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Strategies & Market Trends : Value Investing

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To: Sergio H who wrote (45634)	11/22/2011 7:33:05 PM
From: Spekulatius	Read Replies (1) of 78705

re MET and Aflac - Aflac has way more exposure to Europe than MET - Aflac still holds a lot of crappy bank paper (preferred, subordinated notes) when i checked on them a while back. MET is not even close in exposure (relative to Aflac) to troubled European credit. It sort of surprises me that Aflac never got rid of all that paper after 2008 when they could have done so. The news regarding the dividend increase and stock buyback (or lack thereoff) was from 10/25 and lead to an immediate drop in stock. It appears to me that this was done solely on the grounds that MET is a bank holding company (they gained out access to Fed liquidity in those dark days of credit crunch in 2008 via the bank holding loophole even though it is primary an insurance company), The bank holding status is not needed any more (we could even argue if it was needed back then ,even though it seemed like an idea to gain access to Fed cash in a crisis), so i think they will sell the bank and get rid of the bank holding status which stops the Fed from having a say over their affairs. I regard this as a temporary setback that does not change the intrinsic value of MET stock.

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