Summary
MetLife, Inc. (MET) reported its financial results for the period ending September 29, 2018. The company experienced a significant increase in net income available to common shareholders, driven primarily by a favorable change in discontinued operations and an improvement in net investment gains. Adjusted earnings, a non-GAAP measure that management uses to assess performance, also saw a substantial increase year-over-year, benefiting from higher net investment income, the positive impact of U.S. Tax Reform, and favorable underwriting. While overall sales saw a slight decrease compared to the prior period, MetLife demonstrated resilience across its diverse segments. The company's investment portfolio, which is heavily weighted towards fixed income securities, experienced improved yields. MetLife also continued its share repurchase program, signaling confidence in its financial position and commitment to returning capital to shareholders. Investors should note the ongoing impact of actuarial assumption reviews and the company's proactive management of market risks through hedging strategies.
Financial Highlights
38 data points| Revenue | $16.29B |
| Operating Expenses | $3.47B |
| Operating Income | $2.97B |
| Net Income | $912.00M |
| EPS (Basic) | $0.89 |
| EPS (Diluted) | $0.88 |
| Shares Outstanding (Basic) | 992.70M |
| Shares Outstanding (Diluted) | 1.00B |
Key Highlights
- 1Net income available to common shareholders increased significantly to $880 million for the three months ended September 30, 2018, compared to a loss of $97 million in the prior year period. This was largely driven by favorable changes in discontinued operations and net investment gains.
- 2Adjusted earnings available to common shareholders increased by $261 million to $1.4 billion for the three months ended September 30, 2018, reflecting improved net investment income, the positive impact of U.S. Tax Reform, and favorable underwriting.
- 3Total revenues for the three months ended September 30, 2018 were $16.3 billion, a slight increase from $16.2 billion in the prior year period.
- 4Total expenses decreased to $15.2 billion for the three months ended September 30, 2018, from $15.7 billion in the prior year period.
- 5MetLife repurchased 14,062,526 shares of its common stock during the quarter ended September 30, 2018, under its authorized share repurchase programs.
- 6The company had total assets of $698.45 billion at September 30, 2018, a decrease from $719.89 billion at December 31, 2017.
- 7MetLife reported $51.6 billion in stockholders' equity at September 30, 2018, a decrease from $58.9 billion at December 31, 2017, impacted by accumulated other comprehensive income changes and common stock repurchases.