MetLife downgrades earnings outlook
Big US-based insurer MetLife has adjusted its earnings outlook in the face of a decline in second quarter profits overnight.
The company reported that second quarter operating earnings were down from US$1,311 million to just US$942 million, with chief executive C. Robert Henrikson saying earnings had been impacted by several factors, including the continuing decline in equities markets.
However, the company noted a 26 per cent increase in international operating earnings over the corresponding period last year.
It said the international business’ operating results had been driven by strong performances in Latin America and the Asia Pacific.
Henrikson said that given the performance of the equity markets and MetLife’s results for the second quarter, it was revising its previously announced full year 2008 operating earnings guidance of $5.90 to $6.20 per diluted common share to $5.70 to $5.90 per diluted common share.
AUTHOR
Mike Taylor
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