MetLife 4Q Net Income Plunges Despite Revenue Surge
By Denny Jacob
MetLife logged a steep decline in net income despite a surge in revenue in the latest quarter.
The insurer posted net income of $607 million, or 77 cents a share attributable to common shareholders, for the fourth-quarter ended Dec. 31, down from $1.58 billion, or $1.96 a share attributable to common shareholders, a year earlier. Adjusted earnings attributable to common shareholders were $1.83 a share, below analysts' estimates of $1.88 a share.
Revenue soared to $19.03 billion from $15.61 billion. Analysts polled by FactSet expected $18.24 billion.
Premiums, fees and other revenue surged 26% to $13.69 billion from $10.9 billion in the prior-year period.
Net investment losses were $174 million, or $137 million after tax during the quarter primarily driven by normal trading activity in the portfolio, MetLife said.
"We have exited 2023 even stronger than we entered the year with excellent capital and liquidity," said Chief Executive Michel Khalaf.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 31, 2024 16:57 ET (21:57 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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