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MetLife Earnings Fall 33 Percent

November 6, 2001

NEW YORK (AP) _ MetLife Inc.’s third-quarter earnings fell 33 percent, dragged down by insurance losses following the Sept. 11 attacks.

The insurance giant on Tuesday reported net income of $162 million, or 21 cents per share, in the quarter ended Sept. 30. That compares with earnings of $241 million, or 31 cents per share, in the same period last year.

The company said its operating earnings for the quarter fell 41 percent from a year ago to $227 million, or 30 cents a share, compared with $384 million, or 49 cents a share, in the year-ago period.

The results met analysts’ expectations, according to Thomson Financial/First Call.

Third-quarter revenue rose 1.5 percent to $8.07 billion from $7.95 billion a year ago.

MetLife blamed much of the earnings decline on after-tax insurance losses of $208 million following the terrorist attacks. Excluding those costs, the company reported operating earnings of $435 million, or 57 cents per share.

``While market conditions have improved marginally in the fourth quarter, the economic situation continues to be less than ideal,″ said Robert H. Benmosche, chairman and chief executive.

He said the company expects fourth-quarter operating earnings of between 58 cents and 60 cents per share, excluding previously announced restructuring charges of $356 million after taxes.

For the first nine months of the year, MetLife earned $769 million, or 99 cents per share, on revenue of $24.1 billion. In the year-ago period, MetLife earned $362 million, or 46 cents per share, on revenue of $23.7 billion.

Shares of MetLife fell 15 cents to $27.75 in trading Tuesday on the New York Stock Exchange.

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On the Net: http://www.metlife.com

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