NEW YORK (AP) -- MetLife Inc. plans to transfer to investors the risk of claims on a basket of life insurance policies by selling bonds, the life insurer said in a filing with the Securities and Exchange Commission Wednesday.

One or more units of MetLife will sell as much as $5.5 billion in bonds that grant the buyers rights to a trust called MetLife Capital Trust IV.

This trust will act as a reinsurer for a closed block of life insurance policies dating from before the time the company transformed from an insurer owned by its policyholders to an insurer owned by its shareholders.

The money raised through the bond sale will be used to "reinsure" the life insurance policies, meaning reimburse MetLife's life insurance subsidiary for submitted claims.

The deal is expected to be completed this month, the company said.

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