MetLife Inc. Earnings Cheat Sheet: Exceeds Forecasts with Boost of Profit Rise

S&P 500 (NYSE:SPY) component MetLife Inc. (NYSE:MET) reported net income above Wall Street’s expectations for the third quarter. MetLife provides individual insurance, employee benefits, and financial services.

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MetLife Earnings Cheat Sheet for the Third Quarter

Results: Net income for the life insurance company rose to $3.6 billion ($3.33 per share) vs. $286 million (32 cents per share) in the same quarter a year earlier. This marks a substantial increase from the year earlier quarter.

Actual vs. Wall St. Expectations: MET beat the mean analyst estimate of $1.09 per share. It beat the average revenue estimate of $16.49 billion.

Quoting Management: “During the third quarter, MetLife generated strong results, despite continued challenging economic conditions,” said Steven A. Kandarian, president and chief executive officer of MetLife, Inc. “We increased operating earnings 23%, generated a record $12.0 billion in premiums, fees and other revenues and had strong top line growth in both our U.S. and International Businesses compared with the third quarter of 2010. We also demonstrated that, despite several unusual items during the third quarter, the core fundamentals of our diverse, global businesses are strong, and we remain committed to delivering further value for our customers and our shareholders.”

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 13 cents in the second quarter, by 7 cents in the first quarter, and by 4 cents in the fourth quarter of the last fiscal year.

Looking Forward: Over the past ninety days, the average estimate for the fourth quarter has fallen from $1.34 per share to $1.29, indicating that analysts are growing pessisimistic about the company’s performance next quarter. The average estimate for the fiscal year is now $4.94 per share, down from $5.20 sixty days ago.

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 International 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).

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(Source: Xignite Financials)