MetLife posts dip in profits in Q2

US insurer MetLife posted a dip in profits in the second quarter of 2015, although its operating earnings hiked as it benefitted from strong performance in Asia.

The insurer’s profits slumped 22 percent to $1 billion in the second quarter of 2015, compared with $1.3 billion in the second quarter of 2014.

However, its operating earnings jumped 11 percent to $1.8 billion in the second quarter of the year, compared with $1.6 billion in the second quarter of 2014.

This was driven by strong performance in Asia where operating earnings increased 31 percent on a reported basis and the Americas, where operating earnings increased by 4 percent. However, this was partially offset by a 31 percent decrease in operating earnings in Europe, the Middle East and Africa (EMEA).

MetLife also posted a slight decline in its premiums, fees and other revenues at $12.2 billion in 2015, compared with 12.7 billion in the second quarter of 2014.

Steven Kandarian, chairman, president and chief executive officer of MetLife, said: “MetLife delivered strong double-digit operating earnings growth in the second quarter. Investment margins remained healthy despite persistent low interest rates, and underwriting margins improved year over year for the fourth consecutive quarter.”