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MetLife, Hartford Said To Have Discussed Merger

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MetLife recently approached Hartford Financial Services to propose a merger of the two companies, according to a published report.

The move by MetLife did not result in a deal, according to the report by the Wall Street Journal. Neither company commented on the reported talks.

Earlier this week, Hartford announced that it had raised $2.5 billion in capital through an investment by Allianz S.E., Munich.

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On Wednesday, MetLife announced it had raised roughly $2 billion from shares priced at $26.50.

Both MetLife and Hartford have pre-reported investment losses for the third quarter, which contributed to sharp declines in their stock prices. Met Life on Tuesday said its gross unrealized losses on fixed maturity securities rose to $17 billion between the second and third quarters, but the company noted that it expects much of that market-value write down to be reversed as the markets recover.