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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
05/04/201620:30:00Fed's Kashkari Says Central Bank Won't Move Aggressively to Raise...
05/04/201619:36:00Weaker Investment Income Stings Insurers' Results -- 3rd Update
05/04/201618:26:00Weaker Investment Income Stings Insurers' Results -- 2nd Update
05/04/201618:10:00Weaker Investment Income Stings Insurers' Results -- Update
05/04/201617:48:00Weaker Investment Income Stings Insurers' Results
05/04/201617:09:58Current Report Filing (8-k)
05/04/201616:37:47Statement of Changes in Beneficial Ownership (4)
05/04/201616:15:00MetLife Announces First Quarter 2016 Results
05/04/201603:03:00MetLife to Pay $25 Million -- WSJ
05/04/201600:12:00MetLife & HKUST to Launch Second Annual Hong Kong Business Amazing...
05/03/201617:57:00MetLife to Pay $25 Million Finra Penalty Over Variable Annuities...
05/03/201611:57:00MetLife Recognized for Its Commitment to Gender Equality by Bloomberg...
05/03/201611:06:00MetLife to Pay $25 Million Finra Penalty Over Variable Annuities...
05/03/201611:00:00MetLife to Pay $25 Million Finra Penalty Over Variable Annuities
05/03/201610:53:00MetLife to Pay $25 Million Finra Penalty Over Variable Annuities
05/02/201622:30:00MetLife Wins Bloomberg Businessweek Financial Institution Award...
05/02/201616:15:00MetLife Announces Date Change for Investor Day
04/27/201602:36:00MetLife Recognized for Innovation at 2016 Asia-Pacific Stevie®...
04/26/201616:15:00MetLife Increases Second Quarter 2016 Common Stock Dividend by...
04/26/201607:44:07Proxy Statement (definitive) (def 14a)

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