Peter Cooper Powers MetLife - TheStreet

Peter Cooper Powers MetLife

Shares rise.
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MetLife

(MET) - Get Report

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.