MetLife Profit Tops Estimate

(RTTNews) - Life insurer MetLife Inc (MET) on Wednesday reported first-quarter net income of $2.1 billion or $1.87 per share compared with $1.3 billion or $1.14 per share last year.

Results for the quarter included $534 million in net derivative gains, reflecting the weakening of foreign currencies against the dollar and lower interest rates.

Excluding items, operating earnings for the quarter were $1.44 per share compared with $1.37 per share in the prior year.

Analysts polled by Thomson Reuters expected earnings of $1.41 per share for the quarter. Analyst' estimates typically exclude special items.

Total revenues for the quarter marginally fell to $17.03 billion from $17.12 billion a year ago. Analysts expected revenues of $17.53 billion.

Premiums, fees & other revenues slightly rose to $12.05 billion from $12.03 billion last year.

The company said its operating earnings in the Americas grew 4 percent, slid 2 percent in Asia, and was down 1 percent in Europe, the Middle East and Africa.

"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," said CEO Steven Kandarian.