03:19 PM EDT, 10/31/2024 (MT Newswires) -- MetLife's ( MET ) Q3 earnings missed expectations driven by weaker-than-expected results in Group Benefits and Asia, UBS said in a report Thursday.

"Group results were impacted by a liability refinement from the annual actuarial review and less favorable non-medical health underwriting," UBS said, adding that despite these results, it remains optimistic about MetLife ( MET ), anticipating potential growth in earnings estimates for Latin America and Retirement Income Solutions.

MetLife's ( MET ) Q3 adjusted earnings were $1.18 per diluted share, up from $0.10 a year ago, with revenue rising to $11.44 billion from $9.50 billion.

In Q3 the company's group core earnings totaled $373 million, falling short of the expected $555 million with a benefit ratio of 80.2%, while net investment income was $311 million, down 5.8% year-over-year, UBS said.

Asia core earnings were $306 million in Q3, missing the firm's estimate of $378 million, while Latin America core earnings totaled $221 million, slightly below the expected $222 million, the analysts said.

UBS has a buy rating on MetLife ( MET ) with a 12-month price target of $94.

Shares of the company were down 5.5% in recent Thursday trading.

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