MetLife posts $4.18B profit for 2007

NEW YORK – MetLife Inc. (NYSE: MET) today posted a profit of $4.18 billion, a decline of 32.1 percent from the $6.16 billion it reported for 2006. But excluding the effects of the fourth-quarter 2006 sale of Peter Cooper Village and Stuyvesant Town in New York City, for $3 billion, the financial services giant showed a 32.3-percent increase over its 2006 performance.
Profit per diluted common share was $5.48 in 2007, compared with the previous year’s $7.99 per share or $4.09 excluding the one-time gain.
Revenue rose 7 percent compared with 2006 to $34.8 billion.
I’m very pleased with our record revenue and earnings performance in 2007,” said C. Robert Henrikson, the insurer’s chairman, president and CEO.
“We continue to focus on the fundamentals of our business and have produced excellent results. In 2007, we grew book value per share and generated an operating return on equity of 15.2 percent as we continue our commitment to building shareholder value. Looking ahead, we are well positioned for 2008,” he added.
For the fourth quarter, MetLife posted a profit of $1.08 billion or $1.44 per diluted common share. That represents a 30.6-percent gain from the 2006 fourth quarter’s $829 million or $1.07 per diluted share, excluding the insurer’s one-time gain on the sale of Peter Cooper Village and Stuyvesant Town.
Fourth-quarter revenue rose 6 percent from the year-ago period to a record $9.1 billion.
“MetLife had an outstanding quarter with record premiums, fees and other revenues of $9.1 billion,” Henrikson said. “In addition, our institutional and international businesses delivered record operating earnings, and individual business generated strong year-over-year growth in both annuity deposits and total life premiums.”
During the quarter, MetLife repurchased 11.6 million shares of common stock, at an aggregate cost of about $731 million.
It has continued the buyback program in 2008, acquiring another 7.7 million shares so far, at a cost of $450 million, which leaves MetLife with $1.06 billion in unexercised share repurchase authorizations.
MetLife Inc. (NYSE: MET) is a provider of insurance and financial services in the United States, Latin America, Europe and the Asia-Pacific region. Its Rhode Island-based MetLife Home & Auto division employs more than 2,000 people at its offices in Warwick. To learn more, visit www.metlife.com.