What is the main reason for this 8-K filing?

MetLife is filing this 8-K to update its 2008 Annual Report to reflect the adoption of a new accounting standard, SFAS 160, which changes how noncontrolling interests and related income are reported.

How does SFAS 160 affect MetLife's reported equity?

SFAS 160 requires noncontrolling interests to be reclassified into the equity section of the balance sheet. This adjustment increased MetLife's total equity by $251 million as of December 31, 2008, and by $1,806 million as of December 31, 2007.

What is the impact of SFAS 160 on MetLife's net income?

Under SFAS 160, net income now includes the portion of net income attributable to noncontrolling interests. This resulted in an increase in reported net income by $69 million for 2008, $148 million for 2007, and $147 million for 2006. A new caption, 'net income attributable to MetLife, Inc.', is now presented, which is equal to the net income previously reported before the adoption of SFAS 160.

Does this filing include any new financial information or events after December 31, 2008?

No, this filing specifically addresses the accounting changes due to SFAS 160 and supersedes certain portions of the 2008 Annual Report. It does not incorporate any information or events that have occurred subsequent to December 31, 2008. Investors should refer to MetLife's Form 10-Q and other SEC filings for more current information.

METLIFE INC 8-K SEC Disclosure

Summary

MetLife Inc. (MET) filed this Current Report on Form 8-K on June 12, 2009, to update its 2008 Annual Report. The primary purpose of this filing is to reflect the adoption of Statement of Financial Accounting Standards No. 160 (SFAS 160), effective January 1, 2009. This new accounting standard requires changes in how noncontrolling interests (formerly minority interests) and related net income are presented in consolidated financial statements. Key impacts include the retrospective reclassification of noncontrolling interests to the equity section of the balance sheet, which increased total equity by $251 million for 2008 and $1,806 million for 2007. Furthermore, SFAS 160 mandates that net income now include income attributable to noncontrolling interests, whereas previously it was excluded. Consequently, reported net income increased by $69 million, $148 million, and $147 million for the years ended December 31, 2008, 2007, and 2006, respectively. A new separate caption for "net income attributable to MetLife, Inc." is now presented, which equals net income as previously reported before SFAS 160 adoption. Investors should note that this filing only updates specific sections of the 2008 Annual Report related to SFAS 160 and does not incorporate any subsequent events or changes beyond this accounting standard adoption.

Key Highlights

1MetLife is adopting new accounting standard SFAS 160 concerning Noncontrolling Interests.
2This adoption requires retrospective adjustments to the Company's 2008 Annual Report filings.
3Noncontrolling interests are now classified within the equity section of the balance sheet, increasing total equity by $251M (2008) and $1,806M (2007).
4Net income now includes income attributable to noncontrolling interests.
5Reported net income increased by $69M (2008), $148M (2007), and $147M (2006) due to SFAS 160.
6A new "net income attributable to MetLife, Inc." line item is introduced, representing net income before the impact of noncontrolling interests.
7This filing supersedes specific sections of the 2008 Annual Report and does not update for events after December 31, 2008.

METLIFE INC 8-K Report, Corporate Update (Jun 12, 2009)

Summary

Key Highlights

Frequently Asked Questions