High levels of Covid-19 deaths hurt fourth-quarter results in
MetLife Inc.’s
business of providing employer-sponsored life insurance as the Delta variant persisted in the U.S., but the outsize payouts were more than offset by unusually strong investment gains.
The New York company’s net income soared to $1.18 billion, up from $124 million in the year-earlier period, when results were hurt by mark-to-market losses on financial hedges that aim to protect against falling interest rates. MetLife’s adjusted earnings, which analysts track as a measure of recurring profitability, were flat at $1.84 billion.
Another household-name insurer,
Allstate Corp.
, reported a 70% drop in net income to $790 million, and a 50% decline in adjusted net income to $796 million,…
