MADRID, 2 Nov. (EUROPA PRESS) –
The North American insurer MetLife recorded a net profit of 422 million dollars (398 million euros) in the third quarter of the year, which is equivalent to a drop of 62% compared to the profits recorded during the same period of 2022, according to the company has reported.
The company has explained that this decrease is due to the increase in its net losses from derivatives and the impact of the valuation at market prices of the securities that are expected to be transferred with the pending reinsurance operation with Global Atlantic.
MetLife recorded premiums, commissions and other income of $13.2 billion (€12.452 million) in the third quarter of 2023, 32% less than in the third quarter of 2022.
Net investment income was 4,800 million dollars (4,528 million euros), 35% more than in the third quarter of last year, driven by the increase in interest rates and the estimated fair value of certain securities.
Adjusted net investment income was $5.1 billion (€4.811 million), 21% more than the previous period, mainly due to higher interest rates and higher variable investment income.
Net investment losses amounted to $927 million (€874 million) as a result of certain accounting adjustments associated with the pending reinsurance transaction with Global Atlantic Financial Group announced at the end of May 2023.
For its part, MetLife’s net losses from derivatives amounted to 1,200 million dollars (1,132 million euros) as a result of the increase in interest rates and variations in exchange rates.
Between July and September, MetLife recorded an adjusted profit of 1,500 million dollars (1,415 million euros), 35% more than in the third quarter of 2022.
In the third quarter of 2023, the US insurer conducted an annual review of its actuarial assumptions and other insurance adjustments, which had a positive impact of $8 million (€7.5 million) on revenue during the quarter. net and 14 million dollars (13.2 million euros) in adjusted profit.
“In the third quarter, MetLife delivered strong underlying results that confirm the momentum of our business and our financial strength,” said Michel Khalaf, president and CEO of the firm.
