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MetLife Reports Lower Second Quarter Net Income

By Staff Writer

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NU Online News Service, Aug. 7, 1:35 p.m. – Metlife Inc., New York, is reporting $320 million in net income for the second quarter on $7.9 billion in revenue, down from $352 million in net income on $8.1 billion in revenue for the second quarter of 2000.

Operating income, which excludes $99 million in investment losses, increased 12%, to $419 million.

Although MetLife reported lower earnings from sales of life insurance, annuities and non-medical health insurance products to individuals, it reported higher earnings for sales of pensions, group life and other products to institutions.

The company was pleased it performed as well as it did during a difficult quarter, according to MetLife Chairman Robert Benmosche.

The institutional unit is $204 million in operating earnings on $3.1 billion in revenue, up from $148 million on $3 billion in revenue.

?he individual insurance unit is reporting $186 million in operating earnings for the quarter on $3.2 billion in revenue, compared with $194 million in operating earnings on $3.2 billion in the second quarter of 2000.

Major products within the individual unit reported the following results:

  • Traditional life insurance: $99 million in operating earnings on $2 billion in revenue, barely changed from $98 million on $2 billion in revenue.
  • Universal life and variable life products: $32 million in operating earnings on $335 million in revenue, compared with $23 million on $340 million in revenue.
  • Annuities: $23 million on $614 million in revenue, down from $69 million on $614 million in revenue.