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Met Life edges estimates
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August 7, 2001: 8:08 a.m. ET
Life insurer posts 12% profit rise on strong auto, home performance
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NEW YORK (CNNfn) - MetLife Inc. reported second-quarter earnings Tuesday that edged past Wall Street estimates, as its institutional business continued to support its other struggling businesses.
MetLife (MET: Research, Estimates), the No. 1 U.S. life insurer by premiums, reported earnings before one-time items of $419 million, or 54 cents per share, up from $374 million, or 48 cents per share, a year ago. Wall Street analysts expected 53 cents a share, according to research firm First Call.
New York-based MetLife also stood by its previously lowered expectations for full-year earnings per share growth of 12 percent and said it expects earnings to grow 15 percent in 2002.
As in the first quarter, most of MetLife's gains in the second quarter were in its institutional business, which sells life insurance and other retirement and savings products for companies to offer their employees.
The 133-year-old company, which converted from a policyholder-owned mutual last year, reported quarterly revenue of $7.9 billion, down from $8.1 billion a year ago.
MetLife shares rose 9 cents to $29.32 Monday. 
- from staff and wire reports
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MetLife
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