MetLife Inc., the biggest U.S. life insurer, reported earnings results that beat analyst estimates with premiums and fees strong even as the rate environment weighed on investing profitability.
Adjusted second-quarter earnings of $2 a share exceeded the $1.45 average estimate of 16 analysts surveyed by Bloomberg. Profit was $2.37 per share a year ago.
Key Insights
Net income dropped 97% to $103 million, with losses tied to derivatives and investments driving the decline. The company also booked gains from the sale of its property and casualty business in the prior-year quarter.
Higher pension risk-transfer sales helped drive premiums, fees and other revenues up 23% from a year earlier to $13.9 billion.
Net investment income fell 32% to $3.58 billion as private equity returns weakened.
