You may recall we had an Economic Blind Item a few days ago, speculating on an insurance company in dire straits. I guessed MetLife. They preannounced today, and preannounced an entire dump truck full of FAIL.

From Bloomberg:

Oct. 7 (Bloomberg) — MetLife, Inc., the biggest U.S. life insurer, withdrew its 2008 earnings forecast and said third- quarter operating profit fell to between $600 million and $675 million as investment income declined. The company plans to sell 75 million shares.

Operating earnings for the quarter that ended in September fell to 83 cents to 93 cents a share, the New York-based company said today in a preliminary statement.

“Given the current volatility, the company is withdrawing its 2008 earnings guidance,” MetLife said. The company will report full results on Oct. 29.

MetLife was stung by losses related to investments in hedge funds and private equity firms as well as its stakes in failed companies including Lehman Brothers Holdings Inc. and Washington Mutual Inc. Variable-investment income will be about $117 million below expectations, MetLife said.

On the bright side – at least those are earnings, not losses… but Snoopy probably doesn’t have much spring in his step about the massive need to raise capital.