Boston, MA 07/31/2014 (wallstreetpr) – The New York-based insurance, employee benefit and annuity provider, Metlife Inc (NYSE:MET) again showed its powerful earning statistics in the second quarter on July 30, 2014. After a successful first-quarter net profit margin of 7.85%, the investors were all eagerly waiting to see what the company can achieve this quarter. However, MetLife did not disappoint its shareholders.
Europe, Africa, America and Middle East, behind second quarter’s success:
Despite decrease in operating earnings in Asia by 3%, the America responded quite clearly with an increase of 5% in operating income. Africa, Europe, and the Middle East were far beyond the expectation, posting an increment of 37% (41% on constant currency basis) in the operating earnings. Needless to say, the second quarter witnessed more profit due to the acquisition of Chilean business a year back.
Acquisition proved to be beneficial:
The net income of MetLife witnessed a frog leap and reached $1.37 billion, where a year ago the net income was close to $500 million. The chief executive officer, Steve Kandarian acknowledged that the expansion of business in Asia and Latin America was Metlife Inc (NYSE:MET)’s biggest step. While, the acquisition of Chilean pension provider, AFP Provida SA in the month of September was another noted step from MetLife.
Japan failed to meet the sales estimation:
Owning Provida proved brilliant for Metlife Inc (NYSE:MET) as the Latin America experienced 28-% increase in profit and reached $160 million. The Asian countries responded lightly, because of which a drop of 3.3% in operating profit was experienced. Sales in Japan slipped, while China and Korea somehow managed to augment the sales.
From the desk of CEO:
The chairman, president and CEO, Kandarian while announcing the earnings report, mentioned that the result is the outcome of mixed business performance. However, it will be exciting to see Metlife Inc (NYSE:MET)’s next step!
