Metlife Shares Slid on Earnings (KKR, LAZ, MET, AXS, CINF, WFC)
KKR & Co. L.P (NYSE:KKR) went up 1.85% to $14.31 after the Company released first quarter results. Net income was $190.4 million compared to $159.6 million in the prior year period. Assets under management were $62.3 billion as of March 31, 2012. The Company declared first quarter distribution of $0.15 per common unit.
Lazard Ltd (NYSE:LAZ) jumped up 1.38% to $27.15. The Company announced that its Board of Directors has increased the quarterly dividend on its outstanding Class A common stock by 25% to $0.20 per share. The dividend is payable on May 25, 2012.
Metlife Inc (NYSE:MET) decreased 2.52% to $35.55. The Company reported first quarter loss of $144 million or 16 cents per share compared to profit of $877 million in the prior year period. Net investment losses were $110 million. The loss was driven by net derivative losses of $1.98 billion.
Axis Capital Holdings Limited (NYSE:AXS) slipped 4.51% to $33.25 after the Company released first quarter results. Net income was $122 million or $0.96 per share compared to net loss of $384 million or $3.39 per share in the prior year period. Gross premiums written for the quarter decreased 2% to $1.5 billion. Net premiums earned increased 7% to $846 million. Operating income was $136 million or $1.07 per share compared to operating loss of $399 million or $3.52 per share in the first quarter of 2011.
Cincinnati Financial Corporation (NASDAQ:CINF) went down 0.17% to $35.68. The Company posted first quarter net income of $86 million or $0.53 per share versus $61 million or $0.38 per share in the first quarter of 2011. Operating income was $77 million or $0.48 per share compared to $54 million or $0.33 per share in the prior year period.
Total revenues were $986 million from $929 million in the previous year quarter.
Wells Fargo & Company (NYSE:WFC) moved down 0.03% to $33.83. Wells Fargo Securities has entered into a definitive agreement to acquire Merlin Securities LLC. The terms of the agreement were not disclosed.