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Life Health > Life Insurance

Earnings: MetLife, Principal, Humana

By Staff Writer

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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.

In other earnings news:

- Principal Financial Group Inc., Des Moines, Iowa, is reporting $219 million in net income for the second quarter on $2.4 billion in revenue, compared with $239 million in net income on $2.2 billion in revenue for the second quarter of 2005.

A drop in life and health profits and $13 million in investment losses offset an increase in U.S. and international asset management profits.

Individual life claims were higher in the latest quarter than in the second quarter of 2005, Principal says.

-Humana Inc., Louisville, Ky., is reporting $89 million in net income for the second quarter on $5.4 billion in revenue, up from $81 million in net income on $3.5 billion in revenue for the second quarter of 2005.

The managed care company ended the quarter providing or administering medical coverage for 11 million people, up from 10 million people a year earlier.

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