MetLife has reported a 16% slump in operating earnings to $US5.5 billion ($7.6 billion) for last calendar year, driven by lower investment earnings and the tax treatment of its UK subsidiary Metropolitan Life.

However, Asian operating earnings, including Australia, were up to $US1.38 billion ($1.9 billion) from $US1.3 billion ($1.8 billion) in 2014.

Investment income in Asia fell to $US501 million ($698 million) from $US512 million ($713 million), but net income from the region grew to $US1.8 billion ($2.5 billion) from $US1.1 billion ($1.5 billion).

Worldwide, premium fell 2% to $US38.5 billion ($53 billion).

Claims totalled $US39.5 billion ($55 billion), up slightly from $US39.4 billion ($54.8 billion).

The parent company’s investment income fell to $US19.7 billion ($27.4 billion) from $US20.4 billion ($28.4 billion) in 2014.