Earnings: MetLife, Hartford, Others

Life and health insurers reported mixed results this week.

Here is a look at their earnings.

MetLife Inc., New York

1 Q 2009 Results

NET INCOME: $548 million

NET REALIZED INVESTMENT CHANGE: $906 million loss

REVENUE: $10 billion

1 Q 2008 Results

NET INCOME: $660 million

NET REALIZED INVESTMENT CHANGE: $730 million loss

REVENUE: $12 billion

- Life insurance revenue held steady, but declining annuity fee revenue pushed the individual premium, fees and revenues total down 4%, to $2 billion.

- Strong fixed annuity sales helped increase total individual annuity deposits to $7.4 billion, from $3.5 billion.

- The pace of defined benefit pension plan terminations slowed, and that cut into the revenue that MetLife get from selling the annuities used to shut down pension plans.

- Net investment income dropped to $3.3 billion, from $4.3 billion, in part because variable investment income was $508 million lower than expected. Losses on corporate joint ventures and real estate funds hurt net investment income, MetLife says.

- MetLife is reporting $584 million in credit losses and impairments, net of income tax.

Hartford Financial Services Group Inc., Hartford

1 Q 2009 Results

NET INCOME: $1.2 billion

NET REALIZED INVESTMENT CHANGE: $196 million gain

REVENUE: $5.4 billion

1 Q 2008 Results

NET INCOME: $145 million

NET REALIZED INVESTMENT CHANGE: $3.6 billion loss

REVENUE: $1.5 billion

- Revenue increased because of a drop in net investment losses resulting from equity securities held for trading, to $724 million, from $3.6 billion in the first quarter of 2008, and a swing in net realized investment performance to an $84 million gain, from a $1.4 billion loss.

- Hartford reported a net loss, despite the increase in revenue, because benefits, losses and loss adjustment expenses increased to $4.6 billion, from $3.4 billion, and amortization of deferred policy of acquisition costs and the present value of future profits increased to $2.3 billion, from $468 million.

Aflac Inc., Columbus, Ga.

1 Q 2009 Results

NET INCOME: $569 million

NET REALIZED INVESTMENT CHANGE: $72 million loss

REVENUE: $4.8 billion

1 Q 2008 Results

NET INCOME: $474 million

NET REALIZED INVESTMENT CHANGE: $155 million loss

REVENUE: $4.3 billion

- Aflac has big Japanese operations, and the strong yen helped overall profits.

- In the United States, premium revenue increased 5%, to $1.1 billion, net investment income increased 1.4%, to $125 million, and newly established payroll accounts increased 9.9%.

- The number of average weekly producing sales associates increased 2.4%, to about 11,100.

Unum Group Corp., Chattanooga, Tenn.

1 Q 2009 Results

NET INCOME: $165 million

NET REALIZED INVESTMENT CHANGE: $65 million loss

REVENUE: $2.4 billion

1 Q 2008 Results

NET INCOME: $163 million

NET REALIZED INVESTMENT CHANGE: $68 million loss

REVENUE: $2.5 billion

- Group disability insurance operating profits increased, in part because an emphasis on selling to smaller employers cut the ratio of claims costs to premiums.

- The Colonial Life worksite unit increased operating income 5.2%, to $71 million. The number of average weekly producers increased 7.3%, but the average amount of premium revenue per producer fell 7.1%.

Aetna Inc., Hartford