Metlife Inc (NYSE:MET) stock fell 0.78% (As on November 3, 11:41:42 AM UTC-4, Source: Google Finance) after the company’s bottom line totaled $0.33 billion for the third quarter of FY 22compared with $1.52 billion in last year’s third quarter. Book value of $27.00 per share, down 65 percent from $77.24 per share at September 30, 2021. MetLife reported third quarter 2022 premiums, fees and other revenues of $19.6 billion, up 68 percent from the third quarter of 2021. Adjusted net investment income was $4.2 billion, down 27 percent from the prior-year period, driven by lower variable investment income primarily due to lower private equity returns. Net derivative losses amounted to $480 million, or $379 million after tax during the quarter, primarily driven by an increase in long-term interest rates. Retirement and Income Solutions Adjusted earnings were $345 million, down 56 percent, largely driven by lower variable investment income. The notable item in the current-year period, related to a favorable reinsurance recapture, was a partial offset.

MET in the third quarter of FY 22 has reported the adjusted earnings per share of $1.21, beating the analysts’ estimates for the adjusted earnings per share of $1.17, according to figures compiled by Thomson Reuters. The company had reported the adjusted revenue growth of 31.7 percent to $22.27 billion in the third quarter of FY 22, beating the analysts’ estimates for revenue of $19.89 billion.

Moreover, US adjusted earnings were $744 million, down 17 percent, primarily driven by lower variable investment income partially offset by a decline in COVID-19 life insurance claims and excluding notable items from both periods, adjusted earnings were down 27 percent. Asia Adjusted earnings were $197 million, down 65 percent both on a reported and constant currency basis, largely driven by lower variable investment income and unfavorable underwriting primarily from COVID-19 claims in Japan, partially offset by volume growth and the positive impact from the annual actuarial assumption review. Latin America adjusted earnings were $171 million on both a reported and constant currency basis, compared to $29 million on a reported basis and $19 million on a constant currency basis for the third quarter of 2021, primarily driven by a decline in COVID-19 related claims and volume growth. Higher recurring interest margins, largely due to inflation in Chile, were more than offset by lower variable investment income and Chilean encaje returns.