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.
JUL 31, 2009
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.

Latest News

Trump demands lower interest rates as Powell goes to Hill
Trump demands lower interest rates as Powell goes to Hill

The president's call for monetary policy easing marks a shift from earlier remarks calling the Fed's January hold "the right thing to do."

Advisors react to Trump 2.0
Advisors react to Trump 2.0

The president may be the same as he was before, but circumstances are different this time around – and there are some lessons from the first term, advisors said.

The war on DEI
The war on DEI

Financial services companies are being targeted for potential legal action over their programs and initiatives on diversity, equity, and inclusion. It could be just the beginning.

Advisors weigh reputational risks, regulatory shifts in digital asset adoption
Advisors weigh reputational risks, regulatory shifts in digital asset adoption

Client sentiment and the regulatory climate may be getting sunnier, but fiduciary concerns are still holding three-fifths of surveyed advisors back from embracing crypto investments.

Citarell to spearhead Northeast sales growth for Easterly
Citarell to spearhead Northeast sales growth for Easterly

John Hancock veteran has more than 30 years of industry experience.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.