In the second quarter of 2013 MetLife had total operating revenue of slightly more than $17 billion. This amount didn't include its disappointing investment results.
Operating earnings which also didn't include investment losses increased to $1.44 a share from the prior year's $1.34.
Book value of MetLife's stock, excluding accumulated other comprehensive income, fell 3% from the second quarter of 2012, mainly due to the net derivative losses that resulted in lower net income.
As you can see from the 1-year chart below MetLife's shares enjoyed a substantial move higher. But the quarterly revenue-per-share fell off a cliff in the beginning of the second quarter.MET data by YCharts
"MetLife delivered strong performance in the second quarter through favorable investment margins, expense discipline in the United States and good results in Asia," said Steven A. Kandarian, chairman, president and chief executive officer of MetLife during the earnings call. "We continued to execute on our strategy by growing our top line in emerging markets and shifting our business mix toward lower capital intensive products. We expect our strategy will continue to increase shareholder value over time." Like insurance companies who experience unusually high payouts as a result of natural disasters, MetLife will have to recover from its undesirable investment results. As the CEO indicated it will take some time. At the time of publication the author held no positions in any of the stocks mentioned. This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.