MetLife Inc. faced tough comparisons when it released its latest earnings.
MetLife, New York, is reporting $650 million in net income for the latest quarter on $11 billion in revenue, compared with $2.2 billion in net income on $11 billion in revenue for the second quarter of 2005.
Operating profits at the group life, retirement and savings, and non-medical health units were up, and a lack of major catastrophes helped property-casualty unit performance.
But MetLife recorded $1.2 billion in real estates gains for the second quarter of 2005, when it sold 2 major office buildings in New York. MetLife sold no major office buildings during the latest quarter.
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