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MetLife Q1 Operating Profit Soars

Posted on Apr 30, 2010 by Sergio Ulloa ()  | Tags: Q1 Financial Results

The first quarter operating earnings recently reported by MetLife Inc. reached levels that beat the expectations of analysts in Wall Street, chiefly aided by an increase in investment income produced by the thawing credit markets. Compared to a year ago, the net investment income grew by 31 percent, from US$3.3 billion (EUR 2.5 billion) to US$4.3 billion (EUR 3.26 billion). Other contributing factors to the strong results are the 12 percent increase in premium and fee revenue, an 8 percent increase in annuity sales, together with cost reductions, which combined produced a 17 percent increase in operating revenue for the quarter ended 31 March 2010. The operating profit for MetLife in Q1 grew more than 500 percent compared to the same period last year, when the financial tsunami was destroying most investment income. The US$834 million (EUR 631.82 million) operating profit reported for Q1 2010 is more than six times the amount reported for Q1 2009 of US$131 million (EUR 99.24 million). This better-than-expected Q1 results achieved through improved business both in the US and Internationally position MetLife positively for continued growth during the rest of 2010. Insurance Company mentioned: MetLife MetLife Inc. LogoPossessing over 140 years of insurance expertise, MetLife aims to be an innovator in the field of international Life insurance. Globally, MetLife is able to offer its clients accident and health insurance, life insurance, disability income protection, and retirement and savings products.
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