Thursday, March 10, 2011

MetLife (MET) Reducing Corporate Bond Exposure

MetLife Inc. (NYSE:MET) Chief Executive Officer Robert Henrikson said the company has plans in place to reduce its exposure to corporate bonds, cutting it from the $160.7 billion they now own by the end of 2011.

Henrikson said at an investor presentation, “We see opportunities to lower the percentage of our business in the financial community, and banks, European banks, so forth and so on,” adding they'll “pare it down over time.”

Henrikson also noted at the presentation, which was hosted by Citigroup Inc. (NYSE:C), that the company also has concerns over the sovereign debt exposure they have to Greece. “We are also paring down the Greek portfolio,” he added. At the end of 2010 the giant insurer had close to $735 million in exposure to Greek sovereign debt.

MetLife was trading at $45.36, down $0.94, or 2.03 percent, as of 2:13 PM EST.

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