Brighthouse Boosts 4Q Reserves by $38M for MetLife-Related Group Annuities

February 15, 2018 by Cyril Tuohy

Brighthouse Financial, which MetLife spun off in August, hiked reserves by $38 million in the fourth quarter to cover 14,000 group annuitants administered by its former parent company, Brighhouse executives said Tuesday.

Despite the reserve increase, the Brighthouse retail annuity business that is administered by MetLife won’t be affected, said Brighthouse president and CEO Eric Steigerwalt.

Last month, MetLife announced it would bolster reserves by as much as $575 million to make up for unrecorded pension liabilities as part of its pension risk transfer and group annuity business to group annuitants who went missing.

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Originally Posted at InsuranceNewsNet on February 14, 2018 by Cyril Tuohy.