MetLife Inc. (MET:US), the largest U.S. life insurer, said the Federal Reserve agreed to extend a deadline to submit a capital plan by about six months as the company works to exit banking to limit regulatory oversight.
The plan is due by June 30, the New York-based company said today in a regulatory filing. The insurer said in October that the deadline had been extended to Jan. 5 from Sept. 30.
The Fed has blocked MetLife Chief Executive Officer Steven Kandarian from boosting the dividend or repurchasing shares (MET:US) as regulators considered how the largest U.S. banks would fare in a financial crisis. Kandarian, 60, received regulatory approval in December for a sale of MetLife’s bank assets and has reached deals to divest reverse-mortgage and home-loan units.
The insurer’s annual dividend (MET:US) has been 74 cents a share since 2007 and the company last authorized a buyback in 2008. The Fed last year rejected MetLife’s plans to repurchase $2 billion in shares and boost its dividend to $1.10 a share after finding that it would fall short of U.S. capital standards in a severe economic downturn.
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