MetLife, Inc. (NYSE: MET) today announced its first quarter 2024
results.
First Quarter Results Summary
- Net income of $800 million, or $1.10 per share, compared to net
income of $14 million, or $0.02 per share, in the first quarter of
2023.
- Adjusted earnings of $1.3 billion, or $1.83 per share, compared
to adjusted earnings of $1.2 billion, or $1.52 per share, in the
first quarter of 2023.
- Book value of $34.54 per share, down 6 percent from $36.89 per
share at March 31, 2023.
- Book value, excluding accumulated other comprehensive income
(AOCI) other than foreign currency translation adjustments (FCTA),
of $53.13 per share, down 1 percent from $53.83 per share at March
31, 2023.
- Return on equity (ROE) of 12.6 percent.
- Adjusted ROE, excluding AOCI other than FCTA, of 13.8
percent.
- Holding company cash and liquid assets of $5.2 billion at March
31, 2024, which is above the target cash buffer of $3.0 - $4.0
billion.
“MetLife is off to a good start in 2024, with strong topline
growth and sustained momentum across our market-leading portfolio
of businesses,” said MetLife President and CEO Michel Khalaf. “The
progress we have made through the consistent execution of our
strategy positions us to drive further growth, creating long-term
value for our shareholders and other stakeholders.”
First Quarter 2024 Summary
($ in millions, except per share data)
Three Months Ended
March 31,
2024
2023
Change
Premiums, fees and other revenues
$
11,975
$
11,517
4%
Net investment income
5,436
4,645
17%
Net investment gains (losses)
(375)
(684)
Net derivative gains (losses)
(979)
(90)
Total revenues
$
16,057
$
15,388
Adjusted premiums, fees and other
revenues
$
11,948
$
11,520
4%
Adjusted premiums, fees and other
revenues, excluding pension risk transfers (PRT)
$
11,973
$
11,541
4%
Market risk benefit remeasurement gains
(losses)
$
694
$
(188)
Net income (loss)
$
800
$
14
NM*
Net income (loss) per share
$
1.10
$
0.02
NM*
Adjusted earnings
$
1,334
$
1,184
13%
Adjusted earnings per share
$
1.83
$
1.52
20%
Adjusted earnings, excluding total notable
items
$
1,334
$
1,184
13%
Adjusted earnings, excluding total notable
items per share
$
1.83
$
1.52
20%
Book value per share
$
34.54
$
36.89
(6)%
Book value per share, excluding AOCI other
than FCTA
$
53.13
$
53.83
(1)%
Expense ratio
20.5%
20.3%
Direct expense ratio, excluding total
notable items related to direct expenses and PRT
11.9%
12.0%
Adjusted expense ratio, excluding total
notable items related to adjusted other expenses and PRT
20.4%
20.0%
ROE
12.6%
0.2%
Adjusted ROE, excluding AOCI other than
FCTA
13.8%
11.3%
Adjusted ROE, excluding total notable
items (excludes AOCI other than FCTA)
13.8%
11.3%
*Not meaningful. For more information, refer to "Non-GAAP and
Other Financial Disclosures."
Information regarding the non-GAAP and other financial measures
included in this news release and reconciliation of the non-GAAP
financial measures to GAAP measures are in “Non-GAAP and Other
Financial Disclosures” below and in the tables that accompany this
news release.
Supplemental slides for the first quarter of 2024, titled “1Q24
Supplemental Slides” are available on the MetLife Investor
Relations website at https://investor.metlife.com and in the Form
8-K furnished by MetLife to the U.S. Securities and Exchange
Commission in connection with this earnings release. Supplemental
information about MetLife's diversified global investment portfolio
is contained in the "1Q24 - General Account Assets Under Management
Fact Sheet," available on the above-mentioned website.
Total Company Discussion
MetLife reported first quarter 2024 premiums, fees and other
revenues of $12.0 billion, up 4 percent compared to the first
quarter of 2023. Adjusted premiums, fees and other revenues were
$11.9 billion, also up 4 percent on a reported basis and up 5
percent on a constant currency basis from the prior-year
period.
Net investment income was $5.4 billion, up 17 percent from the
first quarter of 2023, driven by higher variable investment income,
higher interest rates and increases in the estimated fair value of
certain securities that do not qualify as separate accounts under
GAAP. Adjusted net investment income was $5.1 billion, up 10
percent from the prior-year period, largely driven by higher
variable investment income and higher interest rates.
Net investment losses were $375 million, or $296 million after
tax during the quarter primarily driven by normal trading activity
in the portfolio. Net derivative losses amounted to $979 million,
or $773 million after tax during the quarter, largely driven by the
U.S. dollar strengthening, higher equity markets and an increase in
long-term interest rates.
Net income was $800 million, compared to net income of $14
million in the first quarter of 2023. The gain in net income from
the prior-year period was driven by higher adjusted earnings and
lower net investment losses. On a per-share basis, net income was
$1.10, compared to net income of $0.02 in the prior-year
period.
MetLife reported adjusted earnings of $1.3 billion, up 13
percent on both a reported and a constant currency basis, from the
first quarter of 2023. On a per-share basis, adjusted earnings were
$1.83, up 20 percent from the prior-year period.
Adjusted Earnings by Segment Summary*
Three Months Ended
March 31, 2024
Segment
Change from prior-year
period
Change from prior-year
period (on a constant currency basis)
Group Benefits
(7)%
Retirement and Income Solutions (RIS)
—%
Asia
51%
57%
Latin America
8%
5%
Europe, the Middle East and Africa
(EMEA)
28%
35%
MetLife Holdings
1%
*The percentages in this table are on a reported and constant
currency basis.
Business Discussions
All comparisons of the results for the first quarter of 2024 in
the business discussions that follow are with the first quarter of
2023, unless otherwise noted. There were no notable items in the
first quarter of 2024, as indicated in the notable items table
which follows the Business Discussions section of this release.
GROUP BENEFITS
($ in millions)
Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Change
Adjusted earnings
$284
$307
(7)%
Adjusted premiums, fees and other
revenues
$6,330
$6,049
5%
Notable item(s)
$0
$0
- Adjusted earnings were $284 million, down 7 percent,
driven primarily by lower non-medical health underwriting
margins.
- Adjusted premiums, fees and other revenues were $6.3
billion, up 5 percent, driven by solid growth across core and
voluntary products.
