The Federal Reserve has granted MetLife Inc a third extension to submit its capital plan as the insurer moves closer to completing the sale of its deposit-taking business to a unit of General Electric Co's GE Capital. The largest life insurer in the United States said it received a letter from the Fed granting an extension until June 30 to submit the plan. ()MetLife has a bank holding charter because of its online banking business and is therefore overseen by the Fed. Last March the insurer failed a stress test and was blocked by the Fed from raising dividend or buying back shares.The sale of the deposits portion of its bank to GE Capital got approval from banking regulators in December, moving MetLife a step closer to relinquishing the bank charter, which may mean the end of Fed oversight.The company has, however, warned that it does not expect to purchase back any shares in 2013, a blow to investors who have waited since the autumn of 2011 for a return of capital.
MetLife, Inc. (MetLife), is a provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Shares of MET remained unchanged at $35.79. In the past year, the shares have traded as low as $27.60 and as high as $39.55. On average, 11133800 shares of MET exchange hands on a given day and today's volume is recorded at 0.
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