) on Wednesday posted a 43% drop in quarterly adjusted earnings, spurred by declining premium income and private equity investment losses.
Adjusted earnings fell to $758 million in the second quarter from $1.3 billion a year earlier, MetLife said. Excluding items, MetLife earned 83 cents per share compared with $1.46 per share a year ago. MetLife’s net investment income was $4.1 billion, down 13% from $4.7 billion a year ago. The decline was driven by a loss in variable investment income, reflecting a reporting lag from the first quarter for private equity results.
MetLife reported $710 million in net derivative losses, compared with $724 million in derivative gains a year ago.
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