(Bloomberg) — MetLife Inc., the largest U.S. life insurer, said second-quarter profit more than doubled on gains from derivatives and the Chilean business acquired last year.
Net income climbed to $1.37 billion from $502 million a year earlier, New York-based MetLife said today in a statement. Operating earnings, which exclude some investment results, were $1.39 a share, missing by two cents the average estimate of 20 analysts surveyed by Bloomberg.
Chief Executive Officer Steve Kandarian has expanded in Latin America and Asia while retreating from some capital- intensive businesses. MetLife acquired Chilean pension provider AFP Provida SA in September for about $2 billion after spending $16 billion in 2010 for American Life Insurance Co., which had operations in more than 50 countries.
“The growth is going to be in the international business,” Steven Schwartz, an analyst at Raymond James Financial Inc., said by phone before results were announced.
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In Latin America, profit climbed 28 percent to $160 million, fueled by the Provida acquisition. MetLife posted a 3.3 percent drop in operating profit in Asia, to $319 million. Results included a decline in surrender fees, which the company collects when clients exit their contracts with the insurer. MetLife said sales increased in China and South Korea, while declining in Japan.
MetLife slipped 0.7 percent to $54.05 in extended trading at 4:35 p.m. in New York. The stock advanced about 1 percent this year. Results were released after the close of regular trading.
Book value, a measure of assets minus liabilities, rose to $59.96 per share on June 30 from $56.65 three months earlier.