UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 2, 2012
METLIFE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
1-15787 | 13-4075851 | |
(Commission File Number) | (IRS Employer Identification No.) | |
200 Park Avenue, New York, New York | 10166-0188 | |
(Address of Principal Executive Offices) | (Zip Code) |
212-578-2211
(Registrants Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01. Regulation FD Disclosure.
On November 2, 2012, MetLife, Inc. issued a press release announcing an agreement to sell MetLife Bank, N.A.s mortgage servicing portfolio to JPMorganChase Bank, N.A. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The press release is furnished and not filed pursuant to Instruction B.2 of Form 8-K.
1
Item 9.01 Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable.
(c) Not applicable.
(d) Exhibits
99.1 | Press release of MetLife, Inc., dated November 2, 2012 announcing an agreement to sell MetLife Bank, N.A.s mortgage servicing portfolio to JPMorganChase Bank, N.A. The press release is furnished and not filed pursuant to Instruction B.2 of Form 8-K. |
2
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
METLIFE, INC. | ||
By: | /s/ Christine M. DeBiase | |
Name: | Christine M. DeBiase | |
Title: | Vice President and Secretary |
Date: November 2, 2012
3
Exhibit |
Exhibit | |
99.1 | Press release of MetLife, Inc., dated November 2, 2012 announcing an agreement to sell MetLife Bank, N.A.s mortgage servicing portfolio to JPMorganChase Bank, N.A. The press release is furnished and not filed pursuant to Instruction B.2 of Form 8-K. |
Exhibit 99.1
Contacts: | For Media: | John Calagna (212) 578-6252 | ||
For Investors: | Edward Spehar (212) 578-7888 |
METLIFE BANKS MORTGAGE SERVICING PORTFOLIO
TO BE PURCHASED BY JPMORGAN & CO.
NEW YORK, November 2, 2012 MetLife, Inc. (NYSE: MET) announced today an agreement to sell MetLife Bank, N.A.s approximately $70 billion mortgage servicing portfolio to JPMorganChase Bank, N.A. Terms of the transaction were not disclosed. The transaction is subject to certain regulatory approvals and other customary closing conditions.
Given MetLifes strategic focus as a global insurance and employee benefits leader, the company decided in 2011 that a bank holding company structure was no longer appropriate. Since that time, MetLife has entered into agreements to sell MetLife Banks deposit business to GE Capital, sold the banks warehouse finance business to EverBank, sold the banks reverse mortgage servicing rights to Nationstar, and ceased writing residential mortgages, said Jim Rose, MetLife Bank President.
The acquisition of this high-quality portfolio reflects our strategy to strengthen and grow our Servicing business, said Eric Schuppenhauer, Head of Mortgage Servicing at Chase. We will be able to provide our full range of products and services to an additional 350,000 individuals and families. We expect that many of these customers will take advantage of historically low interest rates by refinancing.
The $70 billion servicing portfolio will increase Chases $1.1 trillion Servicing business by more than 5%.
MetLifes entire retail banking business, including mortgages, represented less than 2% of MetLifes 2011 operating earnings. In a regulatory filing on October 24, MetLife announced it was exploring a sale of its mortgage servicing portfolio and in connection with that decision, began reporting MetLife Banks forward mortgage servicing assets and operations as divested businesses.
MetLife was advised on the J.P. Morgan Chase transaction by K&L Gates LLP, Milestone Advisors LLC and Deutsche Bank Securities Inc.
About MetLife
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe, the Middle East and Africa. For more information, visit www.metlife.com.
