NEW YORK--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) today announced that for the fourth consecutive year it’s earned a spot on JUST Capital’s JUST 100 list, as part of their 2024 Rankings of America’s Most JUST Companies. The JUST 100 reflects companies doing the best job of creating value for all their stakeholders, including colleagues, customers, communities, and shareholders. “We are honored to be named one of America’s Most JUST Companies, which recognizes how we care for our employees and deliver ...

Core Insights - MetLife, Inc. reported fourth-quarter 2023 adjusted operating earnings of $1.93 per share, a 21% year-over-year improvement, but fell short of the Zacks Consensus Estimate by 1% [1] - Adjusted operating revenues increased by 21.5% year over year to $18.7 billion, exceeding the consensus mark by 3.6% [1] - The results were impacted by high expense levels, market risk benefit remeasurement losses, and weak contributions from the EMEA segment, although offset by improved investment returns and solid performances in Group Benefits and RIS businesses [1] Financial Performance - Adjusted premiums, fees, and other revenues (PFOs), excluding pension risk transfer (PRT), were $11.8 billion, an 8% year-over-year increase [2] - Adjusted net investment income grew 11% year over year to $5 billion, driven by increased returns from the private equity portfolio [2] - Total expenses rose 33.2% year over year to $18.1 billion, primarily due to higher policyholder benefits and claims [2] - Net income dropped 63% year over year to $574 million, while adjusted return on equity improved by 170 basis points to 13.8% [2] Segment Performance - Group Benefits segment adjusted earnings increased 19% year over year to $466 million, surpassing the consensus estimate [4] - RIS segment recorded adjusted earnings of $421 million, a 10% year-over-year rise, driven by improved investment and underwriting margins [4] - Asia segment adjusted earnings were $296 million, a 12% year-over-year improvement, but missed the consensus estimate [4] - Latin America segment adjusted earnings rose 13% year over year to $207 million, although it lagged the consensus mark [5] - EMEA segment adjusted earnings declined 27% year over year to $47 million, below the consensus estimate [5] - MetLife Holdings segment adjusted earnings fell 15% year over year to $156 million, also missing the consensus mark [6] Financial Position - As of December 31, 2023, MetLife had cash and cash equivalents of $20.6 billion, a 2.2% increase from the end of 2022 [7] - Total assets increased by 3.7% to $687.6 billion, while total equity inched up 0.4% to $30.3 billion [7] - Long-term debt rose 6.2% to $15.5 billion, and net cash from operations for 2023 was $4.2 billion, down 4.5% year over year [7] Capital Deployment - MetLife repurchased shares worth approximately $900 million in the fourth quarter and an additional $500 million in January 2024 [8] Full-Year Update - Adjusted earnings per share for 2023 were $7.33, a 4% increase from 2022, while adjusted revenues decreased by 3.5% to $71.7 billion [9] - Adjusted PFOs, excluding PRT, improved by 6% year over year to $46.6 billion, but net income plunged 73% to $1.4 billion [9] 2024 Outlook - Management anticipates variable investment income of around $1.5 billion for 2024 and expects adjusted losses in Corporate & Other to be between $750 million and $850 million [10] - Adjusted earnings in the Asia segment are projected to grow around 20%, while EMEA unit earnings are expected to remain within $60-$65 million per quarter [10] Near-Term Targets - Over the next three years, MetLife projects adjusted PFOs in Group Benefits to rise by 4-6% and anticipates similar growth in MetLife Holdings [11] - The company aims for an adjusted return on equity within 13-15% and a free cash flow ratio of 65-75% of adjusted earnings [11]

