MetLife Inc. Chief ExecutiveOfficer Steve Kandarian has a $350 billion problem.

That’s the value of the fixed-income investments held by hiscompany, the largest U.S. life insurer. When bonds mature, whichhappens a lot in a portfolio of that size, he typically has toreinvest at rates that have been suppressed by years of centralbank stimulus policies.

The rest of the industry has been suffering, too, with theS&P 500 Life & Health InsuranceIndex on pace for a third-straight annual decline.MetLife, No. 2 Prudential Financial Inc. andAmerican International Group Inc. are all expected to report a dropin operating earnings per share this week, according to analystssurveyed by Bloomberg.

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