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Metlife Q2 2013 reports net income of $471m

US-based life insurer MetLife has reported operating earnings of $1.6bn, or $1.44 per share, for the second quarter of 2013, with an increase of 11% and 7%, compared to $1.43bn, or $1.34 per share, respectively during the same period last year.

For the quarter period ended on 30 June 2013, its net income on a GAAP basis stood at $471m, or $0.43 per share, including $1.1bn, after tax, in net derivative losses.

MetLife chairman, president and CEO Steven Kandarian said, "MetLife delivered strong performance in the second quarter through favorable investment margins, expense discipline in the U.S. and good results in Asia."

Total operating earnings for the Americas grew by 18% to $1.3bn, driven by strong results in the US, while premiums, fees & other revenues stood at $8.7bn, up 4%, primarily due to growth in the retail and group, among others.

Operating earnings for Asia were $330m, with an increase of 18% predominantly driven by strong underlying business growth across the region, while premiums, fees & other revenues in Asia were $2.5bn, up by 2% compared to second quarter earlier year.

Operating earnings for EMEA were $68m, down 13% on both a reported and constant currency basis due to a prior period benefit of $12m in Greece and certain items negatively affecting the current period by $4m.

Serving 90 million customers, MetLife through its subsidiaries and affiliates, offers an array of insurance product and services in the US, Japan, Latin America, Asia, Europe and the Middle East.