Shares of MetLife (MET) are down 16 cents, or 0.4%, at $36.21 in after-hours trading after the company this evening reported revenue rose 13% to $13.32 billion, easily exceeding the $12.56 billion analysts expected, yielding operating profit per share of 96 cents, a penny better than expected.
The U.S. business’s fee and other revenue rose 11% to $7.8 billion with a big jump, 32%, in premia and other revenue for retirement products, overshadowing the 8% rise in the insurance business. International business, however, was the standout, with revenue rising 22% to $1.2 billion.
Obviously, the penny upside in profit wasn’t enough for some investors given the enormous outperformance in the top line. Moreover, operating income excludes a loss on investments of $898 million. Including that loss, reported net income of 35 cents per share was well below the 82 cents analysts were modeling.
There’ll be plenty to talk about when MetLife management holds its conference call with analysts tomorrow morning at 9 am, Eastern time.
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