Metlife stock falls after insurer’s Q2 profit comes below forecast

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Shares of MetLife Inc. fell more than 5% in the extended session Wednesday after the insurer reported a second-quarter profit below Wall Street expectations. MetLife reported a net income of $68 million, or 7 cents a share, compared with $1.7 billion, or $1.77 a share in the second quarter of 2019. Adjusted for one-time items, the company earned $758 million, or 83 cents a share, compared with adjusted earnings of $1.3 billion, or $1.38 a share, a year ago. Revenue fell 20% to 14.1 billion. Analysts polled by FactSet had expected GAAP earnings of 78 cents a share and adjusted earnings of 90 cents a share for the quarter. Due to COVID-19, global face-to-face sales remain “challenging,” with continued sales pressure in most segments, Metlife said. Underwriting margins are mostly offsetting global claims impact from COVID-19, the company said. Shares of Metlife ended the regular trading day up 3.7%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.