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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
05/04/201512:00:51Zacks 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)
04/30/201516:24:25Statement of Changes in Beneficial Ownership (4)
04/30/201516:24:25Statement of Changes in Beneficial Ownership (4)
04/30/201516:22:52Statement of Changes in Beneficial Ownership (4)
04/30/201516:21:25Statement of Changes in Beneficial Ownership (4)
04/28/201512:07:00MetLife Makes First Claim Settlement of the Nepal Earthquake
04/28/201511:21:35MetLife Raises Quarterly Dividend
04/28/201510:30:00MetLife Increases Second Quarter 2015 Common Stock Dividend by...
04/27/201521:22:00MetLife Assists Victims of the Nepal Earthquake
04/27/201520:25:21Fed Rule Making Has Insurers on Edge
04/24/201519:37:14MetLife Could Take Page From GE, Analysts Say
04/24/201516:15:10Current Report Filing (8-k)
04/22/201516:54:23Post-effective Amendment to an S-8 Filing (s-8 Pos)
04/21/201510:53:00MetLife Named to â100 Best Corporate Citizensâ List
04/21/201508:00:00Construction Starts on New Global Headquarters for MetLife Investments
04/16/201516:12:24Current Report Filing (8-k)
04/15/201516:18:31Statement of Changes in Beneficial Ownership (4)

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