MetLife earnings hurt by interest rates, currency shifts
MetLife, the largest U.S. life insurer, posted earnings that beat Wall Street forecasts on Wednesday, though its profits were hurt by derivative losses.
Shares were up very slightly in after-hours trading. (Click here for the latest after-hours quote.)
Net profit fell to $471 million, or 43 cents per share, from $2.26 billion, or $2.12 per share, a year earlier. MetLife reported $1.1 billion in net derivative losses, mostly due to rising interest rates and changes in foreign currencies.
Excluding items, earnings climbed to $1.44 per share, up from $1.33 a share in the same period a year ago.
Revenue rose to $17.04 billion from $16.79 billion a year earlier.
Analysts were expecting the insurer to report earnings of $1.33 per share on revenue of $17.33 billion, according to estimates from Thomson Reuters.
MetLife, like its peers, is heavily exposed to persistently low interest rates. But it has long had a substantial derivatives program designed to smooth out that risk.
—CNBC with Reuters