MetLife Inc. (NYSE: MET) on Thursday reported a loss for the third quarter, driven by $1.4 billion in investment losses, according to Associated Press.
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The investment losses were primarily related to complex investments known as derivatives, which are used to hedge a number of risks, including changes in interest rates and foreign currencies. Excluding derivatives, net realized investment losses actually declined 24 percent from the second quarter.
For the period ended Sept. 30, MetLife reported a net loss of $650 million, or 79 cents per share, compared with a profit of $600 million, or 83 cents per share, a year earlier.
It was the third quarterly loss in a row for the New York-based insurer, but much less than the $1.43 billion loss in the previous quarter.
Excluding investment gains and losses, operating earnings rose 18 percent over the third quarter of last year to $718 million, or 87 cents per share. That was in line with the average analyst estimate, which typically excludes one-time, unusual items.
MetLife shares fell 84 cents to $36.01 in after-hours trading. Shares had jumped $2.68, or 7.9 percent, to close at $36.84 in the regular session before the report was released.
Total revenue dipped 1 percent to $12.41 billion, slightly better than expected.
MetLife also declared an annual dividend of 74 cents.
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