Actionable news
0
All posts from Actionable news
Actionable news in MET: METLIFE Inc,

MetLife (MET) Stock Takes a Hit After Revealing Accounting Error

NEW YORK (TheStreet) -- MetLife (MET - Get Report) shares are down 1.11% to $47.35 on Thursday afternoon following the news that the life insurer made a mistake when it previously reported its combined risk-based capital ratio, Bloomberg reports.

Combined risk-based capital (RBC) ratio is the total capital that a bank holds to protect itself from losses due to risk from underperforming loans.

Previously, the company's annual 2014 report showed that the RBC was "in excess of 400%." However, after fixing that error, the company's RBC as of Dec. 31 was 398%, Bloomberg noted.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks with serious upside potential in the next 12-months. Learn more.

This revision happened after a review of projected claims on variable annuities with guaranteed lifetime withdrawal benefits.

"Between the two seemingly one-off items, we think the reduction in MET's excess capital position amounts to about $1.5 billion," Credit Suisse analyst Thomas Gallagher stated.

Based in New York...


More