- Sales were up 25 percent, driven by strong growth across
both core and voluntary products.
RIS
($ in millions)
Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Change
Adjusted earnings
$399
$400
—%
Adjusted premiums, fees and other
revenues
$813
$648
25%
Adjusted premiums, fees and other
revenues, excluding PRT
$838
$669
25%
Notable item(s)
$0
$0
- Adjusted earnings were $399 million, essentially flat,
compared to the prior-year period. Higher variable investment
income was offset by lower recurring interest margins and less
favorable underwriting.
- Adjusted premiums, fees and other revenues were $813
million, compared to $648 million in the prior-year period, largely
driven by structured settlement sales and growth in UK longevity
reinsurance.
- Sales were up 49 percent, driven by structured
settlement sales and corporate-owned life insurance products.
ASIA
($ in millions)
Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Change
Adjusted earnings
$423
$280
51%
Adjusted earnings (constant currency)
$423
$269
57%
Adjusted premiums, fees and other
revenues
$1,744
$1,794
(3)%
Notable item(s)
$0
$0
Asia general account assets under
management (at amortized cost)
$128,618
$127,120
1%
- Adjusted earnings were $423 million, up 51 percent on a
reported basis, and up 57 percent on a constant currency basis,
driven by higher variable investment income and favorable
underwriting, and favorable tax benefits.
- Adjusted premiums, fees and other revenues were $1.7
billion, down 3 percent on a reported basis, and up 5 percent on a
constant currency basis.
- Asia general account assets under management (at amortized
cost) were $128.6 billion, up 1 percent on a reported basis,
and up 6 percent on a constant currency basis.
- Sales were $584 million, down 8 percent on a constant
currency basis primarily due to strong sales in the prior-year
period.
LATIN AMERICA
($ in millions)
Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Change
Adjusted earnings
$233
$215
8%
Adjusted earnings (constant currency)
$233
$221
5%
Adjusted premiums, fees and other
revenues
$1,496
$1,372
9%
Notable item(s)
$0
$0
- Adjusted earnings were $233 million, up 8 percent on a
reported basis, and up 5 percent on a constant currency basis,
driven by higher Chilean encaje returns, volume growth and
favorable underwriting.
- Adjusted premiums, fees and other revenues were $1.5
billion, up 9 percent on a reported basis, and up 8 percent on a
constant currency basis, driven by strong sales and solid
persistency across the region.
- Sales were $411 million, flat to the prior-year period
on a constant currency basis, with strong sales in both
quarters.
EMEA
($ in millions)
Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Change
Adjusted earnings
$77
$60
28%
Adjusted earnings (constant currency)
$77
$57
35%
Adjusted premiums, fees and other
revenues
$620
$581
7%
Notable item(s)
$0
$0
- Adjusted earnings were $77 million, up 28 percent on a
reported basis and up 35 percent on a constant currency basis,
driven by favorable underwriting, volume growth and higher
recurring interest margins, partially offset by higher
expenses.
- Adjusted premiums, fees and other revenues were $620
million, up 7 percent on a reported basis and up 9 percent on a
constant currency basis due to strong sales across the region.
- Sales were $292 million, up 16 percent on a constant
currency basis.
METLIFE HOLDINGS
($ in millions)
Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Change
Adjusted earnings
$159
$158
1%
Adjusted premiums, fees and other
revenues
$841
$959
(12)%
Notable item(s)
$0
$0
- Adjusted earnings were $159 million, up 1
percent, driven by higher variable investment income, offset by
foregone earnings as a result of the reinsurance transaction that
became effective in November.
- Adjusted premiums, fees and other revenues were
$841 million, down 12 percent.
CORPORATE & OTHER
($ in millions)
Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Change
Adjusted earnings
$(241)
$(236)
Notable item(s)
$0
$0
- Adjusted loss of $241 million, compared to an adjusted
loss of $236 million in the prior-year period.
INVESTMENTS
($ in millions)
Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Change
Adjusted net investment income
$5,068
$4,606
10%
- Adjusted net investment income was $5.1 billion, up 10
percent. Recurring investment income was $4.8 billion, compared
with $4.7 billion in the prior-year period, driven by higher
interest rates. Variable investment income was $260 million,
compared to variable investment loss of $44 million in the
prior-year period, driven by higher private equity returns.
FIRST QUARTER 2024 NOTABLE ITEMS
($ in millions)
Adjusted Earnings
Three Months Ended March 31,
2024
Notable Items
Group Benefits
RIS
Asia
Latin America
EMEA
MetLife Holdings
Corporate & Other
Total
Total notable items
$0
$0
$0
$0
$0
$0
$0
$0
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help individual and institutional
customers build a more confident future. Founded in 1868, MetLife
has operations in more than 40 markets globally and holds leading
positions in the United States, Asia, Latin America, Europe and the
Middle East. For more information, visit www.metlife.com.
Conference Call
MetLife will hold its first quarter 2024 earnings conference
call and audio webcast on Thursday, May 2, 2024, from 9-10 a.m.
(ET). The conference call will be available live via telephone and
the internet. To listen via telephone, dial 877-692-8955 (U.S.) or
234-720-6979 (outside the U.S.). The participant access code is
2510803. To listen to the conference call via the internet, click
the link to the webcast on the MetLife Investor Relations web page
(https://investor.metlife.com). Those who want to listen to the
call via telephone or the internet should dial in or go to the
website at least 15 minutes prior to the call to register, and/or
download and install any necessary audio software.
The conference call will be available for replay via telephone
and the internet beginning at 11 a.m. (ET) on Thursday, May 2,
2024, until Thursday, May 9, 2024, at 11:59 p.m. (ET). To listen to
a replay of the conference call via telephone, dial 866-207-1041
(U.S.) or 402-970-0847 (outside the U.S.). The access code for the
replay is 4857872. To access the replay of the conference call over
the internet, visit the above-mentioned website.
Non-GAAP and Other Financial
Disclosures
Any references in this news release
(except in this section and the tables that accompany this release)
to:
should be read as,
respectively:
(i)
net income (loss);
(i)
net income (loss) available to MetLife,
Inc.’s common shareholders;
(ii)
net income (loss) per share;
(ii)
net income (loss) available to MetLife,
Inc.’s common shareholders per diluted common share;
(iii)
adjusted earnings;
(iii)
adjusted earnings available to common
shareholders;
(iv)
adjusted earnings per share;
(iv)
adjusted earnings available to common
shareholders per diluted common share;
(v)
book value per share;
(v)
book value per common share;
(vi)
book value per share, excluding AOCI other
than FCTA;
(vi)
book value per common share, excluding
AOCI other than FCTA;
(vii)
return on equity; and
(vii)
return on MetLife, Inc.’s common
stockholders’ equity; and
(viii)
adjusted return on equity, excluding AOCI
other than FCTA.
