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.
MetLife 2Q income down nearly 22%
Most Popular Articles
Latest Articles
Kristen Sieffert leads the reverse mortgage presence at The Gathering
FOA’s president spoke about bringing reverse mortgages into the mainstream at the event in Scottsdale, Arizona.