Covid-19 cut into third-quarter results at MetLife as deaths linked to the Delta variant increased for people in their working years
“The story of the quarter is supply-chain-driven loss-cost inflation,” said Allstate financial chief Mario Rizzo in an interview. “We along with the rest of the industry have really seen a rapid escalation in the cost to repair cars and homes.”and original equipment parts, and higher materials and labor costs on the homeowners side of the company.Christopher Dilts/Bloomberg News
Allstate also cited higher losses tied to higher auto-accident frequency. In the year-earlier quarter, car insurers benefited from an unusually low level of vehicle crashes as pandemic-related business shutdowns and work-from-home arrangements led to a drop in miles driven., as drivers returned to the nation’s roads again in large numbers.A pre-markets primer packed with news, trends and ideas. Plus, up-to-the-minute market data.
At MetLife, a double-digit-percentage increase in its net investment income helped its net income to more than double to $1.52 billion and helped fuel a 31% increase in adjusted earnings to $2.1 billion, which Wall Street analysts track as a measure of recurring earnings. The gains occurred even as adjusted earnings in its U.S. group-benefits business slid 72% to $111 million, a result of the Covid-19 deaths as well as dental use returning to a normal level.
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