By Denny Jacob


MetLife reported sharply lower net income and a decline in revenue in the latest quarter.

The insurer posted net income of $80 million, or 2 cents a share, for the first quarter ended March 31, compared to $1.63 billion, or $1.89 a share, a year earlier. Adjusted earnings were $1.52 a share, below analysts' estimates of $1.81 a share.

Revenue edged down to $15.39 billion from $15.41 billion. Analysts polled by FactSet expected $16.84 billion.

Premiums, fees and other revenues declined 9% to $11.52 billion from $12.59 billion.

Net investment losses were $684 million due to what it called opportunistic repositioning of fixed maturity securities in Japan and strengthening mortgage loan allowance for credit loss in the quarter, a reflection of the current environment.

Chief Executive Michel Khalaf said while the year is shaping up to be another year of uncertainty, Metlife remains focused on managing risk across economic cycles.


Write to Denny Jacob at denny.jacob@wsj.com


(END) Dow Jones Newswires

05-03-23 1653ET