(viii)
adjusted return on MetLife, Inc.’s common
stockholders’ equity, excluding AOCI other than FCTA.
In this news release, MetLife presents certain measures of its
performance on a consolidated and segment basis that are not
calculated in accordance with accounting principles generally
accepted in the United States of America (GAAP). MetLife believes
that these non-GAAP financial measures enhance the understanding
for MetLife and its investors of MetLife's performance by
highlighting the results of operations and the underlying
profitability drivers of the business. Segment-specific financial
measures are calculated using only the portion of consolidated
results attributable to that specific segment.
The following non-GAAP financial measures should not be viewed
as substitutes for the most directly comparable financial measures
calculated in accordance with GAAP:
Non-GAAP financial measures:
Comparable GAAP financial
measures:
(i)
total adjusted revenues;
(i)
total revenues;
(ii)
total adjusted expenses;
(ii)
total expenses;
(iii)
adjusted premiums, fees and other
revenues;
(iii)
premiums, fees and other revenues;
(iv)
adjusted premiums, fees and other
revenues, excluding PRT;
(iv)
premiums, fees and other revenues;
(v)
adjusted net investment income;
(v)
net investment income;
(vi)
adjusted capitalization of deferred policy
acquisition costs (DAC);
(vi)
capitalization of DAC;
(vii)
adjusted earnings available to common
shareholders;
(vii)
net income (loss) available to MetLife,
Inc.’s common shareholders;
(viii)
adjusted earnings available to common
shareholders, excluding total notable items;
(viii)
net income (loss) available to MetLife,
Inc.’s common shareholders;
(ix)
adjusted earnings available to common
shareholders per diluted common share;
(ix)
net income (loss) available to MetLife,
Inc.’s common shareholders per diluted common share;
(x)
adjusted earnings available to common
shareholders, excluding total notable items, per diluted common
share;
(x)
net income (loss) available to MetLife,
Inc.’s common shareholders per diluted common share;
(xi)
adjusted return on equity;
(xi)
return on equity;
(xii)
adjusted return on equity, excluding AOCI
other than FCTA;
(xii)
return on equity;
(xiii)
adjusted return on equity, excluding total
notable items (excludes AOCI other than FCTA);
(xiii)
return on equity;
(xiv)
investment portfolio gains (losses);
(xiv)
net investment gains (losses);
(xv)
derivative gains (losses);
(xv)
net derivative gains (losses);
(xvi)
total MetLife, Inc.’s common stockholders’
equity, excluding AOCI other than FCTA;
(xvi)
total MetLife, Inc.’s stockholders’
equity;
(xvii)
total MetLife, Inc.’s common stockholders’
equity, excluding total notable items (excludes AOCI other than
FCTA);
(xvii)
total MetLife, Inc.’s stockholders’
equity;
(xviii)
book value per common share, excluding
AOCI other than FCTA;
(xviii)
book value per common share;
(xix)
free cash flow of all holding
companies;
(xix)
MetLife, Inc. (parent company only) net
cash provided by (used in) operating activities;
(xx)
adjusted other expenses;
(xx)
other expenses;
(xxi)
adjusted other expenses, net of adjusted
capitalization of DAC;
(xxi)
other expenses, net of capitalization of
DAC;
(xxii)
adjusted other expenses, net of adjusted
capitalization of DAC, excluding total notable items related to
adjusted other expenses;
(xxii)
other expenses, net of capitalization of
DAC;
(xxiii)
adjusted expense ratio;
(xxiii)
expense ratio;
(xxiv)
adjusted expense ratio, excluding total
notable items related to adjusted other expenses and PRT;
(xxiv)
expense ratio;
(xxv)
direct expenses;
(xxv)
other expenses;
(xxvi)
direct expenses, excluding total notable
items related to direct expenses;
(xxvi)
other expenses;
(xxvii)
direct expense ratio; and
(xxvii)
expense ratio; and
(xxviii)
direct expense ratio, excluding total
notable items related to direct expenses and PRT.
(xxviii)
expense ratio.
Any of these financial measures shown on a constant currency
basis reflect the impact of changes in foreign currency exchange
rates and are calculated using the average foreign currency
exchange rates for the most recent period. As a result, comparable
prior period amounts are updated each period to reflect the most
recent period average foreign currency exchange rates.
Reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP financial measures are included in this
earnings news release and in this period’s quarterly financial
supplement, which is available at www.metlife.com.
MetLife’s definitions of non-GAAP and other financial measures
discussed in this news release may differ from those used by other
companies:
Adjusted earnings and related measures
- adjusted earnings;
- adjusted earnings available to common shareholders;
- adjusted earnings available to common shareholders on a
constant currency basis;
- adjusted earnings available to common shareholders, excluding
total notable items;
- adjusted earnings available to common shareholders, excluding
total notable items, on a constant currency basis;
- adjusted earnings available to common shareholders per diluted
common share;
- adjusted earnings available to common shareholders on a
constant currency basis per diluted common share;
- adjusted earnings available to common shareholders, excluding
total notable items per diluted common share; and
- adjusted earnings available to common shareholders, excluding
total notable items, on a constant currency basis per diluted
common share.
These measures are used by management to evaluate performance
and allocate resources. Consistent with GAAP guidance for segment
reporting, adjusted earnings and components of, or other financial
measures based on, adjusted earnings are also MetLife’s GAAP
measures of segment performance. Adjusted earnings and other
financial measures based on adjusted earnings are also the measures
by which MetLife senior management’s and many other employees’
performance is evaluated for the purposes of determining their
compensation under applicable compensation plans. Adjusted earnings
and other financial measures based on adjusted earnings allow
analysis of MetLife's performance relative to its business plan and
facilitate comparisons to industry results.
Adjusted earnings is defined as adjusted revenues less adjusted
expenses, net of income tax. Adjusted earnings available to common
shareholders is defined as adjusted earnings less preferred stock
dividends.
