Summary
MetLife, Inc. (MET) filed an 8-K on January 25, 2010, to announce a change in its financial reporting format for its Quarterly Financial Supplement (QFS), effective with the fourth quarter of 2009. This change is intended to improve investor understanding by reflecting newly realigned operating segments. The company has combined its Institutional and Individual Businesses, along with the Auto & Home Unit, into a single U.S. Business organization. This consolidated U.S. Business now comprises Insurance Products, Retirement Products, Corporate Benefit Funding, and Auto & Home. The former Institutional Business & Individual Business segments have been reclassified into Insurance Products (group life, non-medical health, individual life), Retirement Products (annuity products), and Corporate Benefit Funding (pension closeouts, structured settlements).
Key Highlights
- 1MetLife is adopting a new financial reporting format for its Quarterly Financial Supplement (QFS) starting Q4 2009.
- 2The primary purpose of the change is to enhance investor understanding of MetLife's business segments.
- 3MetLife has realigned its operating segments, consolidating Institutional and Individual Businesses and the Auto & Home Unit into a single U.S. Business organization.
- 4The U.S. Business segment now includes Insurance Products, Retirement Products, Corporate Benefit Funding, and Auto & Home.
- 5Historical QFS data for quarters ending December 31, 2008, March 31, 2009, June 30, 2009, and September 30, 2009, have been recast to align with the new segment structure.
- 6There were no changes to MetLife's consolidated operating earnings or net income for these historical periods due to the segment recasting.
- 7Additional detail on banking operations within Banking, Corporate & Other, and other statistical data will also be provided.