By MetLife, the insurance giant, experienced a significant drop in net income for the latest quarter, even though they saw a surge in revenue. For the fourth quarter, which ended on December 31st, the company reported a net income of $607 million or 77 cents per share attributable to common shareholders. This is a decrease from $1.58 billion or $1.96 per share compared to the same period last year. However, adjusted earnings attributable to common shareholders were $1.83 per share, slightly below analysts’ estimates of $1.88 per share.
MetLife’s revenue skyrocketed to $19.03 billion from $15.61 billion, surpassing the expectations of analysts who predicted $18.24 billion. Premiums, fees, and other revenue also experienced significant growth, with a 26% increase from $10.9 billion to $13.69 billion in the prior-year period.
During the quarter, net investment losses amounted to $174 million or $137 million after tax. These losses were primarily driven by normal trading activity in the company’s portfolio, according to MetLife.
Despite the decline in net income, Chief Executive Michel Khalaf expressed confidence in MetLife’s performance. “We have exited 2023 even stronger than we entered the year with excellent capital and liquidity,” he stated.
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