MetLife Injured by Investment Losses

NEW YORK ( TheStreet) -- MetLife ( MET) lost a little life Thursday after reporting a huge second-quarter loss, gouged by investment declines, but the firm still managed to top Wall Street targets.

In the quarter, the insurer said it lost $1.43 billion, or $1.74 a share, compared with a profit of $915 million, or $1.26 a share, in the year-ago period.

Derivative losses of $1.8 billion were to blame for the red-stained results. About $1 billion of that figure was linked to an increase in MetLife's own debt during the latest quarter.

Excluding net realized investment gains and losses, the company earned $723 million, or 88 cents a share, handily beating analysts' EPS expectations of 68 cents.

Premiums, fees and other revenue rose 4% to $8.38 billion.

Shares of MetLife were trading in after hours action at $33.10, down 47 cents from the close in the regular session, when the stock advanced 4%.

Rival Prudential Financial ( PRU)is expected to release its second-quarter results on Aug. 4.

-Reported by Jeanine Poggi in New York.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

More from Earnings

Flashback Friday: The Market Movers

Flashback Friday: The Market Movers

This Is What's Hot Thursday - Stocks Slide, Intel's CEO Woes & Major Movers

This Is What's Hot Thursday - Stocks Slide, Intel's CEO Woes & Major Movers

The Winners and Losers in Thursday's Market

The Winners and Losers in Thursday's Market

Micron's Upbeat Guidance Is Getting a Thumbs-Up From Investors

Micron's Upbeat Guidance Is Getting a Thumbs-Up From Investors

3 Killer Stocks Trading at Unfair Discounts

3 Killer Stocks Trading at Unfair Discounts