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
Hard Rock Hotel & Casino Las Vegas, owned by Hard Rock Hotel Holdings, LLC, joins the long list of hotels whose payment-card data were hacked of late. Hard Rock on Monday said its investigation identified unauthorized access to the resort's customer payment-card data, after malware was placed on the payment-card system. The U.S. chain of theme restaurants, plans to open a high-end hotel in London. Gambling resorts operator Wynn Resorts Ltd. (WYNN), has again postponed the opening of its Wynn Palace casino resort in Macau to August. The opening of the $4 billion hotel project in Macau, the gambling hub in China, was initially planned on March 25, but was later dropped due to construction delays.... PepsiCo Inc., (PEP) Monday confirmed that it would bring back the Diet Pepsi with aspartame in the US stores in September, one of the latest efforts by the beverage giant to boost its slowing sales. The company said it would continue to sell sucralose-sweetened Diet Pepsi, which was launched last...
comments powered by Disqus
Follow RTT