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News > Companies
Met Life edges estimates
August 7, 2001: 8:08 a.m. ET

Life insurer posts 12% profit rise on strong auto, home performance
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NEW YORK (CNNfn) - MetLife Inc. reported second-quarter earnings Tuesday that edged past Wall Street estimates, as its institutional business continued to support its other struggling businesses.

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MetLife (MET: Research, Estimates), the No. 1 U.S. life insurer by premiums, reported earnings before one-time items of $419 million, or 54 cents per share, up from $374 million, or 48 cents per share, a year ago. Wall Street analysts expected 53 cents a share, according to research firm First Call.

New York-based MetLife also stood by its previously lowered expectations for full-year earnings per share growth of 12 percent and said it expects earnings to grow 15 percent in 2002.

As in the first quarter, most of MetLife's gains in the second quarter were in its institutional business, which sells life insurance and other retirement and savings products for companies to offer their employees.

The 133-year-old company, which converted from a policyholder-owned mutual last year, reported quarterly revenue of $7.9 billion, down from $8.1 billion a year ago.

MetLife shares rose 9 cents to $29.32 Monday. graphic


- from staff and wire reports

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.