Summary
MetLife, Inc. reported its Q3 2022 results, showing a significant year-over-year decrease in net income available to common shareholders, primarily driven by unfavorable market conditions affecting net investment and derivative gains. Adjusted earnings also declined, impacted by lower investment yields due to equity market performance and higher interest credited expenses, although partially offset by favorable underwriting, improved net investment income from a larger asset base, and positive actuarial assumption reviews. The company's total assets decreased from $759.7 billion at the end of 2021 to $650.1 billion at the end of Q3 2022. This reduction is largely attributable to a significant decrease in investments, particularly fixed maturity securities available-for-sale, which fell from $340.3 billion to $270.8 billion. Equity securities and contractholder-directed/fair value option securities also saw decreases. The company's total liabilities also decreased, reflecting the reduction in assets. Stockholders' equity experienced a substantial decrease from $67.7 billion to $25.3 billion, largely due to accumulated other comprehensive income (loss) turning negative, driven by market fluctuations.
Financial Highlights
36 data points| Revenue | $22.28B |
| Operating Expenses | $2.92B |
| Net Income | $1.17B |
| EPS (Basic) | $1.38 |
| EPS (Diluted) | $1.37 |
| Shares Outstanding (Basic) | 795.80M |
| Shares Outstanding (Diluted) | 800.70M |
Key Highlights
- 1Net income available to MetLife, Inc.'s common shareholders decreased significantly to $331 million in Q3 2022 from $1,521 million in Q3 2021.
- 2Adjusted earnings available to common shareholders decreased by $1.1 billion year-over-year, reaching $966 million in Q3 2022.
- 3Total assets decreased by $109.6 billion from $759.7 billion at December 31, 2021, to $650.1 billion at September 30, 2022.
- 4Fixed maturity securities available-for-sale decreased by $69.5 billion, from $340.3 billion to $270.8 billion.
- 5Total stockholders' equity decreased substantially from $67.7 billion to $25.3 billion, primarily impacted by a negative accumulated other comprehensive income (loss).
- 6The company reported a net investment loss of $414 million for the three months ended September 30, 2022, compared to a net investment loss of $84 million in the prior year period.
- 7Net derivative gains (losses) were unfavorable, totaling a loss of $480 million for the three months ended September 30, 2022, compared to a loss of $218 million in the prior year period.