NEW YORK (Reuters) - Giant life insurers MetLife Inc and
Prudential Financial Inc
Quarterly operating earnings, excluding some gains and losses and the most common performance measure used by analysts, rose to $1.2 billion, or $1.60 per share, compared with $1 billion, or $1.36 per share, in the prior period, the company said. Revenue rose 7.6 percent to $13.83 billion.
In December, MetLife said it expected operating profit per share of $1.40 to $1.45 for the fourth quarter and $5.90 to $6.20 for 2008.
Investment losses also took a bite out of rival Prudential's results.
Analysts had on average expected net income per share of $1.88, according to Reuters Estimates.
Net realized investment losses in the most recent quarter included $106 million of losses from impairments and sales of credit-impaired securities, and $9 million from disposals of asset-backed securities collateralized by sub-prime mortgages.
In 2008, Prudential expects earnings per share for 2008 in the range of $7.50 to $7.80, based on after-tax adjusted operating income. The outlook fell short of analysts expectations of a 2008 profit equal to $8.16 a share.
Benefit costs and expenses at Prudential rose nearly 6 percent to $5.69 billion during the quarter.
