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Sunday, March 3, 2024

MetLife This autumn 2023 web revenue plunges 63% 


MetLife has reported a web revenue of $574m for This autumn 2023, a 63% hunch from $1.5bn in the identical quarter a 12 months in the past.  

The insurer attributed this fall to market danger profit remeasurement losses, which have been partly offset by an uptick in web spinoff positive aspects. 

It disclosed market danger profit remeasurement losses totalling $431m within the three months below assessment.  

Internet spinoff positive aspects for the quarter stood at $149m, largely as a result of a fall in long-term rates of interest. 

Internet funding revenue was $5.4bn in This autumn, constituting 20% progress from the identical interval in 2022.  

This rise was propelled by greater rates of interest and an upsurge within the estimated honest worth of sure securities. 

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Nevertheless, web funding losses amounted to $174m through the quarter, primarily because of regular buying and selling exercise inside the portfolio.  

Within the three months ending 31 December 2023, the insurer’s premiums, charges and different revenues climbed 26% to $13.68bn, up from $10.89bn within the corresponding quarter of the earlier 12 months. 

For This autumn, MetLife’s return on fairness stood at 9.6%.  

Its full-year web revenue in 2023 slid 73% to $1.38bn in contrast with $5.09bn within the prior 12 months. 

MetLife president and CEO Michel Khalaf stated: “The constructive momentum in our market-leading portfolio of companies drove MetLife’s robust fourth-quarter and full-year 2023 outcomes. We’ve got exited 2023 even stronger than we entered the 12 months with wonderful capital and liquidity, arming us with appreciable monetary flexibility going ahead.” 


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