Metlife Profit Rises on International Growth

By FOXBusiness

MetLife (NYSE:MET) said quarterly profits jumped significantly last quarter largely due to revenue generated by an international acquisition.

The New York-based insurance giant reported a net profit of $3.55 billion, or $3.33 per share, versus $286 million, or 32 cents per share, during the same three-month period a year ago.

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On an operating basis the company earned $1.11 per share. Operating numbers were impacted by one-time charges related to payouts for natural disasters and unpaid claims, the company said.

Analysts had forecast operating earnings of $1.06 per share in the quarter.

"During the third quarter, MetLife generated strong results, despite continued challenging economic conditions," Steven A. Kandarian, MetLife’s CEO said in a statement.

The boost in profits was generated in part by MetLife’s acquisition last year of global insurer Alico from AIG (NYSE:AIG).

MetLife’s shares were up in after-hours trading after rising $2.48, or 7.5%, to $35.67.

MetLife was told earlier this week to shelve a proposed dividend boost until the insurer undergoes a government-sponsored stress test.