Filed under: Financial, forecast, operating, profit | Tags: falls, Financial, forecast, operating, profit, Thomson
NEW YORK (AP) — MetLife Inc. said Thursday its profit shrank 37% in the first quarter as turbulent markets and the plummeting dollar pummeled the insurer’s investment portfolio.
New York-based MetLife earned $615 million, or 84 cents per share, compared with profit of $983 million, or $1.28, in the first quarter of last year.
During a rough quarter for stock and bond markets, the New York-based insurer’s investment portfolio lost $560 million. Bad credit, the plunge of the dollar and a drop in interest rates hurt the insurer’s investments.
Operating income jumped 3% to $1.11 billion, or $1.52. Like most insurers, MetLife emphasizes operating income because it excludes certain costs – including investment losses – insurers do not consider reflective of trends in their business.
Analysts polled by Thomson Financial forecast operating profit of $1.48. (more…)
