MetLife's profit falls 96% as sluggish investment income hits

Written by Adam Cadle

06/08/2020

MetLife's profit slid to $68m in Q2 2020, down 96% from a year earlier, on sluggish investment income, according to its latest financial results.

MetLife's net investment income fell by 13% to $4.1bn from $4.7bn a year ago, according to its latest financial results. The insurer said the decline was driven by a loss in varibale investment income, reflecting a reporting lag for the first quarter for private equity results.

Profit fell by 29% in both the US and Asian businesses, driven by declines in variable investment income.

The company also reported $710m in net derivative losses because of stronger equity markets and higher longer-term interest rates.

Premiums and fees dropped 13% to $10.4bn, from $12bn a year ago.

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