MetLife Sees $48 Million Charge
A subsidiary plans the charge to cover a federal Medicare investigation.
MetLife
(MET) - Get Report
said one of its life insurance subsidiaries would take a $48 million after-tax charge to cover costs stemming from a federal government investigation of its Medicare business.
The General American Life Insurance Company exited its Medicare business in 1998, before being acquired by MetLife, but the charge will still impact MetLife's first-quarter results.
Despite the charge, MetLife reaffirmed its operating earnings guidance of $2.56 to $2.59 for the full year, including the charge. Analysts polled by Thomson Financial/First Call are expecting the insurance company to earn $2.55 for the year.
