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MetLife 1st-quarter profit rises 38 percent, reports record operating earnings

MetLife 1st-quarter profit rises 38 percent, reports record operating earnings

MetLife Inc., one of the top U.S. insurers, said Tuesday that first-quarter profit rose 38 percent compared to a year ago on stronger-than-expected investment income and higher revenue from premiums and fees.
The company also said it had amassed a record $537.8 billion (euro395.3 billion) in total assets.
Net income rose to $983 million (euro722.53 million), or $1.28 (euro.94) per share, from $714 billion (euro524.81 billion), or 93 cents per share, in the year-earlier period.
Operating earnings reached $1.08 billion (euro0.79 billion), or $1.41 (euro1.04) per share, which the company said it was a record.
Revenue rose 11.8 percent to $12.9 billion (euro9.48 billion) in the quarter from $11.53 billion (euro8.47 billion) a year ago.
The results met an earnings per share estimate of analysts polled by Thomson Financial who had expected $1.28 (euro.94) a share, but was short of the Wall Street estimate of $13.07 million (euro9.61 million) in revenue for the quarter.
"In addition to delivering record operating earnings in the first quarter, MetLife also achieved top-line growth and increased total assets in a challenging interest rate environment," Chief Executive C. Robert Henrikson said in a statement.
MetLife's quarterly profit was helped by higher premiums and investment income. Its revenue from premiums reached $6.7 billion (euro4.92 billion), up from $6.4 billion (euro4.7 billion) in 2006, while variable investment income was $120 million (euro88.2 million) higher than planned, the company said.
During the quarter, MetLife bought back 11.9 million shares of common stock at a cost of $750 million (euro551.27 million). As of March 31, it had $458 million (euro336.64 million) authorized for additional share repurchases.
Shares of MetLife rose 16 cents, or 0.24 percent, to close Tuesday at $65.86 on the New York Stock Exchange. The company announced its earnings after the close of regular trading.


Updated : 2021-06-15 14:02 GMT+08:00