Third-quarter profit of MetLife Inc. missed Wall Street expectations, because of suffered $270 million (186.89 million EUR) losses from investments used to hedge its insurance portfolio.
Quarterly profit after paying preferred dividends fell to $985 million (681.8 million EUR), or $1.29 (.89 EUR) per share, from $999 million (691.49 million EUR), or $1.29 (.89 EUR) per share, in the same period a year earlier. MetLife had more shares outstanding in the year-ago period.
Revenue rose to $13.06 billion (9.04 billion EUR) from $12.53 billion (8.67 billion EUR) in the year-ago period.
Results missed Wall Street projections for a profit of $1.39 (.96 EUR) per share on revenue of $13.45 billion (9.31 billion EUR), according to analysts polled by Thomson Financial.
MetLife said it booked losses from its investment portfolio amid the market's turbulence. The company had net losses of $215 million (148.82 million EUR) from losses pinned on derivatives and other financial instruments, and $25 million (17.3 million EUR) from hedge fund positions.
The company did not break out further information about its investment portfolio.
Subscribe to Pravda.Ru Telegram channel, Facebook, Twitter, YouTube, RSS!
Satellite images of the destroyed headquarters of the Main Directorate of Intelligence (GUR) of the Ukrainian Defence Ministry appeared on the Internet