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MetLife's Q1 operating profits slip YOY on catastrophe losses, lower investment income

's first-quarter operatingearnings fell to $1.33 billion, or $1.20 per share, from $1.64 billion, or $1.44per share, in the prior-year period.

The insurersaid May 4 that its first-quarter operating profits were affected by variable investmentincome that missed its 2016 quarterly plan by $86 million, or 8 cents per share,after tax and the impact of deferred acquisition costs. The results also factoredin $45 million, or 4 cents per share, of after-tax catastrophe losses.

MetLiferecorded a one-time tax benefit in Japan that ultimately aided its operating earningsby $10 million, or 1 cent per share, after tax.

The S&PCapital IQ consensus normalized EPS estimate for the first quarter was $1.38.

Net incomereached $2.20 billion, or $1.98 per share, compared with $2.13 billion, or $1.87per share, in the same quarter a year earlier.