Boston, MA 02/28/2013 (wallstreetpr) – Metlife Inc (NYSE:MET) announced that one of its units had won $190 million in a Tokyo court in a tax case and will have to make a part refund to American International Group Inc (NYSE:AIG). The latter was the original owner of the business. The American Life Insurance Co had been acquired in 2012 from AIG and had won the award that included penalties and interests totaling $160 million. The New York-based insurance company made this announcement in a regulatory filing that outlined the condition of the company at the end of last year. The actual size of the refund has not been stated. International expansion is in the pipeline and Metlife Inc (NYSE:MET) CEO Steven Kandarian is focusing on boosting company profits.
Refund and other expenses
Metlife Inc (NYSE:MET) had paid AIG close to $16 billion in the acquisition of Alico as they were looking at expansion beyond the U.S. American International Group Inc (NYSE:AIG) runs operations in over 50 countries and had sold the unit to help in the repayment of a U.S bailout. MetLife said -certain securities that were held by American Life had been subject to unrealized foreign-exchange losses, even before its Alico acquisition. The filing stated that Metlife Inc (NYSE:MET) will be recording a refund charge of $30 million in the current quarter. The company will also be incurring an exiting banking-related cost of $60 million-$85 million.
Kandarian wanted to limit the Federal Reserve oversight and thus retreated from banking. This prevented Metlife Inc (NYSE:MET) from increasing its dividend or even buying back its stock. The insurance company has sealed deals to sell General Electric Company (NYSE:GE) deposits. Mortgage servicing rights will be sold to JPMorgan Chase & Co (NYSE:JPM) and Nationstar Mortgage Holdings Inc (NYSE:NSM) will buy a reverse-mortgage portfolio. Metlife Inc (NYSE:MET) undersold its net assets for $580 million from $608 million.
Shares of Metlife Inc (NYSE:MET) went up by 2.14% to close at $35.70
Shares of American International Group Inc (NYSE:AIG) went up by 0.21% to close at $37.77
Shares of General Electric Company (NYSE:GE) went up 1.39% to close at 423.37
Shares of JPMorgan Chase & Co (NYSE:JPM) went up by 3.53% to close at $49.28
Shares of Nationstar Mortgage Holdings Inc (NYSE:NSM) went up by 3.10% to close at $38.30