htm |
Exhibit 99.1
Contacts:
|
For Media: | John Calagna | ||
(212) 578-6252 | ||||
For Investors: | John McCallion | |||
(212) 578-7888 |
METLIFE TO EXPLORE SALE OF
METLIFE BANKS FORWARD MORTGAGE BUSINESS
METLIFE BANKS FORWARD MORTGAGE BUSINESS
NEW YORK, October 12, 2011 MetLife, Inc. (NYSE: MET) announced today that, in addition to its
previously announced decision to explore a sale of MetLife Bank, N.A.s depository business, the
company will now also explore a sale of the Banks forward mortgage business.
Todays uncertain marketplace and regulatory environment require a tremendous amount of resources
both in terms of people and capital to effectively compete in and profitably grow the forward
mortgage business. Doing so would divert these resources away from MetLifes primary focus on its
global insurance and employee benefits businesses. As previously noted, exiting the depository
business and deregistering as a bank holding company also will enable MetLife to operate within the
same regulatory framework as other insurance companies.
MetLife Bank began originating forward and reverse mortgages in 2008 through its MetLife Home Loans
division.
MetLife Home Loans will continue to originate forward mortgages while the business is being
marketed for sale. The company also remains committed to continuing to service all of its mortgage
clients.
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs,
serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates,
MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific,
Europe and the Middle East. For more information, visit www.metlife.com.
This press release may contain or incorporate by reference information that includes or is
based upon forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events.
These statements can be identified by the fact that they do not relate strictly to historical or
current facts. They use words such as anticipate, estimate, expect, project,
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intend, plan, believe and other words and terms of similar meaning in connection with a
discussion of future operating or financial performance. In particular, these include statements
relating to future actions, prospective services or products, future performance or results of
current and anticipated services or products, sales efforts, expenses, the outcome of contingencies
such as legal proceedings, trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate
assumptions or by known or unknown risks and uncertainties. Many such factors will be important in
determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These
statements are based on current expectations and the current economic environment. They involve a
number of risks and uncertainties that are difficult to predict. These statements are not
guarantees of future performance. Actual results could differ materially from those expressed or
implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause
such differences include the risks, uncertainties and other factors identified in MetLife, Inc.s
most recent Annual Report on Form
10-K (the Annual Report) filed with the U.S. Securities and Exchange Commission (the SEC) and
Quarterly Reports on Form 10-Q filed by MetLife, Inc. with the SEC after the date of the Annual
Report under the captions Note Regarding Forward-Looking Statements and Risk Factors, MetLife,
Inc.s Current Report on Form 8-K dated March 1, 2011 and other filings MetLife, Inc. makes with
the SEC. MetLife, Inc. does not undertake any obligation to publicly correct or update any
forward-looking statement if we later become aware that such statement is not likely to be
achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports
to the SEC.
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