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.
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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However, 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.”