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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
03/29/201510:15:03When it Comes to Life Insurance, This is the Company Consumers...
03/26/201518:38:09MetLife gets six-month extension to file "living will"
03/26/201517:01:18Fed, FDIC Give MetLife Six-Month Extension on 'Living Will'
03/25/201518:00:31Treasury Secretary Tells How to Lose the 'Systemically Important...
03/24/201508:05:06Groudhog Day for insurers and banks
03/23/201518:36:35U.S. Regulators Fault 3 Foreign Banks Over 'Living Wills'--Update
03/23/201516:13:13Annual Report to Security Holders (ars)
03/23/201516:09:47Proxy Statement (definitive) (def 14a)
03/23/201502:26:02MetLife Could Be A Good Investment Right Now
03/23/201500:30:42Ocwen Responds to Mortgage-Investor Criticism
03/18/201523:18:07MetLife Is Returning To Park Avenue
03/18/201512:40:00MetLife Named among ‘Top 50 Organizations for Multicultural B...
03/18/201510:00:00MetLife Foundation Sponsors ‘The Financial Inclusion Challenge’
03/18/201509:55:53AFLAC Is Undervalued In This Hot Market: Don't Buck The Duck
03/17/201518:47:24My March Stock Picks
03/17/201516:18:31Statement of Changes in Beneficial Ownership (4)
03/17/201516:17:43Statement of Changes in Beneficial Ownership (4)
03/17/201516:17:43Statement of Changes in Beneficial Ownership (4)
03/17/201516:16:23Statement of Changes in Beneficial Ownership (4)
03/17/201516:15:57Statement of Changes in Beneficial Ownership (4)

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