The acquisition of Travelers Life & Annuity helped MetLife Inc. overcome the effects of hurricane-related losses in the third quarter.[@@]
MetLife, New York City, is reporting $742 million in net income on $12 billion in revenue for the latest quarter, up form $695 million in net income on $9.9 billion in revenue for the third quarter of 2004.
But some analysts say MetLife’s latest earnings report is unclear.
Although MetLife reported earnings per share at a “normalized” rate of $1.03, that normalization process will confuse investors, according to Suneet Kamath, life sector analyst at Sanford Bernstein & Company L.L.C., New York.
The consensus earnings estimate for the quarter was 94 cents per share.
“In our opinion, the true normalized result in the quarter is open to debate,” Kamath writes in a note about MetLife’s earnings.