This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

MetLife Meets Estimates as Earnings Jump 26%

Updated from 11:54 a.m. EST

MetLife (MET - Get Report), the insurance giant, said Tuesday that it hit Wall Street's profit target in the latest quarter, recording a 26% increase in its third-quarter operating earnings while posting solid gains in income from investments and life insurance.

MetLife reported operating earnings of $384 million, or 49 cents a share, in the quarter ended Sept. 30, compared with pro forma earnings of $305 million, or 39 cents a share, a year earlier. Analysts had anticipated earnings of 49 cents a share in the latest quarter, according to First Call/Thomson Financial, a research firm.

Metlife, which was a mutual insurance company owned by its policyholders in the third quarter of 1999, became a publicly traded company through an initial public offering in April.

MetLife finished Tuesday regular trading up $1.06, or 4%, at $27.13.

Operating earnings from MetLife's individual business, which includes life insurance and annuities, climbed 41% to $194 million from $138 million, while the company's institutional business, including group insurance and retirement plans, posted operating earnings of $159 million, up 31% from $121 million.

Overall revenue rose to $8 billion from $6.2 billion, while net income was virtually unchanged at $241 million, or 31 cents a share, compared with $242 million, or 31 cents a share, a year earlier. The latest quarter's net income include investment losses of $143 million, and the 1999 results include expenses of $33 million and taxes of $30 million from its conversion from being a mutual insurance company.

During the quarter that ended Sept. 30, New York-based MetLife bought back about 7.9 million shares at a cost of roughly $193 million. From April until the end of September, the company has repurchased 19.2 million shares at a cost of $407 million.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
MET $48.96 0.23%
AAPL $110.37 0.00%
FB $88.15 0.00%
GOOG $606.25 0.00%
TSLA $245.57 0.00%

Markets

Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs