MetLife Inc., (MET) which originates mortgages through MetLife Bank, saw its fourth-quarter profit decline 82% as the company felt the impact of derivative losses totaling $1.54 billion. On the mortgage side of the business, MetLife Bank saw its 4Q total operating revenue fall 6% to $355 million as it experienced a decline in mortgage servicing revenue. Derivatives losses at parent company, MetLife Inc., disrupted what would have been a strong quarter with the insurer reporting a 65% rise in operating earnings. MetLife pulled in a 2010 fourth-quarter profit of $51 million, or 5 cents per share, on revenue of $12.8 billion. Comparatively, in the fourth quarter of 2009, the insurer posted earnings of $289 million, or 35 cents per share, on revenue of $12.3 billion. For the 2010 fiscal year, MetLife posted a profit of $2.7 billion, or $3 per share, compared to a 2009 net loss of $2.37 billion, or $2.89 per share. Write to Kerri Panchuk.
MetLife’s profit declines 82% on derivative losses
Most Popular Articles
Latest Articles
Real estate farming: Become the go-to agent in your area using these tips, tools & strategies
Learn how to generate a steady pipeline of real estate leads and clients in your area using this proven approach.
-
Zillow believes the evolution of the industry will only help it grow
-
All parties have settled the Sitzer/Burnett suit, so what’s next?
-
Longtime reverse mortgage leader Scott Norman appointed CEO of Texas MBA
-
Rates at 7% attract different types of borrowers, forcing lenders to rethink profit strategies
-
The unchanging