S&P 500 (NYSE:SPY) component MetLife, Inc. (NYSE:MET) reported its results for the second quarter. MetLife, Inc. provides individual insurance, employee benefits and financial services throughout the United States and the regions of Latin America, Europe, and Asia Pacific.
MetLife Earnings Cheat Sheet for the Second Quarter
Results: Net income for MetLife, Inc. fell to $1.2 billion ($1.13 per share) vs. $1.56 billion ($1.84 per share) a year earlier. This is a decline of 22.9% from the year earlier quarter.
Revenue: Revenue rose 21.3% to $17.15 billion last quarter.
Actual vs. Wall St. Expectations: MET beat the mean analyst estimate of $1.11 per share. It beat the average revenue estimate of $16.12 billion.
Quoting Management: “MetLife delivered strong results during the second quarter,” said Steven A. Kandarian, president and chief executive officer of MetLife, Inc. “We grew earnings per share by 13% over the prior-year quarter while generating a record $11.8 billion in premiums, fees and other revenues. The fact that we were able to deliver these results despite losses from natural disasters in the United States and Japan is a testament to the earnings power of MetLife’s diverse portfolio of businesses. Our Alico integration work is proceeding on plan, and we’re well positioned for continued profitable growth that adds shareholder value.”
The company has now topped analyst estimates for the last three quarters. It beat the mark by 7 cents in the first quarter and by 4 cents in the fourth quarter of the last fiscal year.
Competitors to Watch: Prudential Financial, Inc. (NYSE:PRU), CNO Financial Group, Inc. (NYSE:CNO), Torchmark Corporation (NYSE:TMK), StanCorp Financial Group, Inc. (NYSE:SFG), Lincoln National Corp. (NYSE:LNC), American Insurance Group (NYSE:AIG), Prudential Public Ltd. Co. (NYSE:PUK), Kansas City Life Insurance Co (NASDAQ:KCLI), Presidential Life Corp (NASDAQ:PLFE), and Independence Holding Co. (NYSE:IHC).
(Source: Xignite Financials)