MetLife Profit Falls 74% as Derivatives Loss Widens
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MetLife Inc., the biggest U.S. life insurer, said fourth-quarter profit declined 74 percent as derivative losses widened amid a surge in interest rates.
Net income fell to $82 million, or 5 cents a share, from $320 million, or 35 cents, a year earlier, the New York-based company said today in a statement distributed by Business Wire. Excluding some investment results, earnings were $1.14 a share, beating the $1.10 average estimate of 18 analysts surveyed by Bloomberg.