NEW YORK (AP) — Insurance company MetLife reported a third-quarter profit that came in short of analysts’ expectations Wednesday as payouts increased.
DETAILS: MetLife’s premium revenues were nearly unchanged at $9.09 billion. However, the amount of money MetLife paid out to policy holders to cover claims or insurance benefits rose almost 4 percent, to $9.32 billion from $8.99 billion a year ago.
NUMBERS: Net income was $942 million, or 84 cents per share, compared with a loss of $984 million, 92 cents per share, in the same period a year ago. On an adjusted basis, profit came to $1.34 per share, up 2 cents from a year ago.
Analysts expected $1.36 per share, according to FactSet.
Revenue rose 3 percent to $16.9 billion from $16.61 billion. Analysts expected $16.98 billion.
STOCK: Shares of MetLife fell $1.26, or 2.6 percent, to $47.74 in after-hours trading. The stock is up 49 percent in 2013.