MetLife Inc which is the biggest life insurer in the united states announced its quarterly results and announced the earnings of $1.73 a share, beating all the estimates of analysts.The company earned $652 million in variable investment income which is double from last year.
The Chief Executive Officer of MetLife, Michel Khalaf said that the company delivered a strong financial result despite the challenging environment. He explained that Variable investment income increased significantly and the company showed strong discipline in expenses. He also mentioned that the company resumed its share repurchase in the third quarter.
The Company’s net income declined to $633 million from $2.2 billion a year earlier. The company was able to reduce its long-term interest-rate to 2.75% from 3.75%.MetLife Holdings unit earnings surged 70% in the reported quarter while profit increased by 33% in Asia and 27% in the U.S. Latin America where earning dropped by 75%.The MetLife shares decline of 2.4% before the announcement.
Britain’s biggest domestic bank Lloyds announced that it needs to sack 1070 more employees to speed the redundancies despite the bank earned a profit in the recent third quarter.
The bank spokesperson said that changes have been made to make the business simpler for our customers and the bank is also creating around 340 roles.
Lloyds slash its 865 workers in September 2020. The United union which represents Lloyds staff strongly carped the latest layoffs.
The union officer Rob MacGregor said that they are unable to understand the latest cut of 1000 staff who proved their commitment and dedication with the banks during the pandemic.
Lloyds announced quarterly results last month reporting profits after high demand for mortgages during the current pandemic. The recent job cuts arecarried out in the bank’s group transformation and retail teams without any branch closure.