MetLifes Forward-Looking Statements
This press release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as anticipate, estimate, expect, project, intend, plan, believe and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.s filings with the U.S. Securities and Exchange Commission (the SEC). These factors include: (1) difficult conditions in the global capital markets; (2) concerns over U.S. fiscal policy and the fiscal cliff in the U.S., as well as rating agency downgrades of U.S. Treasury securities; (3) uncertainty about the effectiveness of governmental and regulatory actions to stabilize the financial system, the imposition of fees relating thereto, or the promulgation of additional regulations; (4) increased volatility and disruption of the capital and credit markets, which may affect our ability to seek financing or access our credit facilities; (5) impact of comprehensive financial services regulation reform on us; (6) economic, political, legal, currency and other risks relating to our international operations, including with respect to fluctuations of exchange rates; (7) exposure to financial and capital market risk, including as a result of the disruption in Europe and possible withdrawal of one or more countries from the Euro zone; (8) changes in general economic conditions, including the performance of financial markets and interest rates, which may affect our ability to raise capital, generate fee income and market-related revenue and finance statutory reserve requirements and may require us to pledge collateral or make payments related to declines in value of specified assets; (9) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions; (10) investment losses and defaults, and changes to investment valuations; (11) impairments of goodwill and realized losses or market value impairments to illiquid assets; (12) defaults on our mortgage loans; (13) the defaults or deteriorating credit of other financial institutions that could adversely affect us; (14) our ability to address unforeseen liabilities, asset impairments, or rating actions arising from acquisitions or dispositions, including our acquisition of American Life Insurance Company and Delaware American Life Insurance Company (collectively, ALICO) and to successfully integrate and manage the growth of acquired businesses with minimal disruption; (15) uncertainty with respect to the outcome of the closing agreement entered into with the United States Internal Revenue Service in connection with the acquisition of ALICO; (16) the dilutive impact on our stockholders resulting from the settlement of common equity units issued in connection with the acquisition of ALICO or otherwise; (17) MetLife, Inc.s primary reliance, as a holding company, on dividends from its subsidiaries to meet debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (18) downgrades in our
claims paying ability, financial strength or credit ratings; (19) ineffectiveness of risk management policies and procedures; (20) availability and effectiveness of reinsurance or indemnification arrangements, as well as default or failure of counterparties to perform; (21) discrepancies between actual claims experience and assumptions used in setting prices for our products and establishing the liabilities for our obligations for future policy benefits and claims; (22) catastrophe losses; (23) heightened competition, including with respect to pricing, entry of new competitors, consolidation of distributors, the development of new products by new and existing competitors, distribution of amounts available under U.S. government programs, and for personnel; (24) unanticipated changes in industry trends; (25) changes in assumptions related to investment valuations, deferred policy acquisition costs, deferred sales inducements, value of business acquired or goodwill; (26) changes in accounting standards, practices and/or policies; (27) increased expenses relating to pension and postretirement benefit plans, as well as health care and other employee benefits; (28) exposure to losses related to variable annuity guarantee benefits, including from significant and sustained downturns or extreme volatility in equity markets, reduced interest rates, unanticipated policyholder behavior, mortality or longevity, and the adjustment for nonperformance risk; (29) deterioration in the experience of the closed block established in connection with the reorganization of Metropolitan Life Insurance Company; (30) adverse results or other consequences from litigation, arbitration or regulatory investigations; (31) inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others; (32) discrepancies between actual experience and assumptions used in establishing liabilities related to other contingencies or obligations; (33) regulatory, legislative or tax changes relating to our insurance, banking, international, or other operations that may affect the cost of, or demand for, our products or services, or increase the cost or administrative burdens of providing benefits to employees; (34) the effects of business disruption or economic contraction due to disasters such as terrorist attacks, cyberattacks, other hostilities, or natural catastrophes, including any related impact on our disaster recovery systems, cyber-or other information security systems and management continuity planning; (35) the effectiveness of our programs and practices in avoiding giving our associates incentives to take excessive risks; and (36) other risks and uncertainties described from time to time in MetLife, Inc.s filings with the SEC.
MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the SEC.
