MetLife forecasts 4Q boost

MetLife Inc. today said that its fourth-quarter profits will be up from the 2007 period and that it will reap the benefits of investment gains.
DEC 08, 2008
By  Bloomberg
MetLife Inc. today said that its fourth-quarter profits will be up from the 2007 period and that it will reap the benefits of investment gains. Fourth-quarter net income will be between $1.2 billion and $2 billion, or $1.50 to $2.55 per share, up slightly from $1.1 billion, or $1.44 per share, in the fourth quarter of 2007, the New York-based insurer said in a statement today. It also expects to bring in $1.2 billion to $1.8 billion in net realized investment gains, net of income tax, reflecting derivative gains. For its fourth-quarter operating earnings, MetLife projected an enormous range from a loss of $50 million to a profit of $150 million. For the full year of 2008, MetLife expects a profit of $3.3 billion to $4.1 billion, or $4.52 to $5.60 per share. Last year, the company booked a profit of $4.3 billion, or $5.62 per share. The insurer also gave a forecast for its 2009 operating earnings, predicting a range of $3 billion to $3.3 billion, or $3.60 to $4 per share. But that outlook excludes an expected charge of $70 million, revenue growth of between 4% and 5%, low variable investment income and a 5% increase in the Standard and Poor’s 500 stock index.

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