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MetLife net earnings rise YOY as derivative loss shrinks

MetLife Inc. reported second-quarter operating earnings of $1.41 billion, or $1.30 per share, compared with $924 million, or 83 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.28.

Net income was $838 million, or 77 cents per share, compared with $64 million, or 6 cents per share, a year ago.

Net income included derivative losses of $284 million, after tax, for the second quarter. In the year-ago quarter, MetLife booked after-tax derivative losses of $1.4 billion. The company uses derivatives to hedge risks such as movements in interest rates and foreign currencies.

In the first quarter, the insurer posted a net derivative loss of $602 million. In the quarter prior to that, MetLife saw a massive $3.2 billion net derivative loss related to rising interest rates and equity markets. The company had long used derivative investments to hedge against low interest rates.

Brighthouse Financial Inc. reported operating earnings available to common shareholders of $283 million, down from $297 million in the year-ago period. Activities related to the spinoff of Brigthouse decreased operating earnings by 5 cents per share after tax.

Operating premiums, fees and other revenues totaled $12.50 billion, compared with $12.07 billion in the second quarter of 2016. Total operating revenues were $17.39 billion, compared with $16.96 billion a year ago. Net investment income totaled $4.96 billion in the quarter, up from $4.89 billion in the same quarter of 2016.

In Asia, operating earnings rose to $310 million from $259 million. Second-quarter operating earnings for Latin America rose to $154 million from $137 million in the year-ago period.

Book value per share was $63.37 as of June 30, compared with $70.18 as of June 30, 2016. Book value per share, excluding accumulated other comprehensive income other than foreign currency translation adjustments, was $51.03 as of June 30, compared with $53.20 as of June 30, 2016.