# # #
F_[]T?\`"9:7_>F_[]UP5%'.PY$=[_PF6E_W MIO\`OW1_PF6E_P!Z;_OW7!44<[#D1WO_``F6E_WIO^_='_"9:7_>F_[]UP5% M'.PY$=[_`,)EI?\`>F_[]T?\)EI?]Z;_`+]UP-:7_".ZD=/^V?97\G&[/&<> MN.M'.PY$=9_PF6E_WIO^_='_``F6E_WIO^_=<%3A&[*65&*CN!Q1SL.1'=_\ M)EI?]Z;_`+]T?\)EI?\`>F_[]UP5%'.PY$=[_P`)EI?]Z;_OW1_PF6E_WIO^ M_=<%11SL.1'>_P#"9:7_`'IO^_='_"9:7_>F_P"_=<%11SL.1'>_\)EI?]Z; M_OW1_P`)EI?]Z;_OW7!44<[#D1WO_"9:7_>F_P"_='_"9:7_`'IO^_=<%11S ML.1'>_\`"9:7_>F_[]T?\)EI?]Z;_OW7!44<[#D1WO\`PF6E_P!Z;_OW1_PF M6E_WIO\`OW7!44<[#D1WO_"9:7_>F_[]T?\`"9:7_>F_[]UP5%'.PY$=[_PF M6E_WIO\`OW1_PF6E_P!Z;_OW7!44<[#D1WO_``F6E_WIO^_='_"9:7_>F_[] MUP5%'.PY$=[_`,)EI?\`>F_[]T?\)EI?]Z;_`+]UP5%'.PY$=[_PF6E_WIO^ M_='_``F6E_WIO^_=<%11SL.1'>_\)EI?]Z;_`+]T?\)EI?\`>F_[]UP5%'.P MY$=[_P`)EI?]Z;_OW1_PF6E_WIO^_=<%11SL.1'>_P#"9:7_`'IO^_='_"9: M7_>F_P"_=<%11SL.1'>_\)EI?]Z;_OW1_P`)EI?]Z;_OW7!44<[#D1WO_"9: M7_>F_P"_='_"9:7_`'IO^_=<%11SL.1'>_\`"9:7_>F_[]T?\)EI?]Z;_OW7 M!44<[#D1WO\`PF6E_P!Z;_OW1_PF6E_WIO\`OW7!44<[#D1WO_"9:7_>F_[] MT?\`"9:7_>F_[]UP5%'.PY$=[_PF6E_WIO\`OW1_PF6E_P!Z;_OW7!44<[#D M1WO_``F6E_WIO^_='_"9:7_>F_[]UP5%'.PY$=[_`,)EI?\`>F_[]T?\)EI? M]Z;_`+]UP5%'.PY$=[_PF6E_WIO^_='_``F6E_WIO^_=<%11SL.1'>_\)EI? M]Z;_`+]U#=>*=*NH0OFSHZD,CK'RK#H:XBE3;YB[P2N>0*7.V'(CN['Q_`#Y M=[&[8_Y:Q+P1ZE>U78M?TK4+M7L[_P"SW#87YTP']B#UJ?3]$L$LFDAM_LC7 M$&QE9@<`]#]:RU^'L,
6B+W]V)KI6\-VT]L([J:XN<+@%Y3@>X'056D;0_
M"@)8*LYYZ;I&S0!7N=:@T<11WD/D)(FZ-(^2H]".U0?\)EI?]Z;_`+]UE^+?
M$D.IPI;V91XF`=V*?,I],URU6ILGD1WO_"9:7_>F_P"_='_"9:7_`'IO^_=<
M%13YV'(CO?\`A,M+_O3?]^ZNZ3XCL=0NFBMVD+!"QW)CC(']:\UK?\%?\AF7
M_K@?_0EI.;#E2,K5O^0U>_\`7=__`$(U5JUJW_(:O?\`KN__`*$:JU)84444
M`%>@Z%X2TVXT2VFNH-\LB;F.XCK7GZKN<`=SBO7S+%I6FP"4[40)%]#P*0CR
MS6M/.F:O/:X.%;Y/H>E=SI?@K3AIL/VVW+SE F:4UPS<8C4?FQZT`>7=\=ZU/
M#FBKKNH-;M*8@J;MP&:[B\TBW\1Z09);(VES@[=R@,I]_455\%7-@+)+9%07
M\:MYF(\-C/KB@#E/$NAIH-['`LQFWQ[\E<=\5U[>'=+'ADW`LX_-^R[]W.<[
M