NU Online News Service, May 6, 2003, 10:50 a.m. EDT – MetLife Inc., New York, is reporting $362 million in net income for the first quarter on $8.4 billion in revenue, up from $329 million in net income on $8 billion in revenue for the first quarter of 2002.
Net results for the latest quarter include $222 million in net investment losses, up from $92 million in investment losses for the comparable quarter in 2002.
Profits were down at both the institutional and the individual businesses, but MetLife says investment spreads deteriorated on the institutional side and improved on the individual side.
Group life revenue increased 7%, to $1.3 billion, and revenue at the unit that sells group long-term care insurance, group disability insurance and group dental insurance increased 15%, to $880 million, MetLife says. Group disability revenue increased 22%, to $241 million.
On the individual side, total statutory premiums and deposits increased 23%, to $4.6 billion. Deposits and earnings for annuities also improved, but MetLife notes that an increase in claims for guaranteed minimum death benefits cut annuity profits.