MetLife Inc. shares slumped 2% in after-hours trading Wednesday, after the insurance company missed profit and revenue estimates for its first quarter. The company said it had net income of $2.2 billion, or $1.98 a share, in the quarter, compared with $2.1 billion, or $1.87 a share, in the year-earlier period. Adjusted per-share earnings, which exclude derivative gains, came to $1.20 a share, below the FactSet consensus of $1.38. Revenue fell to $16.6 billion from $17.0 billion, also below the FactSet consensus of $17.1 billion. “While market headwinds remain, we experienced volume growth and underwriting results were solid,” Chief Executive Steven A. Kandarian said in a statement. “We continue to make good progress on our initiatives to maximize shareholder value, including expense control and the planned separation of a substantial portion of the U.S. retail business.” Shares are down about 9% in the year so far, while the S&P 500 has gained 0.5%.
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