Summary
MetLife Inc. (MET) reported a net income of $986 million for the first quarter of 2013, a significant turnaround from a net loss of $144 million in the same period of 2012. This improvement was largely driven by a substantial reduction in net derivative losses, which swung from a $1.978 billion loss in Q1 2012 to a $630 million loss in Q1 2013, and a $424 million improvement in net investment gains (losses). The company also saw a rise in operating earnings available to common shareholders to $1.635 billion, up from $1.464 billion in the prior year's quarter, reflecting growth in investment income and higher asset-based fee revenue. The company announced a pending acquisition of Provida, a Chilean pension fund administrator, for approximately $2 billion, and continued to execute on its enterprise-wide strategic initiative aimed at cost reduction and operational efficiencies.
Financial Highlights
33 data points| Revenue | $17.68B |
| Operating Expenses | $4.14B |
| Operating Income | $959.00M |
| Net Income | $986.00M |
| EPS (Basic) | $0.87 |
| EPS (Diluted) | $0.87 |
| Shares Outstanding (Basic) | 1.10B |
| Shares Outstanding (Diluted) | 1.10B |
Key Highlights
- 1Net income surged to $986 million in Q1 2013, a substantial improvement from a net loss of $144 million in Q1 2012.
- 2Operating earnings available to common shareholders increased to $1.635 billion in Q1 2013 from $1.464 billion in Q1 2012.
- 3Net derivative losses decreased significantly, contributing positively to earnings.
- 4Net investment income showed growth, driven by portfolio expansion and higher asset-based fee revenue.
- 5MetLife announced a significant pending acquisition of Provida, the largest private pension fund administrator in Chile, for approximately $2 billion.
- 6The company is progressing with its enterprise-wide strategic initiative targeting $1 billion in efficiencies by 2016.
- 7Total assets grew to $841.685 billion at March 31, 2013, from $836.781 billion at December 31, 2012.