DOW JONES NEWSWIRES MetLife Inc. (MET) said it swung to a first-quarter loss on increased derivative losses, after inadvertently posting some of its financial data on its website ahead of the scheduled release. Operating earnings, which exclude investment gains and losses, climbed in the period and topped estimates, though operating revenue, which also strips out investment effects, grew slower than expected. MetLife, the biggest U.S. insurer, said it posted Wednesday some historical results on the investor relations section of its website, but learned Thursday that the data could be accessed in ways to make visible the preliminary financial results for the quarter ended March 31, which were embedded in the document but not visible. The company plans to report results next Thursday. MetLife posted a loss of $64 million, compared with a year-earlier profit of $877 million. On a per-share basis, which reflects the payment of preferred dividends, the company posted a loss of 9 cents, versus a profit of 66 cents. Operating earnings rose to $1.37 a share from $1.23. Operating revenue climbed 6.9% to $16.69 billion. Analysts polled by Thomson Reuters were looking for operating earnings of $1.25 a share and operating revenue of $16.72 billion. Like its fellow insurers, MetLife uses derivatives to hedge a number of risks, including changes in interest rates and fluctuations in foreign currencies. In the most recent period, the company booked net derivative losses of $1.98 billion compared with a year-earlier derivative loss of $315 million. Despite expected continued softness in the global economy, MetLife executives have said profits were likely to rise in 2012, driven by improved results in its U.S. retirement-products business and its international operations. MetLife has also been grappling with an uncertain regulatory environment. Earlier this year, MetLife said it would stop originating forward residential mortgages, a move to avoid increased regulatory scrutiny and stay focused on its core operations. In December, the insurer agreed to sell most of its U.S. retail deposit business to General Electric Co.'s (GE) GE Capital Financial Inc. Shares were up 14 cents at $35.52 premarket and have climbed 13% this year. -By Lauren Pollock, Dow Jones Newswires; 212-416-2356; lauren.pollock@dowjones.com
