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MetLife Living Large

Earnings wipe out the consensus estimate.
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(MET) - Get MetLife, Inc. Report

second-quarter earnings more than doubled from a year ago because of a big gain on the sale of real estate. Stripping out various items, the profit easily surpassed Wall Street estimates.

MetLife earned $2.25 billion, or $3.02 a share, in the quarter, compared with $954 million, or $1.26 a share, last year. Stripping out items, MetLife earned $869 million, or $1.17 a share in the quarter, beating estimates by 25 cents a share.

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The company's earned total premiums, fees and other revenue jumped 17% from a year ago to $7.1 billion in the quarter. The company's biggest unit, institutional business, posted operating earnings of $358 million in the latest quarter compared with $317 million a year ago.

"Our diverse institutional and retail businesses in the U.S. and abroad continued to deliver strong, top-line results," the company said. "In addition to leveraging the benefits of the Travelers acquisition, we are well positioned to expand our customer base by offering a variety of financial products, services and solutions that build financial freedom."

The stock rose $1.91, or 4%, to $50 in after-hours trading.