MetLife Inc., the largest publicly traded U.S. life insurer with operations in Hartford, forecast fourth quarter and 2010 earnings that could beat average Wall Street expectations, but said it would not return to historical growth levels until 2011 or 2012, Reuters reports.
The New York-based insurer expects full-year 2010 operating earnings to rise about 50 percent, to between $3.3 billion and $3.6 billion, or $4.00 to $4.40 a share, according to a statement issued just before the start of its annual investor conference, Reuters reported.
The average Wall Street forecast is $4.11 a share, according to Thomson Reuters I/B/E/S.
The company said it expects “meaningful” earnings recovery in 2010 but believes “back to normal” earnings performance will not appear until 2011 or 2012, Reuters said.
For the fourth quarter, the New York-based insurer forecast operating earnings of 90 cents to 95 cents a share. Analysts’ average forecast is 91 cents.
Operating earnings exclude some investment losses and are the most common measure used by Wall Street analysts.
