MetLife 1st-qtr net drops 37 pct on investments

NEW YORK (Reuters) - MetLife Inc (MET.N), the largest life insurer in the United States by assets, posted a 37 percent decline in first-quarter net income on Thursday, hurt by investment losses.

Excluding investment losses, operating earnings, which is used by analysts, rose in the period.

Net earnings fell to $615 million, or 84 cents a share, from $983 million, or $1.28 a share, in the year earlier quarter.

New York-based MetLife said operating earnings rose to $1.11 billion or $1.52 a share, beating Wall Street expectations. Analysts, on average, expected $1.48 a share, according to Reuters Estimates.

In the year-ago quarter, the insurer earned $1.08 billion, or $1.41 a share.

MetLife recorded net realized aftertax investment losses of $560 million, including $150 million in credit-related losses.

Total premiums, fees and other revenue climbed about 1 percent to $13 billion.

(Reporting by Lilla Zuill; Editing by Jeffrey Benkoe)