BOSTON (AP) — Shares of MetLife Inc. surged on Friday after the nation's largest life insurer reported second-quarter earnings that exceeded analysts' expectations.
THE SPARK: MetLife said after markets closed Thursday that its second-quarter net income available to common shareholders fell 21 percent, as claims and expenses rose due to storms and the disasters in Japan. But the company's operating earnings of $1.24 per share easily beat Wall Street's consensus forecast for $1.13 per share, according to FactSet. MetLife collected higher premiums, with strong sales gains for products such as variable annuities. MetLife also reported a 25 percent jump in international sales, largely due to its Nov. 1 acquisition of Alico, the international life insurance company bought from bailed-out rival American International Group Inc.
THE BIG PICTURE: MetLife is the nation's largest life insurer, and has global operations. It also sells other lines of insurance including auto, home, dental, disability and long-term care.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
