Summary
MetLife, Inc. reported its third-quarter results for the period ending September 30, 2023. The company experienced a decrease in net income available to common shareholders, reporting $422 million, a significant drop from $1.1 billion in the same period last year. This decline was primarily driven by lower net investment gains and unfavorable changes in net derivative gains (losses), alongside a less favorable market risk benefit remeasurement and actuarial assumption review. However, adjusted earnings available to common shareholders showed improvement, increasing to $1.5 billion from $1.1 billion year-over-year, driven by higher recurring investment income and favorable underwriting across segments, though partially offset by higher interest crediting rates and increased expenses. Total assets decreased slightly to $652.1 billion from $663.1 billion at the end of 2022. The company also continued its share repurchase program, repurchasing $2.2 billion of its common stock year-to-date through September 30, 2023. MetLife is actively managing its portfolio and hedging strategies to mitigate risks associated with market volatility. The company is progressing with its pending reinsurance transaction with Global Atlantic Financial Group, expected to close in the fourth quarter of 2023, which will impact its MetLife Holdings segment.
Financial Highlights
37 data points| Revenue | $15.87B |
| Operating Expenses | $3.20B |
| Net Income | $489.00M |
| EPS (Basic) | $0.56 |
| EPS (Diluted) | $0.56 |
| Shares Outstanding (Basic) | 751.40M |
| Shares Outstanding (Diluted) | 755.50M |
Key Highlights
- 1Net income available to common shareholders decreased to $422 million from $1.1 billion in the prior year's third quarter.
- 2Adjusted earnings available to common shareholders increased to $1.5 billion from $1.1 billion year-over-year.
- 3Total assets decreased to $652.1 billion from $663.1 billion at year-end 2022.
- 4The company repurchased $2.2 billion of its common stock year-to-date through September 30, 2023.
- 5Net investment gains (losses) were unfavorable by $516 million year-over-year, largely due to impairments on investments related to a pending reinsurance transaction and the disposition of MetLife Malaysia.
- 6Net derivative gains (losses) were unfavorable by $976 million year-over-year, impacting the reported results significantly.
- 7A pending reinsurance transaction with Global Atlantic Financial Group is expected to close in Q4 2023, subject to closing conditions.