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Portfolio > Economy & Markets > Fixed Income

MetLife, NFP Enjoy Earnings Gains in Third Quarter

By Warren S. Hersch

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MetLife, Inc., New York, (NYSE:MET) reported third quarter 2011 net income of $3.6 billion, or $3.33 per share, and operating earnings of $1.2 billion, or $1.11 per share. This compares with net income of $286 million, or $0.32 per share, for third quarter of 2010.

Among other highlights from MetLife’s third quarter results:

U.S. annuity sales of $9.2 billion, up 79% over the third quarter of 2010, were driven by strong demand for variable annuities.

International sales more than doubled on a reported basis over the third quarter of 2010 and were up 25% compared with combined MetLife and Alico third quarter 2010 results.

Premiums, fees & other revenues of $12.0 billion, were up 41% over the third quarter of 2010.

National Financial Partners Corp. (NYSE: NFP), New York, reported third quarter 2011 net income of $9.3 million, or $0.21 per diluted share, compared with net income of $8.2 million, or $0.19 per diluted share, in the third quarter of 2010.

Adjusted EBITDA in the third quarter 2011 was $32.2 million, an increase of 20.0%, compared with $26.8 million in the third quarter 2010.  Adjusted EBITDA margin of 12.8% in the third quarter 2011 improved compared with an adjusted EBITDA margin of 11.3% in the prior year period.

NFP revenue was $251.5 million in the third quarter 2011, an increase of $14.0 million, or 5.9%, compared with $237.5 million in the third quarter 2010. Organic revenue grew 3.3% in the third quarter 2011, compared with the prior year period.  Revenue and organic revenue included positive contributions from NFP’s Corporate Client and Advisor Services Groups.

Separately, NFP announced that Patrick S. Baird, former Chief Executive Officer of AEGON USA, LLC, was elected to NFP’s Board of Directors.  

Cincinnati Financial Corporation (Nasdaq: CINF), Cincinnati, reported $19 million, or 12 cents per share, of net income for the third quarter of 2011 compared with $156 million, or 95 cents net income per share, in the 2010 third quarter. The company also posted:

Operating income of $20 million, or 13 cents per share, compared with operating income of $56 million, or 34 cents, for the year ago period.

$137 million decrease in third-quarter 2011 net income, driven by the after-tax effects of a $101 million decrease in net realized investment gains and a $34 million decrease in the contribution from property casualty underwriting operations. That contribution reflected previously announced third-quarter natural catastrophe losses totaling $60 million after taxes, up $42 million compared with the same period of 2010.

In other financial news:

The Hartford Financial Services Group, Hartford, Conn., declared a quarterly dividend of $0.10 per share of common stock, payable on Jan. 3, 2012, to shareholders of record at the close of business on Dec. 1, 2011.

Principal Financial Group, Inc., Des Moines, declared a cash dividend of $1.39075 per share on its 5.563% Series A non-cumulative perpetual preferred stock and a cash dividend of $0.407375 per share on its 6.518% Series B non-cumulative perpetual preferred stock. The preferred dividends are payable on Dec. 30, 2011, to preferred stockholders of record as of Dec. 8, 2011.

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