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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
09/03/201516:48:54Statement of Changes in Beneficial Ownership (4)
09/03/201510:05:00MetLife Appoints ARGONAUT as Agency of Record
09/03/201508:03:00MetLife Solutions Group Celebrates Continued Growth with Ribbon-Cutting...
09/02/201508:30:00MetLife Executive Vice President to Speak at the Keefe Bruyette...
09/02/201505:35:00MetLife Wins the Innovation Award in the Asia Insurance Technology...
09/01/201500:05:00MetLife Announces Chief Distribution Officer, Asia
08/31/201516:49:00MetLife Named Top 50 Company for Hispanic Women
08/24/201508:00:00“MetLife 3 R’s to Retirement” Campaign Tackles Teachers’ Retirem...
08/17/201516:21:52Current Report Filing (8-k)
08/17/201516:05:00MetLife Declares Third Quarter 2015 Preferred Stock Dividend
08/13/201516:07:35Current Report Filing (8-k)
08/06/201516:24:57Amended Statement of Beneficial Ownership (sc 13d/a)
08/04/201521:00:00MetLife Appoints Cindy Tang as Vice President and Head of Communications...
08/04/201516:17:09Statement of Changes in Beneficial Ownership (4)
08/04/201505:59:42With Copper Boom Slowing, Real Estate Firms Get Creative in Chile
08/03/201522:00:00MetLife Hong Kong Launches New Brand Campaign to Light up Hong...
08/03/201516:50:10AIG Raises Dividend as Operating Profit Rises
08/03/201508:00:00MetLife Premier Client Group of Wisconsin and the Upper Peninsula...
07/29/201517:30:02Current Report Filing (8-k)
07/29/201516:51:31MetLife's Operating Profit Rises 11%

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