US-based life insurer MetLife has reported third quarter 2013 profit of $942m, or $0.84 per share, compared to a loss of $984m or $0.92 per share during the corresponding period last fiscal.
For the quarter ended on 30 September 2013, MetLife reported operating earnings of $1.5bn, up by 6% compared to $1.41bn during the comparable period a year ago. Its operating revenues increased by 2% to $16.9bn, against $16.61bn last year.
MetLife chairman, president and CEO Steven Kandarian said, "MetLife’s third quarter results reflect continued growth in emerging markets, solid performance in the United States, and disciplined expense management.
"We are supplementing strong organic growth in emerging markets with acquisitions such as Provida, the largest pension provider in Chile, which closed earlier this month."
Total operating earnings for the Americas increased 7% to $1.3bn, backed by strong results in the US, while operating earnings for retail were $659m, up by 34%, due to fee growth driven by favorable market performance, disciplined expense management, among others.
Operating earnings for group, voluntary & worksite benefits stood at $226m, with a decrease of 20%, backed by lower underwriting results in group life and disability, caused by higher average claim size.
Operating earnings for corporate benefit funding decreased by 1% to $300m, due to higher interest margins offset by lower underwriting income and higher expenses.
Operating earnings for Latin America were $133m, down 13% (8% on a constant currency basis), reflecting one-time adjustments, particularly in the prior year, while operating earnings for Asia were $257m, down by 1% on a reported basis, but up 7% on a constant currency basis.
Operating earnings for EMEA increased by 37% to $85m, on a reported basis and 28% on a constant currency basis driven by business growth, expense discipline and certain one-time items.
Corporate & Other had an operating loss of $160m, compared to an operating loss of $134m in the third quarter of 2012, primarily due to lower investment income.
Serving 90 million customers, MetLife offers insurance, annuities and employee benefit programs in the US, Japan, Latin America, Asia, Europe and the Middle East through its subsidiaries and affiliates.