MetLife, Inc.’s MET first-quarter 2016 earnings of $1.31 per share missed the Zacks Consensus Estimate of $1.39 by 5.8%. Earnings also plunged 9.0% year over year.MetLife Inc. (MET) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompanyMetLife’s first-quarter earnings reflect weakness across all its geographical regions with declining earnings from the Americas, Asia, and Europe, the Middle East and Africa (EMEA). Earnings also suffered due to lower variable investment income. Nevertheless, the company displayed volume growth and solid underwriting results, despite persistent market headwinds.During the first quarter, MetLife reported revenues of $16.61 billion. The top line missed the Zacks Consensus Estimate of $17.07 billion by 2.7% and also declined 2.5% year over year.MetLife’s premiums, fees and other revenues slipped 1.2% year over year remained unchanged on a constant currency basis at $11.9 billion.During the reported quarter, MetLife’s total operating expenses inched up 0.6% year over year to $14.9 billion.Segment DetailsOperating earnings in the Americas’ declined 18% (16% on constant currency basis) year over year to $1.1 billion. Unfavorable market performance, lower investment margins, and higher catastrophe losses in property and casualty were primarily responsible for the underperformance. Premiums, fees and other revenues remained flat (up 2% on constant currency basis) year over year at $9.2 billion.Operating earnings from Asia were down 7% (5% on constant currency basis) year over year to $305 million. Premiums, fees and other revenues declined 7% year over year on both reported basis and constant currency basis to $2.0 billion. Total sales for the region decreased 10% on a constant currency basis, thereby reflecting the impact of management actions to enhance value in targeted markets.Operating earnings from EMEA decreased 10% (3% on constant currency basis) year over year to $63 million. Premiums, fees and other revenues in this segment slipped 1% (but increased 3% on constant currency basis) to $615 million. Moreover, total sales inched up 3% on a constant currency basis. Growth in employee benefits in the Middle East and accident and health products across the region drove the upside.Also, Corporate & Other operating loss was recorded at $177 million, wider than the loss of $140 million in the year-ago quarter.Investment & Financial UpdateIn the reported quarter, net investment income slipped 5.5% year over year to $4.7 billion. Variable investment income was $165 million, down 55.5% from $371 million in the first quarter of 2015, mainly due to weak hedge fund performance.As of Mar 31, 2016, book value, excluding AOCI other than FCTA, was $53.31 per share, up 5.7% from $50.45 as of Mar 31, 2015.Zacks Rank and Performance of Other Multi Line InsurersCurrently, MetLife carries a Zacks Rank #4 (Sell). Among other multi line insurers that have reported their first-quarter earnings so far, the bottom line at Assurant, Inc. AIZ and Radian Group Inc. RDN beat their respective Zack Consensus Estimates, while MGIC Investment Corp. MTG missed the same in the first quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RADIAN GRP INC (RDN): Free Stock Analysis Report METLIFE INC (MET): Free Stock Analysis Report ASSURANT INC (AIZ): Free Stock Analysis Report MGIC INVSTMT CP (MTG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research