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CORRECT: MetLife Posts Wider 1Q Loss Than Projected On Smaller Tax Benefit

("MetLife Posts Wider 1Q Loss Than Projected On Smaller Tax Benefit," published at 4:44 p.m. EDT, misstated the profit figure in the third paragraph. The correct version follows:) DOW JONES NEWSWIRES MetLife Inc. (MET) reported a wider first-quarter loss than it projected last week as the life insurer cut the size of its income-tax benefit. Last Friday, the biggest U.S. insurer reported preliminary results after inadvertently posting some of its financial data on its website ahead of the scheduled release. The company posted a loss of $144 million, or 16 cents a share, widening from the $64 million it estimated last week and compared with the year-earlier profit of $877 million. It posted an income-tax benefit of $275 million, versus the $871 million projected last week. Operating earnings, which exclude investment gains and losses, came in at $1.37 a share, as reported last Friday. Operating revenue, which likewise strips out some investment effects, also was unchanged at $16.69 billion, up 6.9%. The bottom-line result was driven by net derivative losses of $1.98 billion, while the year-earlier period's loss was a mere $315 million. Like its fellow insurers, MetLife uses derivatives to hedge a number of risks, including changes in interest rates and fluctuations in foreign currencies. MetLife said earlier Thursday it is selling its reverse-mortgage business, its latest move to avoid increased regulatory scrutiny and stay focused on its core operations. In March, it failed "stress tests" by the Federal Reserve that were aimed at gauging the capital adequacy of 19 of the biggest U.S. financial firms under a severe economic worsening. MetLife shares closed Thursday at $36.47 and were inactive after hours. The stock is up 17% so far this year. -By Lauren Pollock, Dow Jones Newswires; 212-416-2356; lauren.pollock@dowjones.com

Stock News for Metlife (MET)
DateTimeHeadline
05/21/201516:05:00MetLife Chairman, President & CEO to Speak at Deutsche Bank Global...
05/21/201513:30:00MetLife Global Technology and Operations Celebrates Grand Reopening...
05/20/201512:15:10What Is the S&P 500 Index?
05/15/201516:29:38Current Report Filing (8-k)
05/15/201516:05:00MetLife Declares Second Quarter 2015 Preferred Stock Dividends
05/15/201506:17:00MetLifeâs Infinity App Wins Fifth Industry Award and Ranks a...
05/13/201516:10:31Statement of Changes in Beneficial Ownership (4)
05/12/201522:00:00MetLife Asia Sweeps Asia-Pacific Stevie® Awards With Five Honors
05/11/201522:30:33U.S. Defends MetLife Decision, Seeks Dismissal of Suit
05/11/201522:13:20U.S. Defends MetLife Decision, Seeks Dismissal of Insurer's Suit
05/08/201516:43:12Amended Statement of Beneficial Ownership (sc 13d/a)
05/06/201520:16:37MetLife's Operating Profit Rises 4.9% -- 2nd Update
05/06/201516:40:52MetLife's Operating Profit Rises 4.9%--Update
05/06/201516:37:38MetLife's Operating Profit Rises 4.9%
05/06/201516:16:19Current Report Filing (8-k)
05/06/201516:05:00MetLife Announces First Quarter 2015 Results
05/04/201512:00:51Zacks Lowers Metlife to Sell (MET)
05/04/201508:57:00MetLifeâs 13th Annual Employee Benefit Trends Study Finds Satisfaction H...
05/03/201509:17:26MARKET SNAPSHOT: Media, Smaller Energy Cos. Provide Bulk Of Results...
04/30/201516:26:39Statement of Changes in Beneficial Ownership (4)

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