MetLife Slumps as Gross Laments Life Insurers’ Prospects
- Insurers, pension funds ‘slowly going bankrupt,’ Gross says
- Kandarian says difficult to see who benefits from Brexit vote
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MetLife Inc. slumped in New York trading as the Brexit vote in the U.K. pushed down bond yields, threatening investment income from the company’s portfolio.
MetLife, the largest U.S. life insurer, dropped 11 percent to $39.44 at 4:01 p.m., extending its loss for the year to 18 percent. Lincoln National Corp. declined 13 percent and the S&P 500 Life & Health Insurance Index fell 8.4 percent, the most since 2011.