- US Job Losses to Bottom out Next Quarter: NABE
- Late Payments on Credit Cards Drop in Third Quarter
- Smallest US Businesses Borrowing Again: PayNet
- Little Sign of Inflation on the Horizon: IMF
- Kraft Weighs Higher Cadbury Bid as Rivals Circle
- MBS Program Should be Extended: Fed's Bullard
- Stocks Face 20% Correction if Rally Cracks: Strategist
- Tyson Food Profit Beats Estimates
- JPMorgan's Dimon Could Succeed Geithner: Report
- Don't Dwell on Investment Mistakes; Move on, Like Buffett
- CNBC VIDEO: Warren Buffett & Bill Gates 'Walk & Talk' at Columbia University
- U.S. Stocks Slip, Dollar Rises
- How Stock Investors Can Play Holiday Travel
- Time Lapse World Series Is A Great Play
- Hirschhorn: Greed...or Fear
- My Top 10 Tech Toys for the Holidays
- iPhone a Better Gaming Platform Than Android?
- May Day For Dendreon
Text Size 
Metlife turned in quarterly earnings that declined slightly from last year but matched Wall Street's expectations.
MetLife, the largest insurer in the United States, said it earned 87 cents a share, excluding one-time items, matching the consensus estimate compiled by Thomson Reuters. In the same period last year, MetLife earned 88 cents a share.
Sales for the most recent quarter reached $12.4 billion, edging analysts' forecasts of $12.249 billion but declining from last year's sales of $13.38 billion.
 |
AP |
Including investment losses, MetLife posted a loss of 79 cents a share. Some of the investment losses were tied to improvement in the company's own credit spreads.
The net loss included $1.4 billion in after-tax net realized investment losses, including about $582 million in derivatives losses tied to improvement in the company's own credit spreads.
Under accounting rules, when its own credit spreads improve, MetLife has to record a decline in the value of its insurance liabilities. This also led to a loss in the second quarter.
"Our businesses are performing well as evidenced by increased sales in a number of product areas in both the U.S. and internationally," said Chief Executive Robert Henrikson, in the earnings report.
U.S. annuity deposits were $4 billion in the quarter, including a 19 percent increase in fixed annuity deposits. MetLife also recorded increased premiums, fees and other revenue in its group life and nonmedical health divisions.
 |
Overall, MetLife's quarterly premiums, fees and other revenue were flat at $8.5 billion.
Book value, a key valuation measure for investors, rose 27 percent from the end of June to $38.95 a share.
The results failed to add to the 7.64 percent leap [MET
Loading...
()
] made by MetLife shares during the regular New York Stock Exchange session. The stock was down more than 2 percent in extended trade. Get late quotes for MetLife here.
The stock has more than tripled since its 52-week low of $11.37 in March when investor fears that life insurers could run short of capital reached a fever pitch.
- Technology can make or break a fortune in the world of alternative energy.
- Warren Buffett and Bill Gates discuss the economy and other subjects with CNBC's Becky Quick.
- Many people are facing the holidays with substantially smaller incomes. Here’s how some are adapting.
- The show attracts a big TV audience every year, but this year it may take on even more importance.
- Jim Cramer is a proponent of stocks that pay healthy dividends, and here are his top five dividend plays.
- CNBC’s technology reporter Jim Goldman guides you through the best gadgets to buy this holiday season.
Data is a real-time snapshot *Data is delayed at least 15 minutes