MetLife has reported a web revenue of $574m for This fall 2023, a 63% hunch from $1.5bn in the identical quarter a yr in the past.
The insurer attributed this fall to market threat profit remeasurement losses, which had been partly offset by an uptick in web by-product positive factors.
It disclosed market threat profit remeasurement losses totalling $431m within the three months underneath overview.
Web by-product positive factors for the quarter stood at $149m, largely on account of a fall in long-term rates of interest.
Web funding revenue was $5.4bn in This fall, constituting 20% progress from the identical interval in 2022.
This rise was propelled by greater rates of interest and an upsurge within the estimated honest worth of sure securities.
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Nevertheless, web funding losses amounted to $174m throughout the quarter, primarily on account of regular buying and selling exercise inside the portfolio.
Within the three months ending 31 December 2023, the insurer’s premiums, charges and different revenues climbed 26% to $13.68bn, up from $10.89bn within the corresponding quarter of the earlier yr.
For This fall, MetLife’s return on fairness stood at 9.6%.
Its full-year web revenue in 2023 slid 73% to $1.38bn in contrast with $5.09bn within the prior yr.
MetLife president and CEO Michel Khalaf stated: “The optimistic momentum in our market-leading portfolio of companies drove MetLife’s robust fourth-quarter and full-year 2023 outcomes. We have now exited 2023 even stronger than we entered the yr with glorious capital and liquidity, arming us with appreciable monetary flexibility going ahead.”