METLIFE ANNOUNCES THIRD QUARTER NON-CASH CHARGE NEW YORK, September 16, 2015 MetLife, Inc. today announced that it expects to record a non-cash charge to operating earnings* and net income of $792 million, after tax, or $0.70 per share*, during the third quarter of 2015, related to the tax treatment of a wholly-owned U.K. investment subsidiary of Metropolitan Life Insurance Company (MLIC).
This charge, which is being recorded under accounting guidance for the recognition of tax uncertainties, is the result of the company's consideration of recent decisions of the U.S. Court of Appeals for the Second Circuit upholding the disallowance of foreign tax credits claimed by other corporate entities not affiliated with the company. The company's action relates to tax years 2000 to 2009, during which MLIC, a wholly-owned subsidiary of MetLife, Inc., held non-U.S. investments in support of its life insurance business through a U.K. investment subsidiary that was structured as a joint venture at the time.
On a statutory basis, the third quarter charge for MLIC will be $911 million, after tax. This charge has no impact on the previously disclosed $1.2 billion of dividends permitted to be paid in 2015 by MLIC without regulatory approval. We expect the impact to dividends permitted to be paid in 2016 without regulatory approval to be a reduction of approximately $90 million.
There has been no change in the company's position on the disallowance of its foreign tax credits by the Internal Revenue Service (IRS). MetLife continues to contest the disallowance of these foreign tax credits by the IRS as management believes the facts strongly support the company's position.
After the company records this charge in the third quarter, the company does not expect any additional charges related to this matter.
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METLIFE ANNOUNCES THIRD QUARTER NON-CASH CHARGE NEW YORK, September 16, 2015 MetLife, Inc. today announced that it expects to record a non-cash charge to operating earnings* and net income of $792 million, after tax, or $0.70 per share*, during the third quarter of 2015, related to the tax treatment of a wholly-owned U.K. investment subsidiary of Metropolitan Life Insurance Company (MLIC).
