SEC probing insurer’s charge

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Monday, Nov. 10, 2003 | 9:15 a.m.

WASHINGTON -- MetLife Inc. said Friday that the Securities and Exchange Commission has launched a formal investigation into a charge the company recorded in the second quarter.

On Aug. 11, MetLife announced that it was reducing its previously announced earnings by $31 million after taxes as a result of "certain improperly deferred expenses" at its New England Financial unit.

MetLife, the New York-based life insurance company, said in its third-quarter financial statement filed Friday that it had informed the SEC about the nature of the charge before making the public announcement.

MetLife's SEC filing Friday said that the agency then started pursuing a formally investigation of the matter and that the company is "fully cooperating with the investigation."