UPDATE 2-MetLife misses estimates after Alico share sale

* Q3 operating EPS $0.99, analysts’ estimate $1.03 a share

* Alico share issue cuts into earnings

* Shares fall 3.6 percent after-hours
(Adds division results, after-hours shares)

NEW YORK, Oct 28 (BestGrowthStock) – MetLife Inc (MET.N: ), the
largest U.S. life insurance company, posted a 22 percent
increase in operating profit on Thursday, though it missed
expectations because of a massive share issue for the
acquisition of AIG’s (AIG.N: ) Asian life business.

MetLife posted net income of $286 million, or 32 cents per
share, compared with a year-earlier loss of $650 million, or 79
cents per share.

Operating earnings, which exclude investment gains and
losses, were $878 million or 99 cents per share. Analysts on
average expected earnings of $1.03 per share on that basis,
according to Thomson Reuters I/B/E/S.

The AIG deal was struck in March and worth some $15.5
billion at the time. MetLife issued 86.25 million shares of
common stock to help fund the deal, which it said lowered
operating earnings by 8 cents a share.

The company did not provide an update on the Alico deal in
its earnings statement, other than to say it was eager to
welcome its employees. The sale is expected to close on

MetLife shares fell 3.6 percent to $39 in after-market
trade from a $40.46 close on the New York Stock Exchange.

MetLife said premiums, fees and other revenues for U.S.
insurance products fell slightly as lower individual life
revenues offset growth in group life and non-medical health
policies. Revenue in U.S. retirement products grew as fee
revenue rose and annuity sales increased 25 percent.

For its international business, MetLife said premiums, fees
and revenues rose 11 percent on a constant currency basis,
driven by Latin American growth.

Net investment income also rose 10 percent in the period.
(Reporting by Ben Berkowitz; Editing by Carol Bishopric and
Richard Chang)

UPDATE 2-MetLife misses estimates after Alico share sale