FONT-SIZE Plus   Neg

MetLife Slips To Loss In Q1 - Update

Insurance provider MetLife, Inc. (MET) reported Friday a loss for the first quarter, reflecting higher operating expenses and higher net derivative losses, despite an increase in premiums revenues.

Announcing preliminary results for the first quarter, the company said its net loss available to common shareholders was $94 million or $0.09 per share, compared to a net profit of $701 million or $0.66 per share a year ago.

Operating earnings per share rose to $1.37 from $1.23 per share in the same quarter a year earlier. The company said it has revised certain amounts in the prior periods.

On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $1.25 per share for the quarter. Analysts' estimates typically exclude special items.

The New York-based company's total operating revenues grew to $16.69 billion from $15.62 billion in the prior-year quarter. Analysts estimated revenues of $16.72 billion.

Premiums, fees and other revenues increased to $11.61 billion from $10.83 billion in the preceding year. Revenues from premiums were $9.11 billion, up from $8.53 billion a year earlier.

Net derivative losses for the quarter widened to $1.98 billions from $317 millions last year. Total operating expenses increased to $14.6 billion from $13.7 billion in the previous year.

The company said it will announce final results for the first quarter on April 26. MetLife also announced today that it is rescheduling its first quarter 2012 earnings conference call and audio Webcast from Thursday, May 3, 2012 to Friday, April 27, 2012 from 8:00 to 9:00 a.m. (ET).

MET closed Thursday's regular trading at $35.38 on the NYSE. In the pre-market activity, the shares are up 1.75 percent.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
AT&T announced a definitive agreement to purchase Time Warner in a stock-and-cash transaction valued at $107.50 per share. This purchase price implies a total equity value of $85.4 billion and a total transaction value of $108.7 billion, including Time Warner's net debt. AT&T expects the deal to close before year-end 2017. Chipmaker Qualcomm is reportedly in talks with NXP Semiconductor NV (NXPI) for a possible acquisition, reports said. According to Bloomberg, negotiations are on with a probable price of $110 t $120 per NXP share. The deal would value NXP at around $34.7 billion. Regulators have confirmed the eleventh U.S. fatality linked to Takata Corp.'s defective air bag inflators. The National Highway Traffic Safety Administration or NHTSA said Thursday that a crash fatality in Riverside County, California, was tied to the rupture of a recalled Takata air bag inflator.
comments powered by Disqus
Follow RTT