MetLife Inc. said that it cannot locate less than 5% of its total group annuitant population of roughly 600,000 in the retirement business, saying they have relocated or cannot be reached via currently available information.
The company said the people impacted generally received average benefits of less than $150 per month.
The company is trying to include more types of search methods and better utilize technology, which would result in strengthening reserves. This may be material to its results of operations, it said in a filing disclosing near-term outlook.
The company plans to provide further disclosure on its fourth-quarter earnings call and in its annual report for the year.