MetLife, Inc (MET) has reported a 62.47 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $826 million, or $0.75 a share in the quarter, compared with $2,201 million, or $1.98 a share for the same period last year. Revenue during the quarter dropped 11.74 percent to $16,269 million from $18,433 million in the previous year period. Net premium earned for the quarter declined 3.90 percent or $378 million to $9,315 million.
Total expenses come down significantly
Benefits, losses and expenses for the quarter were almost stable at $15,452 million, when compared with the last year period. Operating income for the quarter was $817 million, compared with $2,922 million in the previous year period. Net investment income was at $5,196 million for the quarter, up 13.97 percent or $637 million from year-ago period. Meanwhile, income from fees and commission for the quarter moved down marginally by 1.79 percent or $42 million to $2,302 million. The company has recorded a gain on investments of $8 million in the quarter compared with a gain of $15 million for the previous year period.
“MetLife had strong first quarter operating earnings, driven by volume growth, continued expense discipline and higher fees from improved equity markets,” said Steven A. Kandarian, chairman, president and chief executive officer, MetLife, Inc. “Our sales for the quarter were up 21 percent on a post-separation basis, led by our largest segments, the U.S. and Asia. We continue to execute on our refreshed enterprise strategy to deliver enhanced products, services and experiences for our customers and drive long-term shareholder value creation.”
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