01—Abstract
Summary
Summary of the 10-Q filed November 1, 2024. Cited figures are marked; the original filing is the authoritative source.
MetLife Inc. reported strong financial results for the nine months ended September 30, 2024, with net income available to common shareholders increasing significantly to $2.99 billiona from $806 million in the prior year period.
This growth was driven by a substantial improvement in net investment gains and a favorable shift in net derivative gains (losses), partially offset by unfavorable market risk benefit remeasurement (gains) losses and higher income tax expenses. Adjusted earnings available to common shareholders also showed resilience, increasing to $4.34 billionb from $4.16 billion year-over-year, reflecting strong underlying business performance across most segments, although impacted by a reinsurance transaction and market factors. The company's total assets grew to $704.98 billion from $687.58 billion at the end of 2023, supported by growth in investments and policyholder account balances.
Total liabilities also increased, primarily driven by higher future policy benefits and policyholder account balances. MetLife continues to execute its capital management strategy, with share repurchases totaling $2.8 billionc for the nine-month period, demonstrating a commitment to returning capital to shareholders. The company maintains a strong liquidity position, with $21.77 billion in cash and cash equivalents as of September 30, 2024.
02—Key points
Key Highlights
- MetLife reported a significant increase in Net Income Available to Common Shareholders, reaching $1.28 billion for the third quarter of 2024, a substantial rise from $422 million in the same period last year.
- Adjusted Earnings Available to Common Shareholders were $1.38 billion for Q3 2024, a slight decrease from $1.49 billion in Q3 2023, indicating stable underlying business performance.
- Total Assets grew to $704.98 billion as of September 30, 2024, up from $687.58 billion at the end of 2023, driven by increases in investments and policyholder account balances.
- Net investment income increased to $5.23 billion for the quarter, up from $4.83 billion in the prior year period, reflecting favorable market conditions and higher yields.
- The company repurchased approximately $2.8 billion of common stock during the nine months ended September 30, 2024, demonstrating a commitment to capital return to shareholders.
- Cash and cash equivalents stood at $21.77 billion as of September 30, 2024, indicating a strong liquidity position.
- The company's diverse segments, including Group Benefits, Retirement and Income Solutions (RIS), and Asia, all contributed positively to adjusted earnings, showcasing operational resilience.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2024filed November 1, 2024Financial Statements
Q3 FY2024 against Q3 FY2023
| Line item | Q3 FY2024Q3 FY2023 | Change |
|---|---|---|
| Revenue | $18.44B$15.87B | +16.2% |
| Operating Expenses | $3.26B$3.20B | +1.8% |
| Operating Income | $1.44B— | — |
| Net Income | $1.34B$495.00M | +170.9% |
| EPS (Basic) | $1.82$0.56 | +225.0% |
| EPS (Diluted) | $1.81$0.56 | +223.2% |
| Shares Outstanding (Basic) | 699.30M751.40M | −6.9% |
| Shares Outstanding (Diluted) | 703.70M755.50M | −6.9% |
05—Questions
Frequently Asked Questions
What was MetLife's net income for the third quarter of 2024?
MetLife's net income available to common shareholders for the third quarter of 2024 was $1.28 billion, a significant increase from $422 million in the same period of the prior year.
How did MetLife's investment income perform in the third quarter?
Net investment income for the third quarter of 2024 increased to $5.23 billion, up from $4.83 billion in the third quarter of 2023, driven by higher yields on fixed income securities and favorable market conditions.
What is MetLife's approach to capital management and shareholder returns?
MetLife is committed to capital management and returning capital to shareholders. During the first nine months of 2024, the company repurchased approximately $2.8 billion of its common stock and paid $1.1 billion in common stock dividends, reflecting its confidence in its financial strength and capital position.
How did MetLife's segments perform in terms of adjusted earnings?
Most of MetLife's segments, including Group Benefits, RIS, Asia, Latin America, and EMEA, reported positive adjusted earnings for the nine months ended September 30, 2024. The MetLife Holdings segment experienced a decrease in adjusted earnings, largely due to a reinsurance transaction. Corporate & Other reported negative adjusted earnings, as expected, due to the nature of its operations.
06—Continue