Summary
MetLife, Inc. reported a net income available to common shareholders of $606 million for the first quarter of 2022, a significant increase from $290 million in the same period of the prior year. This improvement was primarily driven by a favorable change in net derivative gains (losses), which more than offset an unfavorable change in net investment gains (losses). Adjusted earnings available to common shareholders, however, decreased by $238 million, reflecting lower investment yields from equity market performance and increased expenses, partially counteracted by higher net investment income due to a larger invested asset base and favorable underwriting, including a decline in COVID-19 related claims. Total assets decreased to $724.3 billion from $759.7 billion at the end of 2021, while total liabilities also decreased. The company continued its share repurchase program, acquiring $915 million of its common stock in the quarter. Despite the decrease in adjusted earnings, the company's core insurance operations showed resilience, with growth in adjusted premiums in key segments like the U.S. and Asia, tempered by dispositions and market conditions.
Financial Highlights
36 data points| Revenue | $15.40B |
| Operating Expenses | $2.95B |
| Net Income | $1.63B |
| EPS (Basic) | $1.91 |
| EPS (Diluted) | $1.89 |
| Shares Outstanding (Basic) | 823.80M |
| Shares Outstanding (Diluted) | 830.50M |
Key Highlights
- 1Net income available to common shareholders increased to $606 million, up from $290 million in Q1 2021, primarily driven by favorable derivative results.
- 2Adjusted earnings available to common shareholders decreased by $238 million to $1.7 billion due to lower investment yields and higher expenses, partially offset by favorable underwriting.
- 3Total assets decreased to $724.3 billion as of March 31, 2022, from $759.7 billion as of December 31, 2021.
- 4The company repurchased $915 million of its common stock during the quarter, demonstrating a commitment to returning capital to shareholders.
- 5The U.S. segment showed strong growth in adjusted premiums, fees and other revenues, up 23% year-over-year, driven by the Retirement and Income Solutions (RIS) and Group Benefits businesses.
- 6Asia segment's adjusted earnings decreased by $43 million year-over-year, impacted by foreign currency fluctuations and market factors, although business growth in Korea and Japan provided some offset.
- 7The company's investment portfolio remains heavily weighted towards fixed income securities, with fixed maturity securities available-for-sale totaling $320.1 billion at fair value.