8-KOther EventsExhibits & Filings

METLIFE INC 8-K Report, Corporate Update (Nov 16, 2012)

Filed November 16, 2012For Securities:METMET-PEMET-PFMET-PA

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.

Frequently Asked Questions

The main purpose of this 8-K filing is to update investors and the SEC on significant changes made by MetLife, Inc. in the third quarter of 2012, primarily concerning its business segment realignment and the pending sale of its mortgage servicing assets, which necessitated revisions to its previously filed 2011 Annual Report.

MetLife reorganized its reporting segments into six geographic regions: The Americas (comprising Retail, Group, Voluntary & Worksite Benefits, and Corporate Benefit Funding), Asia, and EMEA. Within the Group, Voluntary & Worksite Benefits segment, there was a further subdivision into 'Group' and 'Voluntary & Worksite' businesses, with specific product lines reallocated between them.

MetLife is selling the forward mortgage servicing assets and operations of MetLife Bank. A definitive agreement with JPMorgan Chase Bank, N.A. was signed on November 2, 2012. This business is now being reported as divested, pending regulatory approvals and closing conditions.

The detailed revisions to MetLife's 2011 Annual Report (Form 10-K), including changes to the Business, Management's Discussion and Analysis (MD&A), Financial Statements, and Exhibits sections, are provided in Exhibit 99.1, which is incorporated by reference into this 8-K filing. Investors should consult this exhibit for comprehensive details.