MetLife Posts 42% Drop in 3Q Net Income
November 9, 2015 by Caroline Saucer, editor, BestWeek: Caroline.Saucer@ambest.com
NEW YORK – MetLife Inc. has posted a 42% drop in third-quarter net income to $1.2 billion.
Premiums, fees and other revenues rose 3% to $13.1 billion, it said in a statement.
“Macroeconomic factors, including foreign currency, equity markets and interest rates, as well as a previously announced non-cash tax-related charge, negatively impacted MetLife’s third-quarter results,” Steven A. Kandarian, chairman, president and chief executive officer, said in a statement.
The non-cash charge related to the tax treatment of a wholly owned U.K. investment subsidiary of Metropolitan Life Insurance Co., which decreased earnings by $792 million.
Operating units of MetLife have current Best’s Financial Strength Ratings of either A (Excellent) or A+ (Superior).
At the close of trading Nov. 4, shares of MetLife (NYSE: MET) were priced at $50.49, down 1.05% from the previous close.
