After a net loss of $1.8 billion in the first nine months of 2009, MetLife posted net income of $2.1 billion from U.S. business operations during the same period this year, according to the company’s third-quarter earnings report. Overall earnings were $878 million.
Net income from U.S. operations rose to $764 million in the third quarter of 2010, up from $633 million in the prior quarter and $38 million in 2009. Operating earnings for retirement products were $149 million in the third quarter of 2010, up 42% from third quarter 2009 due to growth in the business and higher net investment income.
MetLife saw record U.S. annuity sales of about $5 billion during the third quarter of this year, up 25% over the third quarter of 2009. The $5 billion included variable annuity sales of $4.7 billion, up 35% from the previous year.
Other third quarter 2010 earnings highlights for MetLife:
– Premiums, fees and other revenues of $8.6 billion.
– Operating earnings of $0.99 per share, up 14% from $0.87 per share in 3Q 2009.
– Net income of $0.32 per share versus net loss of $0.79 per share in 3Q 2009.
– Book value per share up 24% Over 3Q 2009; 8% over 2Q 2010.
– U.S. business premiums, fees and other revenues were $7.1 billion, down slightly as an 11% increase in retirement products was offset by lower pension closeout sales in Corporate Benefit Funding.
– Premiums, fees and other revenues for retirement products, including U.S. annuities, were $738 million, up 11% due to increased fee revenue.
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