posted a big rise in fourth-quarter earnings, thanks to the sale of two big Manhattan apartment complexes.
The New York insurance titan made $3.8 billion, or $4.95 a share, in the fourth quarter, compared with $677 million, or 88 cents a share, a year earlier. Revenue rose 12% from a year ago to $12.8 billion.
Operating earnings in the quarter rose 32% to $1.05 billion, or $1.36 a share.
Analysts were predicting that the insurance titan, which has $527.7 billion in assets, would earn $1.18 a share on revenue of $12.6 billion.
During the quarter, MetLife completed the sale of two New York City apartment complexes -- Peter Cooper Village and Stuyvesant Town -- for $5.4 billion. The sale resulted in an after-tax gain of $3 billion, MetLife said.
Premiums rose 10% to $7 billion in the quarter.
Shares rose $1.40 to $64.85.