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Portfolio > Economy & Markets > Fixed Income

Earnings: MetLife, Pru, Others

By Staff Writer

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Strong retirement and savings earnings contributed to an increase in profits at MetLife Inc. during the second quarter.

MetLife, New York, is reporting $1.2 billion in net income for the latest quarter on $13 billion in revenue, up from $650 million in net income on $11 billion in revenue for the second quarter of 2006.

Retirement and savings profits increased 35%, to $299 million, MetLife says.

MetLife says it recorded $9 million “due to non-recoverable overpayments on certain dental claims.”

In other earnings news:

- Prudential Financial Inc., Newark, N.J., is reporting $846 million in consolidated net income for the second quarter on $8.4 billion in consolidated revenue, up from $453 million in net income on $7.3 billion in revenue for the second quarter of 2006.

- Principal Financial Group Inc., is reporting $312 million in net income for the second quarter on $2.8 billion in revenue, up from $219 million in net income on $2.5 billion in revenue for the second quarter of 2006.

Excluding the effects of an acquisition, U.S. asset management account values were up 22%, Principal reports.

- Lincoln National Corp., Philadelphia, is reporting $376 million in net income for the second quarter on $2.7 billion in revenue, up from $349 million in net income on $2.5 billion in revenue for the second quarter of 2006.

Elections of the company’s i4LIFE Advantage retirement income management tool increased 51%, to $592 million, Lincoln says.

Sales of MoneyGuard universal life policies that include a long term care rider increased 32%, the company says.

- Nationwide Financial Services Inc., Columbus, Ohio, is reporting $197 million in net income for the second quarter on $1.2 billion in revenue, compared with $263 million in net income on $1.1 billion in revenue for the second quarter of 2006.

Comparisons were difficult because the company recorded $126 million in unusual items for the second quarter of 2006, Nationwide says.

- Great American Financial Resources Inc., Cincinnati, is reporting $25 million in net income for the second quarter on $301 million in revenue, compared with $44 million in net income on $238 million in revenue for the second quarter of 2006.

Core earnings figures, which excluded a variety of unusual gains and charges, increased to $19 million, from $18 million, and sales of indexed annuity products were especially strong, Great American says.

- American Equity Investment Life Holding Company, West Des Moines, Iowa, is reporting $25 million in net income for the second quarter on $289 million in revenue, compared with $43 million in net income on $122 million in revenue for the second quarter of 2006.

Sales of new annuity products increased 20%, to $622 million, thanks in part to an increase in a key financial strength rating, American Equity says.

- FBL Financial Group Inc., West Des Moines, Iowa, is reporting $34 million in net income for the second quarter on $274 million in revenue, up from $18 million in net income on $175 million in revenue for the second quarter of 2006.

- Unum, Chattanooga, Tenn., is reporting $153 million in net income for the second quarter on $2.7 billion in revenue, up from $125 million in net income on $2.6 billion in revenue for the second quarter of 2006.

Sales and persistency for group short-term disability insurance fell, but sales of group long-term disability insurance increased 4.1%, to $53 million, Unum says.

- Assurant Inc., New York, is reporting $166 million in net income for the second quarter on $2.1 billion in revenue, up from $151 million in net income on $1.9 billion in revenue for the second quarter of 2006.

Claims experience for the group life and group disability products was good, Assurant says.

- Universal American Financial Corp., Rye Brook, N.Y., is reporting $22 million in net income for the second quarter on $703 million in revenue, up from $18 million in net income on $328 million in revenue for the second quarter of 2006.

- Humana Inc., Louisville, Ky., is reporting $219 million in net income for the second quarter on $6.4 billion in revenue, up from $89 million in net income on $5.4 billion in revenue for the second quarter of 2006.

The managed care company ended the quarter providing or administering health coverage for 11 million people, 2.4% more than it was covering a year earlier.

- CIGNA Corp., Philadelphia, is reporting $198 million in net income for the second quarter on $4.4 billion in revenue, compared with $273 million in net income on $4.1 billion in revenue for the second quarter of 2006.

The managed care company ended the quarter providing or administering health coverage for 9.8 million people, 8.7% more than it was covering a year earlier.

- Health Net Inc., Woodland Hills, Calif., is reporting $92 million in net income for the second quarter on $3.5 billion in revenue, up from $77 million in net income on $3.3 billion in revenue for the second quarter of 2006.

The managed care company ended the quarter providing or administering health coverage for 3.7 million people, about as many people as it was covering a year earlier.

- Coventry Health Care Inc., Bethesda, Md., is reporting $151 million in net income for the second quarter on $2.3 billion in revenue, up from $135 million in net income on $1.9 billion in revenue for the second quarter of 2006.

The managed care company ended the quarter providing or administering health coverage for 4.1 million people, about as many people as it was covering a year earlier.

- Sierra Health Services Inc., Las Vegas, Nev., is reporting $39 million in net income for the second quarter on $482 million in revenue, up from $34 million in net income on $424 million in revenue for the second quarter of 2006.

- National Financial Partners Corp., New York, is reporting $18 million in net income for the second quarter on $283 million in revenue, up from $14 million in net income on $262 million in revenue for the second quarter of 2006.

NFP, a company that is building a national financial services distribution organization through acquisitions, says “same store” revenue declined 2.7%, to $198 million, because of lower life insurance sales and adjustments for dispositions and eliminations. The company notes that it took a $1.2 million impairment charge related to 2 of its acquired firms.

- EHealth Inc., Mountain View, Calif., is reporting $3.2 million in net income for the second quarter on $21 million in revenue, up from $1.6 million in net income on $14 million in revenue for the second quarter of 2006.

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