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
Recommended for you
With Sanlam Private Wealth coming under ASIC pressure regarding the number of responsible managers in its business, law firm Holley Nethercote explores what the role entails and how to stay on the right side of the law.
Insignia Financial has granted CC Capital access to select company information in the hope of securing an improved offer from the private equity firm.
Recruitment agency Robert Walters has revealed the expected salary ranges for Australian financial advisers in 2025, with one particular state seeing a decline.
As global PE firms scope out the Australian wealth management industry, Finura predicts which other local names may potentially receive a takeover offer this year.
