MetLife has reported a net income of $574m for Q4 2023, a 63% slump from $1.5bn in the same quarter a year ago.
The insurer attributed this fall to market risk benefit remeasurement losses, which were partly offset by an uptick in net derivative gains.
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It disclosed market risk benefit remeasurement losses totalling $431m in the three months under review.
Net derivative gains for the quarter stood at $149m, largely due to a fall in long-term interest rates.
Net investment income was $5.4bn in Q4, constituting 20% growth from the same period in 2022.
This rise was propelled by higher interest rates and an upsurge in the estimated fair value of certain securities.
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By GlobalDataHowever, net investment losses amounted to $174m during the quarter, primarily as a result of normal trading activity within the portfolio.
In the three months ending 31 December 2023, the insurer’s premiums, fees and other revenues climbed 26% to $13.68bn, up from $10.89bn in the corresponding quarter of the previous year.
For Q4, MetLife’s return on equity stood at 9.6%.
Its full-year net income in 2023 slid 73% to $1.38bn compared with $5.09bn in the prior year.
MetLife president and CEO Michel Khalaf said: “The positive momentum in our market-leading portfolio of businesses drove MetLife’s strong fourth-quarter and full-year 2023 results. We have exited 2023 even stronger than we entered the year with excellent capital and liquidity, arming us with considerable financial flexibility going forward.”
