Annuities Strong at MetLife
MetLife's (MET) first-quarter profit slid 28% amid increased investment losses, but operating earnings topped estimates and the insurer raised its guidance for the full year.
The company's net earnings totaled $714 million, or 93 cents a share, down from $987 million, or $1.33 a share, a year earlier. Revenue jumped to $11.59 billion from $10.26 billion.
Operating earnings, which exclude investment losses and discontinued operations, rose to $1.03 billion, or $1.33 a share, from $822 million, or $1.11 a share, last year. Analysts had an average estimate for operating earnings of $1.09 a share, according to Thomson First Call.
The company's results were aided by its acquisition of Travelers Life & Annuity, which helped earnings growth in its institutional and individual business groups. Total annuity deposits jumped 51% to $3.84 billion from $2.54 billion.MetLife raised its full-year guidance to $4.55 to $4.75 a share from its prior forecast of $4.25 to $4.50 a share. Analysts target full-year EPS of $4.50.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV