MetLife will pay $16.5 million to a restitution fund for policyholders and a $2.5 million fine, Attorney General Eliot Spitzer's office said in a statement.

The company "does not admit liability as to any issue of fact or law," MetLife said in its own statement.

It did agree "to certain business reforms relating to compensation of producers of group insurance, compensation disclosures to group-insurance clients and the adoption of related standards of conduct," MetLife said.

The investigation focused on payments to people who marketed and sold group life and disability, group long-term care and group accidental death and dismemberment insurance. Business Week said MetLife was accused of paying brokers to steer business its way.

MetLife said it expected the settlement would not hurt its business.