MetLife, Prudential Report Big Profit Gains
The nation’s two biggest life insurers posted sharply higher net income for the second quarter.
MetLife Inc. nearly doubled its second-quarter profit, helped by improved investment results and derivative gains on a financial hedging program. At rival Prudential Financial Inc., net income rose to $708 million from $197 million a year ago. The year-earlier results were depressed by a net charge of $1.23 billion, primarily for bolstering Prudential’s reserves for long-term-care insurance policies in a product line it discontinued…
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