MetLife profit falls 52% on costs of retail unit’s spinoff
November 3, 2016 by Katherine Chiglinsky
(Bloomberg) — MetLife Inc., the largest U.S. life insurer, said third-quarter profit tumbled 52 percent on derivative losses and costs tied to the spinoff of a U.S. retail business as Chief Executive Officer Steve Kandarian reorganizes the company.
Net income slipped to $571 million from $1.2 billion a year earlier, New York-based MetLife said Wednesday in a statement. Profit excluding some investment results was $1.28 a share, beating the $1.15 average estimate of 10 analysts surveyed by Bloomberg.
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