Insurance giant MetLife has won its battle with the government to shed its “too big to fail” designation, the New York Times DealBook blog reported yesterday. A federal judge in Washington, D.C., yesterday rescinded the government’s designation of MetLife as a “systemically important financial institution,” a label that the insurer has been fighting to remove since 2014 because of the extra regulatory scrutiny it brings. The government can appeal the decision. The judge’s opinion was sealed, making it unclear what arguments persuaded the court to decide in favor of MetLife. Even before the ruling, however, MetLife was working to streamline its operations. In January, it announced it was exploring the sale or spinoff of its retail life and annuity business, including a possible initial public offering to create a company that could compete more aggressively with smaller life insurance providers. In February, it agreed to sell its retail adviser network, with 4,000 advisers, to the Massachusetts Mutual Life Insurance Company.
