MetLife Profit Rises 21% on More Sales
Bloomberg News
MetLife Inc., the biggest U.S. life insurer, said second-quarter profit rose 21% on higher sales of life insurance and fixed annuities and on expense cuts.
Net income rose to $387 million, or 53 cents a share, the New York-based company said. Earnings excluding investment losses were 69 cents, compared with the average analyst estimate of 64 cents by Thomson First Call.
MetLife Chief Executive Robert Benmosche has been cutting costs and trying to sell more life insurance and fixed annuities at a time when stock declines have hurt demand for variable annuities and mutual funds.
MetLife shares fell $1.07 to $25.63 on the NYSE but fell as low as $24.75 in after-hours trading.
