MetLife profits soar in Q3
US insurer Metlife has posted strong third quarter results as its profits soared driven by higher premiums and derivative gains.
Its profits hit $2.1 billion in the third quarter of 2014, compared with $942 million in the third quarter of 2013. Profits included $311 million in derivative gains, reflecting changes in foreign currencies and interest rates.
MetLife’s operating earnings hit $1.8 billion, up 22 percent over the third quarter of 2013, despite the impact of the Chilean tax reforms, which decreased operating earnings by $41 million.
Total operating earnings for the Americas were $1.5 billion, up 14 percent, for Asia operating earnings were $306 million, up 19 percent, and for EMEA operating earnings hit $96 million, up 13 percent.
“MetLife had a strong third quarter,” said Steven Kandarian, chairman, president and chief executive officer of MetLife. “We delivered both top and bottom line growth, investment margins remained strong, and expenses were well controlled.”