US - New York-based Metlife chief Robert Benmosche is proud of the firm's third quarter performance, despite the financial services giant posting a 41% plunge in Q3 income compared to the corresponding period last year.
For the three month period ending September 30, Metlife reported earnings of $227m on approximately $8.07bn, against $384m on $7.9bn in revenue this time last year.
Asset management saw a particularly steep fall in earnings, contributing just $2m in operating profit, compared with $9m from the same time last year.
Metlife's assets under management fell dramatically during Q3, down 74.8% to $60m from $238m in Q3, 2000. The firm blames a combination of falling equity markets, and the sales of Nvest and Conning Corporation for the decline in revenue and assets under management. Conning and Nvest were sold by the firm back in July.
I am proud of MetLife's performance this quarter, said Benmosche, the firm's chairman and chief executive officer.
In the face of a highly uncertain and turbulent market environment, we have continued to stay focused on reducing expenses, streamlining our organization and growing our businesses, while delivering strong financial results.
Following the sale of both Nvest and Conning, MetLife's asset management operations now comprises solely of State Street Research & Management in Boston. As of September 30, 2001, State Street Research has $46bn in assets under management, of which over $30bn represent institutional clients and $16bn represent mutual fund and variable annuity portfolios.
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