MetLife suffers $1.4B net loss in second quarter

MetLife Inc. ended the second quarter in the red, reporting a net loss of $1.4 billion, or $1.74 per share. Some $3.83 billion in pretax investment losses contributed to the decline. In the year-earlier period, the New York-based insurer brought in $915 million, or $1.22 per share, in earnings. However, the insurer managed to reap positive net flows and deposits from its annuities business, which saw U.S. deposits rise 43% to $5.5 billion. A record level of $4.5 billion in variable annuity deposits reflected a 27% gain from the comparable period in 2008, while fixed-annuity deposits ballooned to $949 million, from $277 million. Institutional business at MetLife reaped $306 million in operating earnings, down from $448 million in the year ago period. Institutional premiums, fees and other revenue were up 8%, hitting $4.3 billion. However, premiums were down slightly for auto and home coverage, hitting $747 million, a decline of 1%. Operating earnings for that business segment were up at $76 million, compared with $52 million in the second quarter of 2008, a result of declining catastrophe losses.