Adjusted revenues and adjusted expenses
These financial measures, along with the related adjusted
premiums, fees and other revenues, focus on our primary businesses
principally by excluding the impact of (i) market volatility which
could distort trends, (ii) asymmetrical and non-economic
accounting, and (iii) revenues and costs related to divested
businesses, non-core products and certain entities required to be
consolidated under GAAP. Also, these measures exclude results of
discontinued operations under GAAP.
Market volatility can have a significant impact on MetLife’s
financial results. Adjusted earnings excludes net investment gains
(losses), net derivative gains (losses), market risk benefits
remeasurement gains (losses) and goodwill impairments. Further,
policyholder benefits and claims exclude (i) changes in the
discount rate on certain annuitization guarantees accounted for as
additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made to
the line items indicated in calculating adjusted earnings:
- Net investment income includes earned income on derivatives and
amortization of premium on derivatives that are hedges of
investments or that are used to replicate certain investments, but
do not qualify for hedge accounting treatment ("Investment hedge
adjustments").
- Other revenues include settlements of foreign currency earnings
hedges and exclude asymmetrical accounting associated with in-force
reinsurance.
- Policyholder benefits and claims excludes (i) amortization of
basis adjustments associated with de-designated fair value hedges
of future policy benefits, (ii) inflation-indexed benefit
adjustments associated with contracts backed by inflation-indexed
investments, (iii) asymmetrical accounting associated with in-force
reinsurance, and (iv) non-economic losses incurred at contract
inception for certain single premium annuity business. These losses
are amortized into adjusted earnings within policyholder benefits
and claims over the estimated lives of the contracts.
- Interest credited to policyholder account balances excludes
amounts associated with periodic crediting rate adjustments based
on the total return of a contractually referenced pool of assets
and other pass-through adjustments and asymmetrical accounting
associated with in-force reinsurance.
Divested businesses are those that have been or will be sold or
exited by MetLife but do not meet the discontinued operations
criteria under GAAP. Divested businesses also include the net
impact of transactions with exited businesses that have been
eliminated in consolidation under GAAP and costs relating to
businesses that have been or will be sold or exited by MetLife that
do not meet the criteria to be included in results of discontinued
operations under GAAP.
Other adjustments are made to the line items indicated in
calculating adjusted earnings:
- Net investment income and interest credited to policyholder
account balances excludes certain amounts related to
contractholder-directed equity securities ("Unit-linked contract
income") and ("Unit-linked contract costs").
- Other revenues include fee revenue on synthetic guaranteed
interest contracts ("GICs") accounted for as freestanding
derivatives.
- Other revenues exclude and other expenses include fees received
in connection with services provided under transition service
agreements.
- Other expenses exclude (i) implementation of new insurance
regulatory requirements and other costs, and (ii) acquisition,
integration and other related costs. Other expenses include (i)
deductions for net income attributable to noncontrolling interests,
and (ii) benefits accrued on synthetic GICs accounted for as
freestanding derivatives.
Adjusted earnings also excludes the recognition of certain
contingent assets and liabilities that could not be recognized at
acquisition or adjusted for during the measurement period under
GAAP business combination accounting guidance.
The tax impact of the adjustments mentioned above are calculated
net of the U.S. or foreign statutory tax rate, which could differ
from MetLife's effective tax rate. Additionally, the provision for
income tax (expense) benefit also includes the impact related to
the timing of certain tax credits, as well as certain tax
reforms.
In addition, adjusted earnings available to common shareholders
excludes the impact of preferred stock redemption premium which is
reported as a reduction to net income (loss) available to MetLife,
Inc.’s common shareholders.
Investment portfolio gains (losses) and derivative gains
(losses)
These are measures of investment and hedging activity.
Investment portfolio gains (losses) principally excludes amounts
that are reported within net investment gains (losses) but do not
relate to the performance of the investment portfolio, such as
gains (losses) on sales and divestitures of businesses, as well as
investment portfolio gains (losses) of divested businesses.
Derivative gains (losses) principally excludes earned income on
derivatives and amortization of premium on derivatives, where such
derivatives are either hedges of investments or are used to
replicate certain investments, and where such derivatives do not
qualify for hedge accounting. This earned income and amortization
of premium is reported within adjusted earnings and not within
derivative gains (losses).
Return on equity and related measures
- Total MetLife, Inc.’s common stockholders’ equity, excluding
AOCI other than FCTA: total MetLife, Inc.’s common stockholders’
equity, excluding the net unrealized investment gains (losses),
future policy benefits discount rate remeasurement gains (losses),
market risk benefits instrument-specific credit risk remeasurement
gains (losses) and defined benefit plans adjustment components of
AOCI, net of income tax.
- Total MetLife, Inc.’s common stockholders’ equity, excluding
total notable items (excludes AOCI other than FCTA): total MetLife,
Inc.’s common stockholders’ equity, excluding the net unrealized
investment gains (losses), future policy benefits discount rate
remeasurement gains (losses), market risk benefits
instrument-specific credit risk remeasurement gains (losses),
defined benefit plans adjustment components of AOCI, and total
notable items, net of income tax.
- Return on MetLife, Inc.’s common stockholders’ equity: net
income (loss) available to MetLife, Inc.’s common shareholders
divided by MetLife, Inc.’s average common stockholders’
equity.
- Adjusted return on MetLife, Inc.'s common stockholders' equity:
adjusted earnings available to common shareholders divided by
MetLife, Inc.'s average common stockholders' equity.
- Adjusted return on MetLife, Inc.'s common stockholders' equity,
excluding AOCI other than FCTA: adjusted earnings available to
common shareholders divided by MetLife, Inc.'s average common
stockholders' equity, excluding AOCI other than FCTA.
- Adjusted return on MetLife, Inc.'s common stockholders' equity,
excluding total notable items (excludes AOCI other than FCTA):
adjusted earnings available to common shareholders, excluding total
notable items, divided by MetLife, Inc.'s average common
stockholders' equity, excluding total notable items (excludes AOCI
other than FCTA).
The above measures represent a level of equity consistent with
the view that, in the ordinary course of business, MetLife does not
plan to sell most investments for the sole purpose of realizing
gains or losses.
Expense ratio, direct expense ratio, adjusted expense ratio
and related measures
- Expense ratio: other expenses, net of capitalization of DAC,
divided by premiums, fees and other revenues.
- Direct expense ratio: adjusted direct expenses, divided by
adjusted premiums, fees and other revenues. Direct expenses are
comprised of employee-related costs, third-party staffing costs,
and general and administrative expenses.
