MetLife Inc. reported it swung to a third-quarter profit as revenue rose despite lower premiums.
The New York insurance giant reported a profit of $880 million, or 88 cents a share, compared with a loss of $97 million, or 9 cents a share, a year ago. The company had a $968 million expense from discontinued operations a year ago that weighed on its bottom line.
The company reported adjusted earnings of $1.38 a share, ahead of expectations from analysts.
Revenue rose slightly to $16.29 billion from $16.17 billion a year earlier. Analysts had expected $16.03 billion of revenue in the quarter. Premiums, fees and other revenues were $12.1 billion, down 4% from a year ago, but net investment income was up 4% for the period.
The company said the results were due to volume growth, favorable underwriting, expense management and increased investment income.