said Tuesday it expects earnings for the first quarter and full year to fall 5 cents a share below expectations due to losses in its auto and home segment in the first two months of the year.
The insurer said an increase in the number and severity of claims due to bad weather in the Northeast and Southeast are to blame. The insurer said the auto and home unit already lost $22 million in January and February, which will lower first-quarter and full-year profits by 5 cents a share.
While the company did not say what its previous guidance was, 12 analysts polled by
First Call/Thomson Financial
are calling for the company to earn 52 cents in the quarter. A 17-analyst consensus is projecting earnings of $2.24 for the year.
Shares of MetLife rose 83 cents, or 2.7%, to $31.68 in regular session
New York Stock Exchange
MetLife said it will be adding price increases of 2% to 3% on top of the 5% increase announced earlier this year. "These price increases, which will occur on policy anniversary dates, will be introduced during 2001 and will primarily benefit 2002 earnings," the company said in a statement. MetLife is expected to report first-quarter results on May 8.