MetLife, Inc. reported fourth quarter 2009 net income of $289 million, or $0.35 per share last week. Operating earnings for the fourth quarter of 2009 were $793 million, or $0.96 per share.
Total operating revenues for MetLife Bank were $377 million, up 80% as mortgage production and servicing revenue grew and net interest margins remained strong.
During MetLife’s earnings call, Bill Wheeler, EVP and CFO reported that MetLife Bank fees and other revenues from both forward and reverse mortgage activity increased to $258 million from $94 million in the prior year period, an increase of 175%.
MetLife’s wholesale and retail reverse mortgage production was up big in 2009. See the chart below.
