SEC looking into MetLife’s failure to pay some pensions

(Reuters) – MetLife Inc (MET.N) said on Monday the U.S. Securities and Exchange Commission was looking into the insurer’s failure to pay some workers’ pensions.

MetLife, in a statement, said the SEC’s enforcement staff has inquired about payments that the insurer failed to make for people who receive a type of annuity benefit from the company via its retirement business. Less than 5 percent of 600,000 people are affected, the company has said.

The New York insurer said it expects to increase reserves in total between $525 million and $575 million on a pre-tax basis.

That would result in a hit to fourth-quarter earnings of between $135 million and $165 million, the company said.

Last month, the company said it failed to pay pensions to potentially tens of thousands of people and will have to strengthen its reserves because of the costs of finding and repaying them.

(This version of the story was corrected to show MetLife failed to make payments to less than 5 percent of 600,000 people, not 600,000 people in paragraph two)

Reporting by Sweta Singh in Bengaluru; Editing by Sai Sachin Ravikumar

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PRESS DIGEST- British Business – Jan 30