MetLife designated a non-bank SIFI; not pleased

|By:, SA News Editor

"MetLife (NYSE:MET) strongly disagrees with the Financial Stability Oversight Council's preliminary designation of Metlife as a SIFI," says CEO Steven Kandarian. "MetLife is not systemically important under the Dodd-Frank Act criteria. In fact, MetLife has served as a source of financial strength and stability during times of economic distress, including the 2008 financial crisis."

At the moment, the SIFI designation would impose capital rules designed for banks on the insurer.

Met ins't ruling out any remedies available to it - for now, the company has 30 days to request a hearing before the FSOC to contest its designation.

The SIFI determination can hardly be a surprise given Prudential has also been deemed such, and Met's shares are unchanged in fairly active after-hours action.