AUSTRALIA – Australia aids MetLife Asia results

Sales growth in Japan, China and India has helped drive an 18 percent increase in MetLife’s Asian operating earnings. 

Operating profit grew to USD 330 million in the quarter to June 30 following underlying business growth across the region, including a positive sales result in Australia. 

Premiums, fees and other revenues gained two percent to USD 2.5 billion and total sales increased by three percent. 

The US-based company says policyholder surrenders increased on some products in Japan, continuing a trend from the first three months of the year. 

“This is a result of customers harvesting gains in foreign currency denominated fixed annuity products denominated in Australian and US dollars,” CFO John Hele told in a briefing. 

“We believe customers have shifted assets into equities, which continue to perform very well.” A spokesman for MetLife Australia says the company does not disclose country results, but the local division performed well. 

“MetLife Australia’s sales performance is in line with the enterprise’s positive results this quarter,” she stated in a press briefing. 

The company’s overall net profit fell to USD 471 million from USD 2.26 billion in the second quarter last year, because of derivative losses. Operating earnings grew 11 percent to USD 1.59 billion.