By Kathryn Hardison
MetLife Inc. said its net income dropped in the third quarter, primarily driven by derivative and investment losses.
The insurance company reported that net income fell to $395 million, or 41 cents per share, from net income of $1.58 billion, or $1.77 per share, a year ago. Adjusted per-share earnings came to $1.21, above the $1.18 per share analysts were expecting, according to FactSet.
Revenue was $22.27 billion, up from $16.91 billion a year ago. Analysts expected $21.07 billion.
Premiums, fees and other revenues were $19.6 billion, up 68% from a year ago.
Net investment income was $3.6 billion, down 36%, largely driven by lower variable investment income primarily due to lower private equity returns, the company said.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
(END) Dow Jones Newswires
11-02-22 1657ET