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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.

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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,"...