- Direct expense ratio, excluding total notable items related to
direct expenses and PRT: adjusted direct expenses, excluding total
notable items related to direct expenses, divided by adjusted
premiums, fees and other revenues, excluding PRT.
- Adjusted expense ratio: adjusted other expenses, net of
adjusted capitalization of DAC, divided by adjusted premiums, fees
and other revenues.
- Adjusted expense ratio, excluding total notable items related
to adjusted other expenses and PRT: adjusted other expenses, net of
adjusted capitalization of DAC, excluding total notable items
related to adjusted other expenses, divided by adjusted premiums,
fees and other revenues, excluding PRT.
Asia General account (GA) assets under management (GA AUM)
and related measures
Asia GA AUM is used by MetLife to describe assets in its Asia GA
investment portfolio. Asia GA AUM is stated at estimated fair value
and is comprised of Asia GA total investments, the portion of the
Asia GA investment portfolio classified within assets held-for-sale
and cash and cash equivalents, excluding policy loans,
contractholder-directed equity securities, fair value option
securities, mortgage loans originated for third parties and certain
other invested assets. Mortgage loans, net of mortgage loans
originated for third parties ("net mortgage loans") (including
commercial ("net commercial mortgage loans"), agricultural ("net
agricultural mortgage loans") and residential mortgage loans) and
real estate equity (including real estate and real estate joint
ventures) included in Asia GA AUM (at net asset value, net of
deduction for encumbering debt) have been adjusted from carrying
value to estimated fair value. At the segment level, intersegment
balances (intercompany activity, primarily related to investments
in subsidiaries, that eliminate at the MetLife consolidated level)
are excluded from Asia GA AUM.
Asia GA AUM (at amortized cost) excludes the following
adjustments: (i) unrealized gain (loss) on investments carried at
estimated fair value and (ii) adjustments from carrying value to
estimated fair value on net mortgage loans (including net
commercial mortgage loans, net agricultural mortgage loans and
residential mortgage loans) and real estate and real estate joint
ventures. Asia GA AUM (at amortized cost) is presented net of
related allowance for credit loss.
Statistical sales information:
- Group Benefits: calculated using 10% of single premium deposits
and 100% of annualized full-year premiums and fees from recurring
premium policy sales of all products.
- RIS: calculated using 10% of single premium deposits and 100%
of annualized full-year premiums and fees only from recurring
premium policy sales of specialized benefit resources and
corporate-owned life insurance.
- Latin America, Asia and EMEA: calculated using 10% of
single-premium deposits (mainly from retirement products such as
variable annuity, fixed annuity and pensions), 20% of
single-premium deposits from credit insurance and 100% of
annualized full-year premiums and fees from recurring-premium
policy sales of all products (mainly from risk and protection
products such as individual life, accident & health and
group).
Sales statistics do not correspond to revenues under GAAP, but
are used as relevant measures of business activity.
The following additional information is relevant to an
understanding of MetLife’s performance results and outlook:
- Volume growth, as discussed in the context of business growth,
is the period over period percentage change in adjusted earnings
available to common shareholders attributable to adjusted premiums,
fees and other revenues and assets under management levels,
applying a model in which certain margins and factors are held
constant. The most significant of such items are underwriting
margins, investment margins, changes in equity market performance,
expense margins and the impact of changes in foreign currency
exchange rates.
- Holding company cash and liquid assets are held by MetLife,
Inc. collectively with other MetLife holding companies and include
cash and cash equivalents, short term investments and publicly
traded securities excluding assets that are pledged or otherwise
committed. Assets pledged or otherwise committed include amounts
received in connection with securities lending, repurchase
agreements, derivatives, regulatory deposits, the collateral
financing arrangement, funding agreements and secured borrowings,
as well as amounts held in the closed block.
- MetLife uses a measure of free cash flow to facilitate an
understanding of its ability to generate cash for reinvestment into
its businesses or use in non-mandatory capital actions. MetLife
defines free cash flow as the sum of cash available at MetLife’s
holding companies from dividends from operating subsidiaries,
expenses and other net flows of the holding companies (including
capital contributions to subsidiaries), and net contributions from
debt to be at or below target leverage ratios. This measure of free
cash flow is prior to capital actions, such as common stock
dividends and repurchases, debt reduction and mergers and
acquisitions. Free cash flow should not be viewed as a substitute
for net cash provided by (used in) operating activities calculated
in accordance with GAAP. The free cash flow ratio is typically
expressed as a percentage of annual adjusted earnings available to
common shareholders.
- Notable items reflect the unexpected impact of events that
affect MetLife’s results, but that were unknown and that MetLife
could not anticipate when it devised its business plan. Notable
items also include certain items regardless of the extent
anticipated in the business plan, to help investors have a better
understanding of MetLife's results and to evaluate and forecast
those results. Notable items represent a positive (negative) impact
to adjusted earnings available to common shareholders.
- We refer to observable forward yield curves as of a particular
date in connection with making our estimates for future results.
The observable forward yield curves at a given time are based on
implied future interest rates along a range of interest rate
durations. This includes the 10-year U.S. Treasury rate which we
use as a benchmark rate to describe longer-term interest rates used
in our estimates for future results.
- Not Meaningful (NM) indicates a percentage change in a
financial metric over a specified period of time and reflects
changes in factors that are subject to volatility, and should not,
accordingly be viewed as representative of a reasonable trend
currently or in the future. For example,
($ in millions)
Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Change
Net income (loss)
$800
$14
5,614%
Net income (loss) per share
$1.10
$0.02
5,400%
Forward-Looking Statements
This news release may contain or incorporate by reference
information that includes or is based upon forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give expectations or
forecasts of future events and do not relate strictly to historical
or current facts. They use words and terms such as “anticipate,”
"are confident," “assume,” “believe,” “continue,” “could,”
“estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,”
“potential,” “project,” “should,” “will,” “would,” and other words
and terms of similar meaning or that are otherwise tied to future
periods or future performance, in each case in all derivative
forms. They include statements relating to future actions,
prospective services or products, future performance or results of
current and anticipated services or products, future sales efforts,
future expenses, the outcome of contingencies such as legal
proceedings, and future trends in operations and financial
results.
Many factors determine the results of MetLife, Inc., its
subsidiaries and affiliates, and they involve unpredictable risks
and uncertainties. Our forward-looking statements depend on our
assumptions, our expectations, and our understanding of the
economic environment, but they may be inaccurate and may change.
