Sept. 4 (Bloomberg) — MetLife Inc. was deemed systemically important by a panel of regulators, a decision that would subject the biggest U.S. life insurer to stricter Federal Reserve oversight.
"MetLife strongly disagrees" with the Financial Stability Oversight Council's move today, Chief Executive Officer Steven Kandarian said in a statement. "MetLife has served as a source of financial strength and stability during times of economic distress, including the 2008 financial crisis."
Also read: Is MetLife a threat?
The decision is a potential defeat for Kandarian, who worked to avoid the systemically important designation. Kandarian, who has called regulatory uncertainty the primary challenge to meeting profit targets, met with regulators and lawmakers and submitted thousands of pages of supporting documents in opposing the label.
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