Insurers Report

Life insurers began their earnings season with MetLife and Genworth Financial reporting quarterly profits after the close on Thursday. Metlife reported second-quarter net income of $1.53 billion, or $1.84 a share. Allan Edwards co-CEO of The Markets Are Open stated "the results were fantastic and surpassed my top expectations." Metlife is currently trending 3% higher in after hours, which is the time after the close of the official markets until 8:00PM where typically machines accept trades usually at a lower volume. Genworth Financial which used to be owned by conglomerate General Electric reported profit of $42 million, or 8 cents a share. "The income statement, just didn't do it for me" scoffed Edwards, "traders are now looking for meaningful profits." Genworth stock has tumbled nearly 5% in after hours trading.

Edwards finished on a bullish note "The thing is with these insurers is that both stocks are so significantly undervalued that in actuality these stocks should have moved up even if the companies reported billion dollar losses." He continued "the life insurance industry has much better fundamentals then the banks yet they have stalled over the past year. It would be a dream if you were able to buy MetLife at $40 one year from now."