MetLife 2Q income down nearly 22%
MetLife's (MET) second-quarter income fell about 21.6% despite record premiums, fees and revenue for the period. The insurance giant earned $1.2 billion, or $1.13 a share, for the three months ended June 30, down from $1.53 billion, or $1.84 a share, a year earlier. Excluding items, MetLife said second-quarter operating earnings were $1.33 billion, or $1.24 a share. The company generated $11.8 billion in premiums, fees and revenue for the quarter, up 38% from $8.6 billion a year ago, largely due to the acquisition of Alico growth in U.S. and international businesses. MetLife said severe storm-related catastrophe losses in its auto and home business were $137 million, or 13 cents a share, higher than the company's quarterly plan provision of $37 million. The auto and home unit reported a second-quarter an operating loss of $56 million, compared with operating earnings of $73 million a year ago, as unusually heavy storms contributed to the wider catastrophe losses. Write to Jason Philyaw.