MetLife posts 1Q loss on weak premium revenue

AP ONLINE

Posted: 2009-04-30 16:45:00

NEW YORK (AP) — Life insurer MetLife Inc. says it lost money in the first quarter as revenue from premiums declined.

The company lost $574 million, or 71 cents per share, in the first three months of the year. Last year, MetLife made a profit of $615 million, or 84 cents per share.

On an adjusted basis, MetLife says it earned a profit of 20 cents per share, much less than Wall Street was expecting. Thomson Reuters says analysts were looking for a per-share profit of 34 cents.

Sales dropped 12 percent to $10.2 billion, almost $2 billion short of the Street view. Revenue from premiums, fees and other revenue slipped 2 percent, while the insurer's loss on investments widened to $906 million.