MetLife, Inc. does not guarantee any future performance. Our
results could differ materially from those MetLife, Inc. expresses
or implies in forward-looking statements. The risks, uncertainties
and other factors identified in MetLife, Inc.’s filings with the
U.S. Securities and Exchange Commission, and others, may cause such
differences. These factors include:
- economic condition difficulties, including risks relating to
interest rates, credit spreads, declining equity or debt markets,
real estate, obligors and counterparties, government default,
currency exchange rates, derivatives, climate change, public health
and terrorism and security;
- global capital and credit market adversity;
- credit facility inaccessibility;
- financial strength or credit ratings downgrades;
- unavailability, unaffordability, or inadequate reinsurance,
including reinsurance risks that arise from reinsurers' credit
risk, and the potential shortfall or failure of risk mitigants to
protect against such risks;
- statutory life insurance reserve financing costs or limited
market capacity;
- legal, regulatory, and supervisory and enforcement policy
changes;
- changes in tax rates, tax laws or interpretations;
- litigation and regulatory investigations;
- unsuccessful efforts to meet all environmental, social, and
governance standards or to enhance our sustainability;
- MetLife, Inc.’s inability to pay dividends and repurchase
common stock;
- MetLife, Inc.’s subsidiaries’ inability to pay dividends to
MetLife, Inc.;
- investment defaults, downgrades, or volatility;
- investment sales or lending difficulties;
- collateral or derivative-related payments;
- investment valuations, allowances, or impairments changes;
- claims or other results that differ from our estimates,
assumptions, or models;
- global political, legal, or operational risks;
- business competition;
- technological changes;
- catastrophes;
- climate changes or responses to it;
- deficiencies in our closed block;
- goodwill or other asset impairment, or deferred income tax
asset allowance;
- impairment of VOBA, value of distribution agreements acquired
or value of customer relationships acquired;
- product guarantee volatility, costs, and counterparty
risks;
- risk management failures;
- insufficient protection from operational risks;
- failure to protect confidentiality and integrity of data or
other cybersecurity or disaster recovery failures;
- accounting standards changes;
- excessive risk-taking;
- marketing and distribution difficulties;
- pension and other postretirement benefit assumption
changes;
- inability to protect our intellectual property or avoid
infringement claims;
- acquisition, integration, growth, disposition, or
reorganization difficulties;
- Brighthouse Financial, Inc. separation risks;
- MetLife, Inc.’s Board of Directors influence over the outcome
of stockholder votes through the voting provisions of the MetLife
Policyholder Trust; and
- legal- and corporate governance-related effects on business
combinations.
MetLife, Inc. does not undertake any obligation to publicly
correct or update any forward-looking statement if MetLife, Inc.
later becomes aware that such statement is not likely to be
achieved. Please consult any further disclosures MetLife, Inc.
makes on related subjects in subsequent reports to the U.S.
Securities and Exchange Commission.
MetLife, Inc.
GAAP Interim Condensed
Consolidated Statements of Operations
(In millions)
For the Three Months
Ended
March 31,
2024
2023
Revenues
Premiums
$
10,053
$
9,589
Universal life and investment-type product
policy fees
1,248
1,289
Net investment income
5,436
4,645
Other revenues
674
639
Net investment gains (losses)
(375
)
(684
)
Net derivative gains (losses)
(979
)
(90
)
Total revenues
16,057
15,388
Expenses
Policyholder benefits and claims
10,074
9,872
Policyholder liability remeasurement
(gains) losses
(22
)
(9
)
Market risk benefit remeasurement (gains)
losses
(694
)
188
Interest credited to policyholder account
balances
2,290
1,864
Policyholder dividends
147
159
Amortization of DAC and VOBA
508
470
Amortization of negative VOBA
(6
)
(7
)
Interest expense on debt
264
255
Other expenses, net of capitalization of
DAC
2,451
2,339
Total expenses
15,012
15,131
Income (loss) before provision for income
tax
1,045
257
Provision for income tax expense
(benefit)
170
172
Net income (loss)
875
85
Less: Net income (loss) attributable to
noncontrolling interests
8
5
Net income (loss) attributable to MetLife,
Inc.
867
80
Less: Preferred stock dividends
67
66
Net income (loss) available to MetLife,
Inc.'s common shareholders
$
800
$
14
See footnotes on last page.
MetLife, Inc.
(In millions, except per share
data)
For the Three Months
Ended
March 31,
2024
2023
Reconciliation to Adjusted Earnings
Available to Common Shareholders
Earnings Per Weighted
Average Common Share Diluted (1)
Earnings Per Weighted
Average Common Share Diluted (1)
Net income (loss) available to MetLife,
Inc.'s common shareholders
$
800
$
1.10
$
14
$
0.02
Adjustments from net income (loss)
available to common shareholders to adjusted earnings available to
common shareholders:
Less: Net investment gains (losses)
(375
)
(0.51
)
(684
)
(0.88
)
Net derivative gains (losses)
(979
)
(1.34
)
(90
)
(0.12
)
Market risk benefit remeasurement gains
(losses)
694
0.95
(188
)
(0.24
)
Premiums
—
—
—
—
Universal life and investment-type product
policy fees
—
—
—
—
Net investment income
368
0.51
39
0.05
Other revenues
27
0.04
(3
)
—
Policyholder benefits and claims and
policyholder dividends
53
0.07
(70
)
(0.09
)
Policyholder liability remeasurement
(gains) losses
—
—
—
—
Interest credited to policyholder account
balances
(563
)
(0.78
)
(322
)
(0.41
)
Capitalization of DAC
—
—
—
—
Amortization of DAC and VOBA
—
—
—
—
Amortization of negative VOBA
—
—
—
—
Interest expense on debt
—
—
—
—
Other expenses
(11
)
(0.02
)
(27
)
(0.03
)
Goodwill impairment
—
—
—
—
Provision for income tax (expense)
benefit
260
0.36
180
0.23
Add: Net income (loss) attributable to
noncontrolling interests
8
0.01
5
0.01
Preferred stock redemption premium
—
—
—
—
Adjusted earnings available to common
shareholders
1,334
1.83
1,184
1.52
Less: Total notable items (2)
—
—
—
—
Adjusted earnings available to common
shareholders, excluding total notable items (2)
$
1,334
$
1.83
$
1,184
$
1.52
Adjusted earnings available to common
shareholders on a constant currency basis
$
1,334
$
1.83
$
1,176
$
1.51
Adjusted earnings available to common
shareholders, excluding total notable items, on a constant currency
basis (2)
$
1,334
$
1.83
$
1,176
$
1.51
Weighted average common shares outstanding
- diluted
728.4
781.2
See footnotes on last page.
