MetLife third-quarter profit more than halves on lower investment returns

Signage is seen on the MetLife Inc building in Manhattan, New York
Signage is seen on the MetLife Inc building in Manhattan, New York, U.S., December 7, 2021. REUTERS/Andrew Kelly

Nov 2 (Reuters) - MetLife Inc (MET.N) on Wednesday reported a 53% drop in third-quarter profit as economic pressures and a global market rout led to weaker returns from the U.S. insurer's investments.

The company's U.S. unit saw a 17% decline in adjusted profit, while the Asia segment recorded a 65% slump.

Fewer claims tied to COVID-19 as the cases ease around the world helped the insurer ride out disappointing investment returns in the quarter.

Adjusted premiums, fees and other revenue grew 71% to $19.53 billion in the quarter. However, that was not enough to offset the hit to net investment income, which fell 36% to $3.59 billion.

The company posted adjusted profit of $966 million, or $1.21 per share, compared to $2.06 billion, or $2.39 per share, a year earlier.

Reporting by Mehnaz Yasmin and Niket Nishant in Bengaluru; Editing by Shinjini Ganguli

Our Standards: The Thomson Reuters Trust Principles.

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