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MetLife releases third-quarter expected results

LOS ANGELES
Tue Oct 7, 2008 10:20pm EDT

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A MetLife flag is pictured outside the MetLife building in New York, January 31, 2005. REUTERS/Chip East

LOS ANGELES (Reuters) - U.S. life insurance company MetLife Inc (MET.N) on Tuesday said it expects to report income from continuing operations of $1.38 to $1.58 per share and premiums, fees and other revenues of $8.6 billion in the third quarter.

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The company, which released its earnings expectations late on Tuesday, said operating earnings were expected to be between $600 million and $675 million, or 83 cents and 93 cents per share.

In last year's third quarter, MetLife reported net earnings of $985 million, or $1.29 per share and operating earnings of $1.52 per share.

The results reflect a decline in variable investment income, which is expected to come in below plan by $117 million, net of income tax, or 16 cents per share.

The company also said a nearly 9 percent decline in the S&P 500 would shave about $105 million, net of income tax, or 14 cents per share, from its quarterly results.

It also estimated its excess capital position to be more than $4 billion, and said sources of liquidity include cash and cash equivalents of about $21 billion as of September 30, up from $14 billion as of June 30.

The insurer also said on Tuesday that it plans to offer 75 million common shares to supplement the company's capital position and to use for both general corporate purposes and potential strategic initiatives.

(Reporting by Gina Keating)
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