MetLife 3Q profit dips, misses Street |
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Wed, 31 Oct 2007 21:30
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NEW YORK (AP) - MetLife Inc. on Wednesday reported third-quarter profit edged lower and missed Wall Street expectations, as the No. 1 U.S. life insurer suffered $270 million of losses from investments used to hedge its insurance portfolio.Quarterly profit after paying preferred dividends fell to $985 million, or $1.29 per share, from $999 million, or $1.29 per share, in the same period a year earlier. MetLife had more shares outstanding in the year-ago period.Revenue rose to $13.06 billion from $12.53 billion in the year-ago period.Results missed Wall Street projections for a profit of $1.39 per share on revenue of $13.45 billion, according to analysts polled by Thomson Financial.MetLife said it booked losses from its investment portfolio amid the market's turbulence. The company had net losses of $215 million from losses pinned on derivatives and other financial instruments, and $25 million from hedge fund positions.The company did not break out further information about its investment portfolio.Shares added 21 cents to end regular trading at $68.85.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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