Annuity deposits slumped at MetLife Inc. during the second quarter, but one-shot real estate sales and strong investment income helped the company produce a big gain in earnings.[@@]
MetLife, New York, is reporting $2.2 billion in net income for the latest quarter on $11 billion in revenue, up from $954 million in net income on $9.5 billion in revenue for the second quarter of 2004.
Second-quarter net income was boosted by the sale of 2 MetLife buildings in New York, at 1 Madison Ave. and 200 Park Ave., for $1.2 billion.
MetLife also increased ordinary investment income to $3.5 billion, from $3.1 billion, and premium revenue increased to $6 billion, from $5.3 billion.
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Total individual annuity deposits fell to $2.5 billion, from $2.9 billion, and first-year premiums for individual variable and universal life products fell to $161 million, from $226 million.