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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
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)
04/26/201606:09:55Annual Report to Security Holders (ars)
04/25/201604:22:00MetLife Hong Kong Awarded “Caring Company”
04/21/201623:14:00MetLife Wins Model Insurer Asia Awards 2016
04/21/201603:30:00MetLife Appoints Ashia Razzaq as Business Communications Head...
04/20/201616:13:08Statement of Changes in Beneficial Ownership (4)
04/11/201617:45:00Congressional Letter Highlights Awkward Consequence of MetLife...
04/11/201616:42:25Securities Registration (section 12(g)) (8-a12g)
04/11/201602:30:00CEO Who Beat Uncle Sam -- WSJ
04/08/201614:53:00Judge's Rejection of MetLife's 'Systemically Important' Label...
04/08/201613:40:00FSOC Appeals Judge's MetLife Ruling
04/08/201613:33:00Judge's Rejection of MetLife's 'Systemically Important' Label...
04/08/201611:06:00Judge Rips 'Unreasonable' Decision on MetLife in Order -- 3rd...
04/08/201609:16:00Correction to Tuesday's MetLife Story
04/08/201603:24:00Award-Winning Digital Strategy Taps into Consumer Emotion Elevating...
04/08/201602:30:00MetLife Ruling Hit Government Tactics -- WSJ
04/07/201615:21:00Judge Rips 'Unreasonable' Decision on MetLife in Order -- 2nd...
04/07/201615:17:00MetLife CEO Steven Kandarian: The Man Who Beat Uncle Sam

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