Boston, MA 05/13/2014 (wallstreetpr) – Metlife Inc (NYSE:MET) has witnessed a jump of 36% in its net income. This spurt is attributed to gains in derivatives which are linked to spread of credit. The operating earnings, however, fell below the market estimates as the company saw an increase in the volume of claims.
The company has declared a dividend for common stock for the second quarter of this year at $0.35 a share. This is an increase from the dividend of the earlier quarter which stood at $0.275 a share.
Key developments
The Chinese venture of Metlife Inc (NYSE:MET) has received statutory permission to set up branch operations in the free trade zone of Shanghai. With this development, Metlife has become the maiden insurance company which is foreign backed to get such approval.
The permission was declared by Sino US Metlife co., which is operated jointly by Metlife and Shanghai Lianhe Investment Co. Which is government owned. This decision was taken about eight months after the launch of a free trade zone. It has caught the attention of firms operating overseas and is touted as one of the strongest reforms in the last so many years in the communist set up of China.
Recent collaborations
Rothesay Life is all set to takeover an arm of MetLife Inc, MetLife Assurance Limited. Metlife Assurance specializes in pension products, especially bulk annuity. The deal is expected to be closed in the current quarter provided all necessary approvals are in place, and all other closing criteria have been fulfilled.
Metlife Inc (NYSE:MET) is purchasing a majority 51% interest in AmLife Insurance for a total consideration of $249 million. AmLife Insurance is a subsidiary of AMMB Holdings. AMMB Holdings will continue to have a part interest in AmLife and 51% interest in AmFamily. As part of the contract, MetLife will also be a party to the 20 year term agreement wherein MetLife would sell insurance products through AMMB’s network of banks throughout Malaysia. AMMB’s financial advisor for this deal was Morgan Stanley.
Metlife Inc (NYSE:MET) has signed a contract with UDR Inc. for investment in building up of ultra premium multi-storey residential project in San Francisco.
