logo
Share SHARE
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
Citigroup Inc. on Wednesday reported a 7 percent increase in profit for the fourth quarter from last year as lower revenues were more than offset by decreases in cost of credit as well as operating expenses. Adjusted earnings for the quarter beat analysts' expectations, while revenues missed their estimates. Goldman Sachs Group Inc. (GS) reported a profit for the fourth quarter that climbed from the previous year, while quarterly net revenues grew 12 percent. Net revenues in Fixed Income, Currency and Commodities Client Execution increased by 78 percent. Both earnings per share and revenues for the fourth-quarter topped analysts' expectations. Logan Green and John Zimmer, the co-founders of transportation network company Lyft, have come out with a vision to solve the traffic woes, including congestion-priced roads and carpooling. In a Medium post called "The End of Traffic," they said that companies like Lyft van join with the federal government to start various initiatives aimed encouraging more people to carpool.
comments powered by Disqus
Follow RTT