Insurer MetLife, with operations in Bloomfield, has reported a loss for the third quarter, driven by $1.4 billion in investment losses.
The investment losses were driven primarily from losses on complex investments known as derivatives, which are used to hedge a number of risks.
The New York-based insurer says the net loss for the quarter totaled $650 million, or 79 cents per share. This compares with a profit of $600 million, or 83 cents per share, a year earlier.
On an adjusted basis, operating earnings were up 18 percent over the third quarter of last year, in line with what analysts had forecast.
Total revenue was $12.41 billion, slightly better than expected.
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MetLife also declared an annual dividend of 74 cents. (AP)
