NEW YORK (TheStreet) -- MetLife (MET) shares are up 1.31% to $52.05 in afternoon trading on Thursday after the insurance company reported its first quarter financial results after the closing bell yesterday.
The New York City-based company reported first quarter earnings of $2.16 billion, or $1.44 per share, beating analysts' guidance of $1.41 per share by three cents. The company reported a net investment gain of $286 million compared to a loss of $411 million in the year ago period, leading to total net revenue of $17.03 billion which fell short of analysts' $17.49 billion expectations.
"While the continued strengthening of the U.S. dollar impacted reported earnings, our businesses had solid underlying growth. We are pleased with the success of our strategy to grow capital efficient, protection oriented products. For example, accident and health sales outside of the U.S. increased 24 percent and voluntary product sales in the U.S. grew 57%," said CEO Steven A. Kandarian.
TheStreet Ratings team rates METLIFE INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate METLIFE INC (MET) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, compelling growth in net income, attractive valuation levels and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows weak operating cash flow."