MetLife Inc., the largest U.S. life insurer, said it does not need assistance from the federal government’s Troubled Asset Relief Program (TARP), saying it remains well-capitalized and has already taken steps to reinforce its financial position, according to a news wire service.

“We repositioned our investment portfolio over a year ago for the current recession; completed a successful $2.3 billion common stock offering last October; and successfully remarketed over $1 billion in debt earlier this year,” said MetLife Chairman C. Robert Henrikson in a statement. “We are confident that we have the financial strength to continue to succeed now and over the long term.”

The company, which held $5 billion in excess capital, previously had not disclosed whether it was one of the 12 life insurers seeking federal assistance. The U.S. Treasury Department formally announced on April 13 that it would allow life insurers that met certain requirements to apply for capital injections under the Capital Purchase Program (CPP). However, no life insurers were among the institutions listed in the department’s April 13 TARP transaction report.

In order to qualify for federal money, life insurers must qualify as a bank or savings and loan holding company. The Office of Thrift Supervision (OTS) has approved savings and loan purchases and conversions by Hartford Financial Services Group Inc., Lincoln National Corp. and Phoenix Cos., for the purpose of receiving CPP funds. Des Moines-based Principal Financial Group Inc. and Prudential Financial Inc. have confirmed application to the OTS for participation in the program.

An earlier application from Cedar Rapids-based Transamerica Life Insurance Co., a subsidiary of Dutch financial services giant Aegon NV, was withdrawn due to Treasury rules that restrict participation to domestic firms only.

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