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(RTTNews) - On Friday, MetLife Inc. ( | | | ) announced that its wholly owned subsidiary, Metropolitan Life Insurance Co., resolved a previously disclosed investigation by the New York Attorney General's Office.

The Attorney General's investigation related to payments to intermediaries in the marketing and sale of group life and disability, group long-term care and group accidental death and dismemberment insurance and related matters. In the settlement, MetLife stated that it does not admit liability as to any issue of fact or law. The New York-based provider of insurance and financial services also said it does not expect the settlement to adversely impact its business.

Among other things, MetLife stated that it has agreed to certain business reforms relating to compensation of producers of group insurance, compensation disclosures to group insurance clients and the adoption of related standards of conduct, some of which it had implemented following the commencement of the New York Attorney General's (NYAG's) investigation. MetLife said it will also pay a fine and make a payment to a restitution fund. MetLife said it believes that resolving this matter is in the best interests of its shareholders, customers, and policyholders.

MetLife does not expect that the settlement will adversely affect its business. For its third quarter, MetLife reported that net income available to common shareholders increased to $999 million or $1.29 per share, from $742 million or $0.

97 per share, in the same period last year. Third-quarter revenue rose to $12.55 billion, up from $11.

98 billion a year ago. The results beat Wall Street's average estimate for profit of $1.17 per share, but revenue was less than the $12.

62 billion predicted by analysts, according to a Thomson Financial survey. Operating earnings were $958 million, compared with $780 million in the same period last year Earlier this month, MetLife offered earnings guidance in line with expectations at a conference with investors. For the fourth quarter, MetLife expects earnings per share between $1.

10 and $1.20, while analysts expect a profit of $1.18.

In 2006, it expects operating earnings between $4.95 and $5.05 per share.

Analysts predict a profit of $5.03 per share. In 2007, MetLife expects operating earnings between $5.

05 and $5.30 per share. Analysts see 2007 earnings of $5.

26 per share. MET closed Friday's regular trading session at $58.97, down 53 cents on the New York Stock Exchange.

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Keywords: New York, Attorney General, York Attorney, New York Attorney, York Attorney General
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