NU Online News Service, Feb. 12, 11:59 a.m. – MetLife Inc., New York, is reporting a $296 million net loss for the fourth quarter of 2001 on $8.4 billion in revenue, compared with $591 million in net income on $8.4 billion in revenue for the fourth quarter of 2000.
Net results for the latest quarter include $404 million in unusual charges, including $330 million in costs for restructuring MetLife’s operations and $172 million in investment losses. The company also set aside $159 million to prepare for payments it might have to make as a result of a national, multi-carrier investigation into race-based insurance pricing practices.
Adjusted operating income, which excludes the charges, increased to $439 million, from $404 million.
Despite the large fourth-quarter loss and $208 million in losses related to the Sept. 11, 2001, attacks, MetLife is reporting $473 million in net income for the year.