NU Online News Service, May 7, 10:35 a.m. – MetLife Inc., New York, is reporting $329 million in net income for the first quarter on $8.1 billion in revenue, up from $287 million in net income on $8 billion in revenue for the first quarter of 2001.
The latest results include $76 million in realized investment losses.
Operating income, which excludes investment losses and other gains and charges, increased to $400 million, from $384 million.
MetLife is one of several life insurers that have reported softness in sales of bank-owned and corporate-owned life insurance for the first quarter. But, excluding COLI and BOLI, the company says its revenue from new, first-quarter individual life sales increased 19%, to $198 million,