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

That’s the value of the fixed-income investments held by his company, the largest U.S. life insurer. When bonds mature, which happens a lot in a portfolio of that size, he typically has to reinvest at rates that have been suppressed by years of central bank stimulus policies.

The rest of the industry has been suffering, too, with the S&P 500 Life & Health Insurance Index on pace for a third-straight annual decline. MetLife, No. 2 Prudential Financial Inc. and American International Group Inc. are all expected to report a drop in operating earnings per share this week, according to analysts surveyed by Bloomberg.

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