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MetLife names Khalaf CEO, Kandarian to retire


(Reuters) - Inc on Tuesday named insider as its new to succeed Steven Kandarian, who held the position for eight years and helped the company ride through intense regulatory oversight in the wake of the financial crisis.

Khalaf, who headed the company's U.S. and EMEA business, will move into the new role on May 1 after Kandarian retires, said in a statement.

The new takes over at a time when insurers are bracing for elevated payouts to owners of long-term care policies, which cover expenses like assisted living for infirmed and elderly customers, forcing them to boost reserves.

Khalaf joined in 2010, after the company bought American Life Insurance Company (Alico) from in 2010. Khalaf worked with for more than two decades in several leadership roles across the world.

Under Kandarian's leadership, MetLife spun off its longtime business that sold into a new company called in 2017. The aim was to boost the insurer's share price, besides creating a more nimble company that was less sensitive to interest rates.

Kandarian also pushed for removal of MetLife's "systemically important" designation, better known as "too big to fail", a tag that triggers heightened regulatory oversight and requires companies to hold on to more capital.

Up to Monday's close, MetLife's shares have fallen more than 15 percent since the of The stock was up 1.3 percent in early trading on Tuesday.

The New York-based insurer reported a profit of $880 million in its latest quarter, compared with a loss of $97 million a year ago due to a charge related to its

(Reporting By in Bengaluru; Editing by and Saumyadeb Chakrabarty)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 08 2019. 21:05 IST