Credit: Shutterstock photoInsurance giant Metlife Inc. ( MET ) late Wednesday said it swung to a massive third quarter loss, hurt by special charges, although its adjusted profit beat expectations.
The New York-based company reported a third quarter net loss of $954 million, or -92 cents per share, compared with a profit of $3.46 billion, or $3.21 per share, in the year-ago period. Excluding a $1.6 billion impairment charge related to a markdown of its annuity business, MET's adjusted operating profit was $1.32 per share.
Operating revenue was mostly flat from last year at $16.61 billion.
On average, Wall Street analysts expected a smaller profit of $1.28 per share, albeit on significantly higher revenue of $17.1 billion.
Metlife shares were unchanged in premarket trading Thursday.
Metlife Inc. ( MET ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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