INSURANCE: Metlife's Earnings Update
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Despite the severity of the market conditions during 2008 and the associated lower average asset levels, the Bellville-based Metropolitan group achieved sound operating results for the year to end December. Diluted core headline earnings per share will be broadly in line with the figure reported for the 2007 financial year.
Global investment market values declined significantly over the year, resulting in lower overall investment returns and a net capital depreciation on the group’s shareholder funds. This contrasts with the significant gains reported in 2007.
Shareholders are therefore advised that the group’s diluted earnings per share and diluted headline earnings per share will reflect a decrease of between 105% and 115% on the comparative 2007 results. Notwithstanding the impact of the adverse market conditions, the Metropolitan group remains well capitalised.
The forecast financial information on which this trading statement is based has not been reviewed and reported on by Metropolitan’s external auditors.
Metropolitan’s results for the year ended 31 December 2008 will be released on 11 March 2009. In terms of 3.4(b)(i) of the JSE Listings Requirements, listed companies must publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next will differ by at least 20% from the financial results for the previous corresponding period.
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