MetLife Inc. disclosed Thursday that it revised its 2017 earnings upward after discovering it had previously miscalculated reserves for a retirement-savings product in Japan, raising new questions about the insurance giant’s internal controls. MetLife increased its previously reported 2017 net income of $3.6 billion by $264 million and said the mistake “represents a material weakness in internal controls over financial reporting.” The miscalculation “had no impact on payments to customers,” according to the company.

Source: Wall Street Journal March 01, 2018 22:15 UTC