Feb 1, 2023
MetLife Quarterly Profit Drops as Investment Income Falters
(Bloomberg) -- MetLife Inc., the biggest U.S. life insurer, said profit fell in the fourth-quarter from a year ago with premiums, fees and other income declining as investment income faltered.
- Revenue fell about 19% to $16.3 billion in the period, the New York-based firm said Wednesday in a statement. Adjusted earnings declined to $1.55 a share from $2.01, missing the $1.64 average estimate of 17 analysts surveyed by Bloomberg.
- Net income grew about 8.3% from a year earlier to $1.3 billion. Gains on derivatives tied to a weaker US dollar fed the increase.
- Net investment income dipped 15% to $4.5 billion, with lower private equity returns primarily responsible for the drop.
- “MetLife’s strong underlying fundamentals were on full display in the fourth quarter and full year of 2022.,” Chief Executive Officer Michel Khalaf said in the statement.
- MetLife’s statement is here.
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