MetLife turns down federal aid, cites strong balance sheet

MetLife Inc. has backed out of the Department of the Treasury’s Troubled Asset Relief Program, saying its strong balance sheet shows it doesn’t need federal aid. “MetLife is well positioned, with approximately $5 billion in excess capital, a strong balance sheet and leading market positions in our core group and individual insurance businesses, where our revenues continue to be healthy,” C. Robert Henrikson, chairman and chief executive, said in a statement. “MetLife has already taken actions to reinforce its strong financial position, including raising capital in the marketplace,” he said. “We have therefore decided not to participate in the program.” On Thursday, Genworth Financial Inc. of Richmond, Va., said it won’t participate in the TARP Capital Purchase Program because it missed a deadline for the Office of Thrift Supervision to allow it to become a bank-holding company, thus making it ineligible. Similarly, Protective Life Corp. said that it was out of the running for federal help because The Bank of Bonifay (Fla.) — which the Birmingham, Ala. insurer had agreed to buy to be eligible for TARP — terminated the tentative acquisition agreement on April 1.