MetLife Inc. (NYSE: MET) on Monday projected fourth-quarter and 2010 operating earnings mostly above analyst estimates, according to Associated Press.
The life insurer said it expects fourth-quarter operating earnings to range between 90 cents per share and 95 cents per share, excluding one-time charges and investment gains and losses.
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Analysts polled by Thomson Reuters forecast earnings of 91 cents per share for the quarter. Analysts typically exclude special charges and gains from their estimates.
MetLife earned $132 million, or 17 cents per share, during the final quarter of 2008.
Fourth-quarter results should be helped by an increase of roughly 7 percent in revenue from premiums and fees, MetLife said. The New York-based insurer projects money derived from writing new policies, fees and other revenues will range between $8.5 billion and $9.1 billion during the fourth quarter.
For 2010, MetLife said it expects operating earnings to grow about 50 percent to between $3.3 billion and $3.6 billion, or $4 to $4.40 per share. The 2010 estimate does not include an expected charge of $30 million, or 4 cents per share, for an initiative to improve efficiencies at the insurer.
Analysts forecast earnings of $4.11 per share in 2010.
C. Robert Henrikson, MetLife's CEO, said in a statement that the company expects an increase between 6 percent and 8 percent in premiums, fees and other revenues in 2010. He also expects higher variable interest income, lower expenses and disciplined pricing and underwriting to help MetLife achieve a 50 percent jump in earnings.
Shares of MetLife rose 85 cents to $36.18 during afternoon trading.
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