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MetLife Profit Soars on International Growth

Tuesday, 14 February 2012 04:41 PM

MetLife, the largest life insurer in the United States, posted a substantially larger profit on Tuesday as it benefited from growth in the international markets it acquired late in 2010.

MetLife reported a net profit of $1.13 billion, or $1.06 per share, compared with a year-earlier profit of $51 million or 5 cents per share.

On an operating basis the company earned $1.31 per share. Analysts polled by Thomson Reuters I/B/E/S on average expected earnings of $1.24 per share in the quarter.

MetLife said total international sales rose 12 percent and overall premiums and fees rose 23 percent, largely on the late-2010 acquisition of Alico from AIG.

Operating earnings rose 4 percent in the U.S. business, in part on a benefit from accounting adjustments. The company also recorded $351 million in derivative gains, against $1.1 billion in losses a year earlier.

© 2018 Thomson/Reuters. All rights reserved.

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Tuesday, 14 February 2012 04:41 PM
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