MetLife, Inc.
(In millions)
For the Three Months
Ended
March 31,
2024
2023
Premiums, Fees and Other
Revenues
Premiums, fees and other revenues
$
11,975
$
11,517
Less: Adjustments to premiums, fees and
other revenues:
Asymmetrical and non-economic
accounting
39
—
Other adjustments
(12
)
(3
)
Divested businesses
—
—
Adjusted premiums, fees and other
revenues
$
11,948
$
11,520
Adjusted premiums, fees and other
revenues, on a constant currency basis
$
11,948
$
11,380
Less: PRT
(25
)
(21
)
Adjusted premiums, fees and other
revenues, excluding PRT, on a constant currency basis
$
11,973
$
11,401
Net Investment Income
Net investment income
$
5,436
$
4,645
Less: Adjustments to net investment
income
Investment hedge adjustments
(176
)
(264
)
Unit-linked contract income
542
303
Other adjustments
2
—
Divested businesses
—
—
Adjusted net investment income
$
5,068
$
4,606
Revenues and Expenses
Total revenues
$
16,057
$
15,388
Less: Adjustments to total revenues:
Net investment gains (losses)
(375
)
(684
)
Net derivative gains (losses)
(979
)
(90
)
Investment hedge adjustments
(176
)
(264
)
Asymmetrical and non-economic
accounting
39
—
Unit-linked contract income
542
303
Other adjustments
(10
)
(3
)
Divested businesses
—
—
Total adjusted revenues
$
17,016
$
16,126
Total expenses
$
15,012
$
15,131
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains)
losses
(694
)
188
Goodwill impairment
—
—
Asymmetrical and non-economic
accounting
38
103
Market volatility
(67
)
(14
)
Unit-linked contract costs
539
303
Other adjustments
7
16
Divested businesses
4
11
Total adjusted expenses
$
15,185
$
14,524
See footnotes on last page.
MetLife, Inc.
(In millions, except per share
and ratio data)
For the Three Months
Ended
March 31,
2024
2023
Expense Detail and Ratios
Reconciliation of Capitalization of DAC
to Adjusted Capitalization of DAC
Capitalization of DAC
$
(740
)
$
(718
)
Less: Divested businesses
—
—
Adjusted capitalization of DAC
$
(740
)
$
(718
)
Reconciliation of Other Expenses to
Adjusted Other Expenses
Other expenses
$
3,191
$
3,057
Less: Other adjustments
7
16
Less: Divested businesses
4
11
Adjusted other expenses
$
3,180
$
3,030
Other Detail and Ratios
Other expenses, net of capitalization of
DAC
$
2,451
$
2,339
Premiums, fees and other revenues
$
11,975
$
11,517
Expense ratio
20.5
%
20.3
%
Direct expenses
$
1,426
$
1,387
Less: Total notable items related to
direct expenses (2)
—
—
Direct expenses, excluding total notable
items related to direct expenses (2)
$
1,426
$
1,387
Adjusted other expenses
$
3,180
$
3,030
Adjusted capitalization of DAC
(740
)
(718
)
Adjusted other expenses, net of adjusted
capitalization of DAC
2,440
2,312
Less: Total notable items related to
adjusted other expenses (2)
—
—
Adjusted other expenses, net of adjusted
capitalization of DAC, excluding total notable items related to
adjusted other expenses (2)
$
2,440
$
2,312
Adjusted premiums, fees and other
revenues
$
11,948
$
11,520
Less: PRT
(25
)
(21
)
Adjusted premiums, fees and other
revenues, excluding PRT
$
11,973
$
11,541
Direct expense ratio
11.9
%
12.0
%
Direct expense ratio, excluding total
notable items related to direct expenses and PRT (2)
11.9
%
12.0
%
Adjusted expense ratio
20.4
%
20.1
%
Adjusted expense ratio, excluding total
notable items related to adjusted other expenses and PRT (2)
20.4
%
20.0
%
See footnotes on last page.
MetLife, Inc.
(In millions, except per share
data)
March 31,
Equity Details
2024
2023
Total MetLife, Inc.'s stockholders'
equity
$
28,535
$
32,194
Less: Preferred stock
3,818
3,818
MetLife, Inc.'s common stockholders'
equity
24,717
28,376
Less: Net unrealized investment gains
(losses), net of income tax
(16,611
)
(14,606
)
Future policy benefits discount rate
remeasurement gain (losses), net of income tax
4,773
2,748
Market risk benefits instrument-specific
credit risk remeasurement gains (losses), net of income tax
(47
)
186
Defined benefit plans adjustment, net of
income tax
(1,421
)
(1,356
)
Total MetLife, Inc.'s common stockholders'
equity, excluding AOCI other than FCTA
38,023
41,404
Less: Accumulated year-to-date total
notable items (2)
—
—
Total MetLife, Inc.'s common stockholders'
equity, excluding total notable items (excludes AOCI other than
FCTA) (2)
$
38,023
$
41,404
March 31,
Book Value (3)
2024
2023
Book value per common share
$
34.54
$
36.89
Less: Net unrealized investment gains
(losses), net of income tax
(23.21
)
(18.99
)
Future policy benefits discount rate
remeasurement gain (losses), net of income tax
6.68
3.57
Market risk benefits instrument-specific
credit risk remeasurement gains (losses), net of income tax
(0.07
)
0.24
Defined benefit plans adjustment, net of
income tax
(1.99
)
(1.76
)
Book value per common share, excluding
AOCI other than FCTA
$
53.13
$
53.83
Common shares outstanding, end of period
(4)
715.7
769.2
For the Three Months
Ended
March 31, (5)
Return on Equity
2024
2023
Return on MetLife, Inc.'s:
Common stockholders' equity
12.6
%
0.2
%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity
21.0
%
17.4
%
Common stockholders' equity, excluding
AOCI other than FCTA
13.8
%
11.3
%
Common stockholders' equity, excluding
total notable items (excludes AOCI other than FCTA) (2)
13.8
%
11.3
%
For the Three Months
Ended
March 31,
Average Common Stockholders'
Equity
2024
2023
Average common stockholders' equity
$
25,457
$
27,220
Average common stockholders' equity,
excluding AOCI other than FCTA
$
38,652
$
41,856
Average common stockholders' equity,
excluding total notable items (excludes AOCI other than FCTA)
(2)
$
38,652
$
41,856
See footnotes on last page.
