MetLife (MET) To Pay $60 Million For Licensing Violations

NEW YORK (TheStreet) -- MetLife (MET) reached a settlement with New York authorities Monday that will see the life insurer pay a $60 million penalty.

Shares of MetLife were gaining 0.5% to $52.81.

The company will pay the penalty for allowing two subsidiaries to operate in New York without first obtaining the license needed to sell insurance. MetLife will pay $50 million to the Department of Financial Services, and $10 to the Manhattan District Attorney's Office.

MetLife also agreed to cooperate with the DFS investigation into American International Group (AIG), which sold the businesses to the company in 2010.

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TheStreet Ratings team rates METLIFE INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate METLIFE INC (MET) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, good cash flow from operations, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows low profit margins."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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