Summary
MetLife, Inc. reported a net income attributable to MetLife, Inc. of $3,407 million for the three months ended June 30, 2021, a significant increase from $145 million in the prior year period. This was driven by strong investment performance, particularly favorable changes in net investment gains (losses) and net derivative gains (losses), as well as the gain from the sale of MetLife P&C. Adjusted earnings available to common shareholders also saw a substantial increase, primarily due to higher investment yields and the release of a legal reserve. The company's total assets decreased to $773.25 billion from $795.15 billion at the end of 2020, mainly due to the dispositions of businesses. The company continues to manage its capital effectively, with an authorized common stock repurchase program in place, signaling a commitment to returning value to shareholders. While the company experienced some unfavorable underwriting impacts, likely due to the COVID-19 pandemic, overall financial results for the quarter were robust, driven by strong investment performance and strategic dispositions.
Financial Highlights
35 data points| Revenue | $18.52B |
| Operating Expenses | $2.88B |
| Net Income | $3.41B |
| EPS (Basic) | $3.85 |
| EPS (Diluted) | $3.83 |
| Shares Outstanding (Basic) | 873.30M |
| Shares Outstanding (Diluted) | 879.70M |
Key Highlights
- 1MetLife reported a net income of $3,407 million for the three months ended June 30, 2021, a significant increase from $145 million in the same period of the prior year.
- 2Adjusted earnings available to common shareholders increased to $2,089 million for the three months ended June 30, 2021, up from $758 million in the prior year period.
- 3The company recognized a gain of $1.1 billion (net of income tax) from the sale of MetLife P&C in April 2021.
- 4Net investment income increased significantly to $5,280 million for the three months ended June 30, 2021, driven by favorable equity market returns on private equity funds and lower yields on fixed income securities.
- 5Total assets decreased to $773.25 billion as of June 30, 2021, down from $795.15 billion as of December 31, 2020, primarily due to business dispositions.
- 6MetLife repurchased $2.1 billion of common stock during the six months ended June 30, 2021, demonstrating a commitment to capital return to shareholders.
- 7The company has an additional $3.0 billion authorized for common stock repurchases as of August 4, 2021.