Financial Data and Key Metrics Changes - The company reported quarterly adjusted earnings of $1.4 billion, or $1.83 per share, with adjusted earnings per share, excluding notable items, at $1.93, up 21% from $1.59 a year ago [8][19] - For the full year 2023, adjusted earnings, excluding notable items, reached $5.6 billion, with adjusted net investment income growing 9% year-over-year to almost $20 billion [8][9] - The adjusted return on equity for the year was 13.8%, achieving the target for this key metric [6][11] Business Line Data and Key Metrics Changes - Group Benefits posted adjusted earnings of $1.6 billion, up 22% from the prior year, with sales gaining 9% and adjusted PFOs rising approximately 5% [9][20] - Retirement and Income Solutions (RIS) adjusted earnings were $421 million, up 10% year-over-year, with adjusted PFOs, excluding pension risk transfers, up 75% year-over-year [21][22] - Asia's adjusted earnings were $296 million, up 12%, with full-year sales up 13%, exceeding guidance [22][24] - Latin America adjusted earnings were $207 million, up 13%, with adjusted PFOs up 29% [24][25] Market Data and Key Metrics Changes - The company ended the year with $5.2 billion of cash and liquid assets, comfortably above the target cash buffer of $3 billion to $4 billion [13][31] - The RBC ratio for U.S. companies is expected to be approximately 400%, above the target of 360% [32][34] - The company anticipates continued strong performance in the pension risk transfer market, with a strong pipeline for 2024 [10][70] Company Strategy and Development Direction - The company emphasized its "Next Horizon" strategy, which aims for an adjusted return on equity of 13% to 15% and a direct expense ratio target of 12.3% for 2024 [12][34] - The company plans to maintain a disciplined approach to capital management, focusing on responsible growth and returning capital to shareholders when organic growth opportunities are not available [13][16] - The company is adjusting its investment strategy to consider higher yielding assets in response to the current rate environment [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience and ability to navigate uncertainties, including inflation and geopolitical events [14][42] - The outlook for 2024 includes expectations for continued growth in Group Benefits and a strong performance in Asia and Latin America [40][41] - Management acknowledged the challenges posed by a changing interest rate environment but remains optimistic about the company's diversified portfolio and cash flow generation [42] Other Important Information - The company returned $4.7 billion to shareholders through dividends and share repurchases in 2023 [6][12] - The effective tax rate on adjusted earnings was approximately 19%, reflecting favorable tax benefits [26] Q&A Session Summary Question: ROE target and potential upside - Management acknowledged that current trends suggest the possibility of exceeding the upper end of the ROE target range but prefers to reassess after a year [44][45] Question: RBC ratio expectations - Management explained that while the reinsurance transaction was expected to improve the RBC ratio, other factors such as growth and fungibility also influenced the final figure [46][47] Question: Consolidated recurring NII outlook for 2024 - Management indicated that while NII is a helpful metric, they are cautious about providing specific targets due to the variability of different products [49][50] Question: Impact of interest rate caps and VII - Management suggested that the impact of rolling off interest rate caps and the emergence of VII will likely offset each other, leading to relatively flat spreads [52][53] Question: Group Benefits margin improvement - Management attributed the margin improvement to a favorable business mix and strong growth in voluntary products, while noting that the favorable life ratio in Q4 was not expected to be a long-term trend [58][60]

1 4Q23 Supplemental Slides and Outlook John McCallion Chief Financial Officer 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures. Financial results in this presentation reflect LDTI accounting, pursuant to Financial Accounting Standa ...

For the quarter ended December 2023, MetLife (MET) reported revenue of $18.72 billion, up 18.2% over the same period last year. EPS came in at $1.93, compared to $1.55 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $18.07 billion, representing a surprise of +3.61%. The company delivered an EPS surprise of -1.03%, with the consensus EPS estimate being $1.95.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ex ...

分组1 - MetLife reported quarterly earnings of $1.93 per share, missing the Zacks Consensus Estimate of $1.95 per share, but showing an increase from $1.55 per share a year ago, resulting in an earnings surprise of -1.03% [1] - The company posted revenues of $18.72 billion for the quarter, exceeding the Zacks Consensus Estimate by 3.61%, and up from $15.84 billion year-over-year, having topped revenue estimates three times in the last four quarters [1] - The current consensus EPS estimate for the upcoming quarter is $2.14 on revenues of $18.04 billion, and for the current fiscal year, it is $9.09 on revenues of $73.88 billion [4] 分组2 - The Zacks Industry Rank for Insurance - Multi line is in the top 45% of over 250 Zacks industries, indicating that the industry is performing well [5] - Everest Group, another company in the same industry, is expected to report quarterly earnings of $14.63 per share, reflecting a year-over-year change of +19.8%, with revenues anticipated to be $4.01 billion, up 25.5% from the previous year [5][6]

NEW YORK--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) today announced that Executive Vice President and Chief Financial Officer John McCallion has provided a fourth quarter and full year 2023 financial update video. The video can be viewed on the company's website at https://www.metlife.com/about-us/newsroom/#video. About MetLife MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employ ...

NEW YORK--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) today announced that it has been named to Fortune magazine’s 2024 list of the “World’s Most Admired Companies.” This year’s list included eight life insurers in the annual report card of the best-regarded companies. Annually, Fortune partners with Korn Ferry to rank companies by their corporate reputation. Corporate executives, directors, and analysts are asked to rate enterprises in their own industry on nine criteria, from investment value and qualit ...

Investors are always looking for stocks that are poised to beat at earnings season and MetLife, Inc. (MET) , may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because MetLife is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty good indica ...

MetLife, Inc. (MET) is poised to surpass fourth-quarter 2023 earnings expectations. The results, to be announced on Jan 31, after the closing bell, are anticipated to reflect sustained growth in net investment income and profits from most of the international operations.What Do the Estimates Say?The Zacks Consensus Estimate for fourth-quarter earnings per share of $1.95 suggests a 25.8% increase from the prior-year figure of $1.55. The consensus mark has remained stable over the past week. The consensus est ...