MetLife ( MET) reported worse-than-expected first quarter earnings and revenue Thursday.

Investors had been looking for relatively strong results from MetLife, widely regarded as being in better shape than other segments of the insurance and financial-services business.

MetLife said operating earnings, before net investment gains and losses, came in at $159 million, or 20 cents a share. Revenue, it said, was $10.2 billion. Analysts polled by Thomson Reuters were expecting EPS of 34 cents a share on revenue of $11.93 billion

Including investment gains and losses, the company lost $574 million, or 71 cents a share. A year ago, the company posted a first-quarter profit of $615 million, or 84 cents a share.

MetLife blamed the results on lower variable investment income and the effect of declining equity markets on its annuity and variable life-insurance businesses.

In after-market trading Thursday, shares of the company were down nearly 4%, or 1.13, to 28.62.

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