MetLife, Inc.
Adjusted Earnings Available to
Common Shareholders
(In millions)
For the Three Months
Ended
March 31,
2024
2023
Group Benefits (6):
Adjusted earnings available to common
shareholders
$
284
$
307
Less: Total notable items (2)
—
—
Adjusted earnings available to common
shareholders, excluding total notable items (2)
$
284
$
307
Adjusted premiums, fees and other
revenues
$
6,330
$
6,049
Retirement & Income Solutions (6):
Adjusted earnings available to common
shareholders
$
399
$
400
Less: Total notable items (2)
—
—
Adjusted earnings available to common
shareholders, excluding total notable items (2)
$
399
$
400
Adjusted premiums, fees and other
revenues
$
813
$
648
Less: PRT
(25
)
(21
)
Adjusted premiums, fees and other
revenues, excluding PRT
$
838
$
669
Asia:
Adjusted earnings available to common
shareholders
$
423
$
280
Less: Total notable items (2)
—
—
Adjusted earnings available to common
shareholders, excluding total notable items (2)
$
423
$
280
Adjusted earnings available to common
shareholders on a constant currency basis
$
423
$
269
Adjusted earnings available to common
shareholders, excluding total notable items, on a constant currency
basis (2)
$
423
$
269
Adjusted premiums, fees and other
revenues
$
1,744
$
1,794
Adjusted premiums, fees and other
revenues, on a constant currency basis
$
1,744
$
1,659
Latin America:
Adjusted earnings available to common
shareholders
$
233
$
215
Less: Total notable items (2)
—
—
Adjusted earnings available to common
shareholders, excluding total notable items (2)
$
233
$
215
Adjusted earnings available to common
shareholders on a constant currency basis
$
233
$
221
Adjusted earnings available to common
shareholders, excluding total notable items, on a constant currency
basis (2)
$
233
$
221
Adjusted premiums, fees and other
revenues
$
1,496
$
1,372
Adjusted premiums, fees and other
revenues, on a constant currency basis
$
1,496
$
1,380
See footnotes on last page.
MetLife, Inc.
Adjusted Earnings Available to
Common Shareholders (Continued)
(In millions)
For the Three Months
Ended
March 31,
2024
2023
EMEA:
Adjusted earnings available to common
shareholders
$
77
$
60
Less: Total notable items (2)
—
—
Adjusted earnings available to common
shareholders, excluding total notable items (2)
$
77
$
60
Adjusted earnings available to common
shareholders on a constant currency basis
$
77
$
57
Adjusted earnings available to common
shareholders, excluding total notable items, on a constant currency
basis (2)
$
77
$
57
Adjusted premiums, fees and other
revenues
$
620
$
581
Adjusted premiums, fees and other
revenues, on a constant currency basis
$
620
$
568
MetLife Holdings (6):
Adjusted earnings available to common
shareholders
$
159
$
158
Less: Total notable items (2)
—
—
Adjusted earnings available to common
shareholders, excluding total notable items (2)
$
159
$
158
Adjusted premiums, fees and other
revenues
$
841
$
959
Corporate & Other (6):
Adjusted earnings available to common
shareholders
$
(241
)
$
(236
)
Less: Total notable items (2)
—
—
Adjusted earnings available to common
shareholders, excluding total notable items (2)
$
(241
)
$
(236
)
Adjusted premiums, fees and other
revenues
$
104
$
117
See footnotes on last page.
MetLife, Inc.
For the Three Months
Ended
March 31,
2024
2023
Variable investment income (post-tax,
in millions) (7)
Group Benefits
$
4
$
—
RIS
73
(3
)
Asia
56
(25
)
Latin America
1
(2
)
EMEA
—
—
MetLife Holdings
55
2
Corporate & Other
16
(7
)
Total variable investment income
$
205
$
(35
)
See footnotes on last page.
MetLife, Inc.
March 31, 2024
Cash & Capital (8), (9), (10) (in
billions)
Holding Companies Cash & Liquid
Assets
$
5.2
Footnotes
(1
)
Adjusted earnings available to common
shareholders, excluding total notable items, per diluted common
share is calculated on a standalone basis and may not equal (i)
adjusted earnings available to common shareholders per diluted
common share, less (ii) total notable items per diluted common
share.
(2
)
Notable items reflect the unexpected
impact of events that affect MetLife’s results, but that were
unknown and that MetLife could not anticipate when it devised its
business plan. Notable items also include certain items regardless
of the extent anticipated in the business plan, to help investors
have a better understanding of MetLife's results and to evaluate
and forecast those results. Notable items can affect MetLife’s
results either positively or negatively.
(3
)
Book values exclude $3,818 million of
equity related to preferred stock at both March 31, 2024 and
2023.
(4
)
There were share repurchases of
approximately $1.2 billion for the three months March 31, 2024.
There were share repurchases of approximately $330 million in April
2024.
(5
)
Annualized using quarter-to-date
results.
(6
)
Results on a constant currency basis are
not included as constant currency impact is not significant.
(7
)
Assumes a 21% tax rate.
(8
)
The 2023 combined U.S. risk based capital
(RBC) ratio was 407%, which is above MetLife's 360% target on an
NAIC basis. This ratio includes MetLife, Inc.'s principal U.S.
insurance subsidiaries, excluding American Life Insurance Company.
MetLife calculates RBC annually as of December 31 and, accordingly,
the calculation does not reflect conditions and factors occurring
after the year end.
(9
)
The total U.S. statutory adjusted capital
is expected to be approximately $18.3 billion at March 31, 2024,
down 6% from December 31, 2023. This balance includes MetLife,
Inc.'s principal U.S. insurance subsidiaries, excluding American
Life Insurance Company.
(10
)
The expected Japan solvency margin ratio
as of March 31, 2024 is approximately 725%.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240501804333/en/
For Media: Dave Franecki (973) 264-7465,
Dave.Franecki@metlife.com For Investors: John Hall (212) 578-7888,
John.A.Hall@metlife.com
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