MetLife, Inc. (NYSE:MET) KBW Annual Insurance Conference September 5, 2024 9:05 AM ET Company Participants Michel Kalaf - President and CEO John McCallion - CFO and Head of MetLife Investment Management Conference Call Participants Ryan Krueger - KBW Ryan Krueger We do have cushiony chairs up here relaxing. I'm Ryan Krueger from KBW. I cover the life insurers. It's great to have MetLife back with us again this year. Up on stage with me is Michel Kalaf, President and CEO in the middle and John McCallion, CFO ...

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Company Overview - MetLife (MET) is based in New York and operates in the Finance sector, with a year-to-date share price change of 10.77% [2] - The company currently pays a dividend of $0.55 per share, resulting in a dividend yield of 2.98%, which is higher than the Insurance - Multi line industry's yield of 1.99% and the S&P 500's yield of 1.58% [2] Dividend Performance - MetLife's current annualized dividend of $2.18 represents a 5.8% increase from the previous year [2] - Over the past five years, MetLife has increased its dividend five times, achieving an average annual increase of 4.31% [2] - The company's current payout ratio is 27%, indicating that it paid out 27% of its trailing 12-month earnings per share as dividends [2] Earnings Growth - The Zacks Consensus Estimate for MetLife's earnings in 2024 is $8.72 per share, reflecting an expected increase of 18.96% from the previous year [3] Investment Considerations - MetLife is considered a compelling investment opportunity due to its strong dividend performance and current Zacks Rank of 3 (Hold) [4]

LOS ANGELES, Aug. 15, 2024 (GLOBE NEWSWIRE) -- The Pet Innovation Awards, an independent recognition platform highlighting the most innovative companies, services, and products in the highly competitive Pet care industry, today announced MetLife Pet Insurance, has been selected as the 2024 “Pet Insurance Of The Year”. MetLife Pet Insurance offers protection for all stages of a pet’s life with robust annual benefit amount options, chronic care coverage and no lifetime or per-incident limits. MetLife Pet Insu ...

GERMANY - 2024/02/17: In this photo illustration, a Metropolitan Life Insurance Company, better ... [+] known as MetLife, logo seen displayed on a tablet. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesMetLife’s stock (NYSE: MET) has gained 6% YTD as compared to the 10% rise in the S&P500 index over the same period. Notably, MetLife’s peer Prudential Financial (NYSE: PRU) is up 5% YTD. Overall, at its current price of $69 per share, MET ...

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.It also includes access to the Zacks Style Scores.What are the Zacks Style Scores?Developed ...

