NU Online News Service, Aug. 1, 2:55 p.m. EDT
New York-based insurer MetLife reports that catastrophe losses led to an operating loss of $56 million for the 2011 second quarter.
Reporting its second-quarter financial results last week, the company says “unusually heavy storm activity” caused catastrophe losses of $174 million, after tax—$137 million more than the company anticipated in the quarter.
Last year, the segment reported operating earnings of $73 million.
The carrier says the higher losses in the quarter were partially offset by favorable non-catastrophe claims development from prior years of $17 million, compared to $12 million after tax for the second quarter of last year.
MetLife says that excluding catastrophes, its auto and home segment had a combined ratio of 85.7 compared to 85.5 for the 2010 second quarter.
Net written premiums for auto and home were up 2 percent to $778 million.
For the first six months of this year, MetLife reported operating earnings in auto and home of $1 million compared to $145 million for last year.
The company, which is primarily a life insurer, reported second-quarter net income of $1.2 billion compared to $1.5 billion for the same period last year. Revenues were up from $14 billion last year to $17 billion.
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