MetLife 1Q Net Income Falls Sharply, Revenue Misses Estimates
May 03 2023 - 4:08PM
Dow Jones News
By Denny Jacob
MetLife reported sharply lower net income and a decline in
revenue in the latest quarter.
The insurer posted net income of $80 million, or 2 cents a
share, for the first quarter ended March 31, compared to $1.63
billion, or $1.89 a share, a year earlier. Adjusted earnings were
$1.52 a share, below analysts' estimates of $1.81 a share.
Revenue edged down to $15.39 billion from $15.41 billion.
Analysts polled by FactSet expected $16.84 billion.
Premiums, fees and other revenues declined 9% to $11.52 billion
from $12.59 billion.
Net investment losses were $684 million due to what it called
opportunistic repositioning of fixed maturity securities in Japan
and strengthening mortgage loan allowance for credit loss in the
quarter, a reflection of the current environment.
Chief Executive Michel Khalaf said while the year is shaping up
to be another year of uncertainty, Metlife remains focused on
managing risk across economic cycles.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
May 03, 2023 16:53 ET (20:53 GMT)
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