Strong Q2 from MetLife
30 July 2010 New York
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MetLife has reported second quarter 2010 net income of $1.5 billion, or $1.84 per share. Net income reflects net investment gains of $767 million, after tax, including gains on derivatives. Operating earnings for the second quarter of 2010 were $1.0 billion, or $1.23 per share.
"MetLife continued to deliver strong results during the second quarter as we achieved top line growth and increased operating earnings by 41 per cent over the prior year period," said C. Robert Henrikson, chairman, president & chief executive officer of MetLife, Inc. "Highlights of the quarter included strong underwriting results, higher net investment income and our disciplined approach to expense management. Through our strong presence in the US and with the pending acquisition of Alico, we are well positioned to provide valuable financial solutions for a growing customer base. This increased reach and diverse business mix will help drive future growth and generate long-term value for our shareholders."
In summary:
-- Premiums, fees & other revenues of $8.7 billion, up 4 per cent from the second quarter of 2009, driven by growth in both the US and International Businesses
-- Strong U.S. annuity sales of $4.8 billion, including an 11 per cent increase in variable annuity sales over the first quarter of 2010
-- Operating earnings of $1.0 billion ($1.23 per share), reflecting: -- strong variable investment income, which was above the plan range by $62 million ($0.07 per share), after tax and the impact of deferred acquisition costs
-- gains from the company's hedge program, which more than offset the impact of lower equity markets and interest rates in both the US and international businesses, benefiting earnings by $43 million ($0.05 per share), after tax
"MetLife continued to deliver strong results during the second quarter as we achieved top line growth and increased operating earnings by 41 per cent over the prior year period," said C. Robert Henrikson, chairman, president & chief executive officer of MetLife, Inc. "Highlights of the quarter included strong underwriting results, higher net investment income and our disciplined approach to expense management. Through our strong presence in the US and with the pending acquisition of Alico, we are well positioned to provide valuable financial solutions for a growing customer base. This increased reach and diverse business mix will help drive future growth and generate long-term value for our shareholders."
In summary:
-- Premiums, fees & other revenues of $8.7 billion, up 4 per cent from the second quarter of 2009, driven by growth in both the US and International Businesses
-- Strong U.S. annuity sales of $4.8 billion, including an 11 per cent increase in variable annuity sales over the first quarter of 2010
-- Operating earnings of $1.0 billion ($1.23 per share), reflecting: -- strong variable investment income, which was above the plan range by $62 million ($0.07 per share), after tax and the impact of deferred acquisition costs
-- gains from the company's hedge program, which more than offset the impact of lower equity markets and interest rates in both the US and international businesses, benefiting earnings by $43 million ($0.05 per share), after tax
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