MetLife Beats Revenue, Profit Expectations

   By Patrick Thomas

MetLife Inc. (MET) reported a rise in its third-quarter profit and a jump in revenue despite lower premiums.

The New York insurance giant reported a profit of $880 million, or 88 cents a share, compared with a loss of $97 million, or 9 cents a share, a year ago. The company had a $968 million expense from discontinued operations a year ago that weighed on its bottom line.

The company reported adjusted earnings of $1.38 a share, ahead of expectations from analysts.

Revenue rose slightly to $16.29 billion from $16.17 billion a year earlier. Analysts had expected $16.03 billion of revenue in the quarter. Premiums, fees and other revenues were $12.1 billion, down 4% from a year ago, but net investment income was up 4% for the period.

The company said the results were due to volume growth, favorable underwriting, expense management and increased investment income.

Write to Patrick Thomas at patrick.thomas@wsj.com

(END) Dow Jones Newswires

November 01, 2018 16:30 ET (20:30 GMT)

MetLife (NYSE:MET)
Historical Stock Chart
From Mar 2024 to Apr 2024