• Most Popular
  • Most Shared

MetLife 1st-qtr net drops 37 pct on investments

NEW YORK
Thu May 1, 2008 6:00pm EDT

Stocks

   

NEW YORK (Reuters) - MetLife Inc (MET.N), the largest life insurer in the United States by assets, posted a 37 percent decline in first-quarter net income on Thursday, hurt by investment losses.

Stocks  |  Bonds

Excluding investment losses, operating earnings, which is used by analysts, rose in the period.

Net earnings fell to $615 million, or 84 cents a share, from $983 million, or $1.28 a share, in the year earlier quarter.

New York-based MetLife said operating earnings rose to $1.11 billion or $1.52 a share, beating Wall Street expectations. Analysts, on average, expected $1.48 a share, according to Reuters Estimates.

In the year-ago quarter, the insurer earned $1.08 billion, or $1.41 a share.

MetLife recorded net realized aftertax investment losses of $560 million, including $150 million in credit-related losses.

Total premiums, fees and other revenue climbed about 1 percent to $13 billion.

(Reporting by Lilla Zuill; Editing by Jeffrey Benkoe)
Stocks
Bonds


More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets