MetLife, the largest life insurer in the US, has reported net income of $1.2bn, or $1.13 per diluted share for the second quarter of 2011, compared to $1.52bn, or $1.84 per diluted share, for the same quarter of 2010.
The total revenues reported for the second quarter of 2011 were $17.1bn, compared to $14.1bn for the same quarter of the previous year.
The insurer posted storm-related catastrophe losses in the auto & home business that were $137m, or $0.13 per share, after tax, higher than the firms quarterly plan provision of $37m.
Operating earnings for the second of 2011 were $1.3bn, compared to $0.91bn for the same quarter of 2010.
In the second quarter of the 2011, premiums, fees & other revenues were $11.8bn, up 38% over the second quarter of 2010, largely due to the acquisition of Alico.
MetLife president and CEO Steven Kandarian said the firm grew earnings per share by 13% over the prior-year quarter while generating a record $11.8bn in premiums, fees and other revenues.