Lower private equity returns sent MetLife's net investment income down 15% to $4.5 billion in the final quarter of a year that saw rising interest rates and growing recession risks pummel global markets across asset classes.
Shares of the insurer fell 2% in extended trading following the results.
Adjusted premiums, fees and other revenues - excluding pension risk transfers (PRT) - decreased 1% to $11.4 billion. Still, improving underwriting trends in the United States, Europe and Latin America, alongside lower COVID-19 life insurance claims, partially offset the hit to its investment income.
U.S. adjusted earnings climbed 20% in the quarter, while Latin America and EMEA jumped 45% and 67%, respectively, on a reported basis.
The company posted adjusted profit of $1.2 billion, or $1.55
per share, for the three months ended Dec. 31, compared with
$1.8 billion, or $2.17 per share, a year earlier.
Analysts on average had expected $1.65 per share, according
to IBES data from Refinitiv.
(Reporting by Manya Saini in Bengaluru; Editing by Devika
Syamnath)
