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MetLife Profit Declines but Matches Forecasts
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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.
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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.
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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
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] 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.
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