NU Online News Service, Aug. 4, 2003, 8:53 p.m. EDT – Steady sales, reduced investment losses and the merger of two subsidiaries in Mexico helped MetLife Inc., New York, increase earnings in the second quarter in spite of a decrease in investment yields.
MetLife is reporting $611 million in net income for the latest quarter on $8.9 billion in revenue, up from $387 million in net income on $8.2 billion in revenue for the second quarter of 2002.
Although the group life and health unit generated $260 million in operating earnings on $3.6 billion in revenue, up from $250 million in operating earnings on $3.5 billion in revenue, the individual life and health unit earned $182 million on $3.1 billion in revenue, down from $196 million on $3.1 billion in revenue.
But the net loss on investments sold, written down or written off during the quarter fell to $54 million, from $185 million.
The international operations earned $102 million on $618 million in revenue, up from $2 million on $379 million in revenue.