NEW YORK—Life insurance giant MetLife Inc. reported a 70 percent drop in quarterly earnings for the fourth quarter, as it felt the effects of markedly higher insurance claims and benefits payouts.
Earnings for the last quarter were $289 million, or 35 cents a share, down 70 percent from the same period last year. MetLife also reported a full year net loss of $2.4 billion, or $2.89 per share.
“Our businesses throughout the U.S. and internationally have performed very well, generating a 14 percent increase in premiums, fees and other revenues over the fourth quarter of 2008, and a 4 percent increase over full year 2008 despite a difficult economic environment,” C. Robert Henrikson, CEO of MetLife, said in a statement.
The company also confirmed that it is in talks with American International Group Inc. (AIG) to purchase American Life Insurance Company (ALICO).
“Because MetLife is financially strong and has a deep management team, we are in a very good position to pursue acquisitions that are strategic and would accelerate our long-term growth. If we reach an agreement, it will be because the transaction meets our criteria for acquisitions, including having the potential to generate long-term value for both shareholders and customers,” said Henrikson.
MetLife’s former chief executive Robert Benmosche is currently AIG’s CEO.
Earnings for the last quarter were $289 million, or 35 cents a share, down 70 percent from the same period last year. MetLife also reported a full year net loss of $2.4 billion, or $2.89 per share.
“Our businesses throughout the U.S. and internationally have performed very well, generating a 14 percent increase in premiums, fees and other revenues over the fourth quarter of 2008, and a 4 percent increase over full year 2008 despite a difficult economic environment,” C. Robert Henrikson, CEO of MetLife, said in a statement.
The company also confirmed that it is in talks with American International Group Inc. (AIG) to purchase American Life Insurance Company (ALICO).
“Because MetLife is financially strong and has a deep management team, we are in a very good position to pursue acquisitions that are strategic and would accelerate our long-term growth. If we reach an agreement, it will be because the transaction meets our criteria for acquisitions, including having the potential to generate long-term value for both shareholders and customers,” said Henrikson.
MetLife’s former chief executive Robert Benmosche is currently AIG’s CEO.
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