MetLife Shares Drop After Second-Quarter Earnings Miss Estimates

MetLife Inc. shares tumbled after the insurer posted second-quarter earnings that missed estimates.

The stock dropped 6.4% to $71.06 at 4:50 p.m. in after-market trading Wednesday in New York.

Adjusted earnings for the insurer fell 16% to $1.36 billion, or $2.02 a share, the firm said in a statement Wednesday. That’s below the average analyst estimate of $2.16 in data compiled by Bloomberg.

Chief Executive Officer Michel Khalaf said the period “didn’t demonstrate the full earnings power of MetLife.”

Adjusted earnings at the firm’s group benefits unit, which provides insurance solutions through employers, dropped 25% in the second quarter from ...