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April 30, 2010 at 08:00 PM
The life and health insurers that came out with first-quarter results this week reported solid increases in net income.
MetLife Inc., New York (NYSE:MET)
1 Q 2010 Results
NET INCOME: $834 million
REVENUE: $13 billion
1 Q 2009 Results
NET INCOME: $548 million loss
REVENUE: $10 million
- “MetLife delivered very strong first quarter results, generating significant earnings growth, growing premiums, fees and other revenues by 12% and increasing net investment income by 31%,” MetLife Chairman C. Robert Henrikson says. “Improved equity market levels, solid underwriting results and our expense savings efforts also contributed to our strong performance in the quarter.
- Individual life sales were 15% higher than in the first quarter of 2009.
- Variable annuity sales increased 8%.
Hartford Financial Services Group Inc., Hartford (NYSE:HIG)
1 Q 2010 Results
NET INCOME: $319 million
REVENUE: $6.3 billion
1 Q 2009 Results
NET INCOME: $1.2 billion loss
REVENUE: $5.4 billion
- Life sales increased 5%, and retirement plan deposits increased 15%, to $2.6 billion.
- The life unit reported $186 million in net income, up from a $1.3 billion net loss.
Lincoln National Corp., Radnor, Pa. (NYSE:LNC)
1 Q 2010 Results
NET INCOME: $283 million
REVENUE: $2.5 billion
1 Q 2009 Results
NET INCOME: $579 million loss
REVENUE: $2.1 billion
- Individual variable annuity net flows increased 26%, to $552 million.
Ameriprise Financial Inc.., Minneapolis. (NYSE:AMP)
1 Q 2010 Results
NET INCOME: $296 million
REVENUE: $2.3 billion
1 Q 2009 Results
NET INCOME: $116 million
REVENUE: $1.7 billion
- Variable annuity inflows, but VA exit rates improved.
- Fixed annuities experienced $166 million in net outflows, “primarily due to lower sales from the company’s decision to lower crediting rates on new contracts,” Ameriprise says. But fixed annuity redemption rates were much better than they were in the first quarter of 2009.
Allstate Corp., Northbrook, Ill. (NYSE:ALL)
1 Q 2010 Results
NET INCOME: $120 million
REVENUE: $7.7 billion
1 Q 2009 Results
NET INCOME: $274 million loss
REVENUE: $7.9 billion
- Allstate Financial produced $4 million in net income for the quarter, compared with a $327 million net loss for the first quarter of 2009.
- Life and annuity premiums and contract charges increased to $544 million, from $484 million.
- Allstate Financial has stopped selling new business through financial institutions and instead is focusing on selling products to customers served by Allstate agencies.
Symetra Financial Corp., Bellevue, Wash. (NYSE:SYA)
1 Q 2010 Results
NET INCOME: $46 million
REVENUE: $453 million
1 Q 2009 Results
NET INCOME: $5.1 million
REVENUE: $379 million
- Higher interest rate spreads helped retirement services operating income.
- Fixed annuity sales fell because consumers were less nervous and less inclined to lock money away in fixed-rate investments.
Aflac Inc., Columbus, Ga.. (NYSE:AFL)
1 Q 2010 Results
