MetLife Inc. said its second-quarter profits declined 19% from a year earlier, to $915 million, or $1.26 a share.
Processing Content
The results were hampered by a decline in equity markets and losses in its homeowner business, the New York insurer said Tuesday.
Operating income, which excludes realized investment gains or losses, fell 27.5%, to $942 million, or $1.30 a share. On average, analysts had expected operating income of $1.51 a share, according to Thomson Reuters.
MetLife announced a deal last week to buy the Brazilian dental insurer Odonto A Saude Empresarial Ltda., citing a desire to enter a market that is growing 20% a year.
Last year MetLife generated a $6.4 million profit in Brazil — its first since entering the country in 1999.
