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MetLife Q3 operating earnings increase by 47% to $1.4bn

US underwriter MetLife has reported operating earnings of $1.4bn, or $1.32 per share for the third quarter of 2012, up by 47% from $965m, or $0.91 per share during the same period a year ago.

For the quarter period ended on 30 June 2012, the insurer posted a loss of $984m, or $0.92 per share, compared to a net income of $3.4bn, or $3.21 per share during the year ago quarter.

Its total operating revenues increased marginally to $16.61bn, compared to $16.6bn during the comparable period last fiscal.

The Americas segment reported an increase in operating earnings of 58% to $1.2bn, partly due to several items that negatively impacted third quarter 2011 results.

Asia segment registered a 17% increase in operating earnings, which stood at $256m, mainly backed by premium growth in Japan and Korea, as well as higher net investment income.

Reported operating earnings for the Europe, Middle East and Africa (EMEA) segment were down by 5% to $62m, but up 20% when adjusted for the impact of foreign currency exchange rates.

Serving 90 million customers through its subsidiaries and affiliates, MetLife offers insurance, annuities and employee benefit programs in the US, Japan, Latin America, Asia, Europe and the Middle East.