Summary
MetLife, Inc. filed this Form 8-K on November 16, 2012, to report significant updates impacting its previously filed 2011 Annual Report (10-K) and subsequent disclosures. The primary driver for this filing is the company's internal business realignment undertaken in the third quarter of 2012. This realignment involved restructuring its operating segments into six geographic regions (The Americas, Asia, and EMEA) and further subdividing the Group, Voluntary & Worksite Benefits segment to better align with management's operational focus. Furthermore, MetLife announced its decision to explore the sale of MetLife Bank's forward mortgage servicing assets and operations. A definitive agreement to sell this portfolio to JPMorgan Chase Bank, N.A. was entered into on November 2, 2012, with the business now being reported as divested pending regulatory approvals. Investors should review the incorporated Exhibit 99.1 for detailed revisions to the Business, Management's Discussion and Analysis, Financial Statements, and Exhibits sections of the 2011 Form 10-K.
Key Highlights
- 1MetLife is revising its 2011 Annual Report (10-K) and subsequent disclosures due to operational changes in Q3 2012.
- 2The company reorganized its business segments into six geographic regions: Retail, Group, Voluntary & Worksite Benefits, Corporate Benefit Funding, Latin America, Asia, and EMEA.
- 3Significant realignment within the Group, Voluntary & Worksite Benefits segment occurred, splitting it into 'Group' and 'Voluntary & Worksite' businesses.
- 4Certain insurance products (e.g., dental, disability, long-term care, critical illness) have been reclassified between the new 'Group' and 'Voluntary & Worksite' businesses.
- 5Individual disability income products are now reported in the 'Life & Other' business within the Retail segment.
- 6MetLife is divesting its forward mortgage servicing assets and operations from MetLife Bank, with a definitive sale agreement signed with JPMorgan Chase Bank, N.A.
- 7The filing incorporates by reference Exhibit 99.1, which contains the revised sections of the 2011 Form 10-K, including Business, MD&A, Financial Statements, and Exhibits.