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MetLife Net Falls 90% on Review of Annuities Slated for Exit

  • Operating profit of 83 cents a share misses analyst estimates
  • CEO Kandarian cites progress in plan to separate business

MetLife Inc., the largest U.S. life insurer, said second-quarter profit tumbled 90 percent on a review of the prospects of a variable-annuity business that Chief Executive Officer Steve Kandarian is seeking to exit. The stock declined in extended trading.

Net income dropped to $110 million from $1.12 billion a year earlier, the New York-based company said Wednesday in a statement. Operating profit, which excludes some investment results, was 83 cents a share, missing the $1.35 average estimate of 13 analysts surveyed by Bloomberg.

Kandarian, whose term was extended in June, is looking to retreat from a U.S. retail business that sells individual life insurance and variable annuities, a capital-intensive...