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MetLife Issues Estimates Of Insurance Losses

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NU Online News Serivce, Sept. 17, 8:57 a.m. – MetLife Inc., New York, announced on Friday preliminary estimates for total expected insurance losses related to Tuesday’s terrorist attacks.

Based on the information available at the time, MetLife’s after-tax losses from Tuesday’s tragic events are expected to range from approximately $250 to $300 million, the company says. The per-share impact for the third quarter is expected to range from $0.35 to $0.40.

“Our top priority is to provide speedy and seamless service to our customers during this difficult period,” says MetLife Chairman and Chief Executive Officer Robert H. Benmosche. “We are doing everything possible to promptly pay claims and be of further assistance to those affected by this tragedy.

“We note that our core businesses continue to perform in line with expectations for the quarter and we continue to have substantial liquidity to maintain our share repurchase program. Our company has a long and proud history of financial strength and stability. Our confidence in our performance stems from our firm belief in the depth of the nation’s character and economic strength.”

The company has established 1-800-MET-LIFE as the number to call to handle all claims related to this tragedy. The number will be operational 8 a.m. to 8 p.m. (EST) Monday through Friday and 9 a.m. to 1 p.m. (EST) Saturday and Sunday.

MetLife has total assets of approximately $255 billion as of June 30.