Part I - Financial Information [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents MetLife, Inc.'s unaudited interim condensed consolidated financial statements as of June 30, 2024, including balance sheets, statements of operations, equity, and cash flows, with explanatory notes [Interim Condensed Consolidated Balance Sheets](index=7&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheets) MetLife's total assets decreased to **$675.7 billion** by June 30, 2024, from **$687.6 billion** at year-end 2023, driven by reduced investments, with total liabilities and equity also declining Consolidated Balance Sheet Highlights (in millions USD) | Balance Sheet Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$675,745** | **$687,584** | | Total Investments | $436,829 | $446,137 | | **Total Liabilities** | **$648,205** | **$657,331** | | Future policy benefits | $190,993 | $196,406 | | Policyholder account balances | $219,543 | $219,269 | | **Total Equity** | **$27,540** | **$30,253** | | Retained Earnings | $40,873 | $40,146 | | Treasury Stock | $(26,637) | $(24,591) | [Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=8&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) MetLife's net income available to common shareholders significantly increased to **$912 million** in Q2 2024 and **$1.71 billion** for H1 2024, primarily due to reduced net investment and derivative losses Key Performance Indicators (in millions USD, except per share data) | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $17,823 | $16,623 | $33,880 | $32,011 | | **Net Income (Loss)** | $953 | $408 | $1,828 | $493 | | **Net Income Available to Common Shareholders** | $912 | $370 | $1,712 | $384 | | **Diluted EPS** | $1.28 | $0.48 | $2.37 | $0.50 | [Interim Condensed Consolidated Statements of Equity](index=9&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Equity) Total MetLife, Inc. stockholders' equity decreased from **$30.0 billion** at year-end 2023 to **$27.3 billion** at June 30, 2024, influenced by treasury stock repurchases and negative AOCI changes, partially offset by net income Changes in Stockholders' Equity (Six Months Ended June 30, 2024, in millions USD) | Item | Amount | | :--- | :--- | | **Balance at Dec 31, 2023** | **$30,015** | | Net Income (loss) | $1,813 | | Other comprehensive income (loss) | $(1,494) | | Treasury stock acquired | $(2,046) | | Dividends on common stock | $(766) | | Dividends on preferred stock | $(101) | | **Balance at June 30, 2024** | **$27,252** | [Interim Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2024, net cash provided by operating activities increased to **$5.8 billion**, while net cash used in investing activities decreased to **$4.0 billion**, and financing activities used **$1.5 billion** Cash Flow Summary (Six Months Ended June 30, in millions USD) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | **$5,818** | **$5,064** | | **Net cash provided by (used in) investing activities** | **$(3,967)** | **$(7,850)** | | **Net cash provided by (used in) financing activities** | **$(1,466)** | **$(1,916)** | | Effect of foreign currency exchange rates | $(238) | $(76) | | **Change in cash and cash equivalents** | **$147** | **$(4,778)** | [Notes to the Interim Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section details the accounting policies and methodologies for the financial statements, covering segment information, dispositions, liabilities, investments, derivatives, fair value measurements, debt, equity, and contingencies - The company is organized into **six segments**: Group Benefits, Retirement and Income Solutions (RIS), Asia, Latin America, Europe, the Middle East and Africa (EMEA), and MetLife Holdings[28](index=28&type=chunk) - The adoption of ASU 2023-02 regarding investments in tax credit structures resulted in a decrease to retained earnings of **$219 million**, net of income tax, as of January 1, 2024[35](index=35&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=107&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses MetLife's financial condition and results of operations, providing context for the financial statements, including industry trends, accounting estimates, segment performance, investments, and capital resources - Net income available to common shareholders increased to **$912 million** in Q2 2024 from **$370 million** in Q2 2023, primarily due to favorable changes in net investment gains (losses) and net derivative gains (losses)[463](index=463&type=chunk)[466](index=466&type=chunk) - Adjusted earnings available to common shareholders increased to **$1.6 billion** in Q2 2024 from **$1.5 billion** in Q2 2023, driven by favorable underwriting results and volume growth, partially offset by market factors[463](index=463&type=chunk)[482](index=482&type=chunk) [Industry Trends](index=108&type=section&id=Industry%20Trends) MetLife's performance is materially affected by global financial conditions and geopolitical events, with increasing regulatory focus on AI in underwriting and the DOL's new fiduciary rule - The company is closely monitoring political and economic conditions, including global inflation, supply chain disruptions, and acts of war, which could impact its business and investment portfolio[448](index=448&type=chunk) - Regulatory focus on AI and consumer data is increasing, with New York issuing a final circular letter in July 2024 and the EU AI Act entering into force in August 2024[454](index=454&type=chunk) - The DOL's new fiduciary rule, which could impact sales of insurance and annuity products to retirement investors, has been stayed by two federal district courts as of July 2024[455](index=455&type=chunk) [Results of Operations](index=111&type=section&id=Results%20of%20Operations) Consolidated and segment-level financial performance for Q2 2024 shows a **$542 million** increase in net income available to common shareholders, driven by favorable investment and derivative changes, while adjusted earnings rose by **$136 million** due to strong underwriting Adjusted Earnings by Segment (in millions USD) | Segment | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Group Benefits | $533 | $372 | $817 | $679 | | RIS | $410 | $417 | $809 | $817 | | Asia | $449 | $431 | $872 | $711 | | Latin America | $226 | $219 | $459 | $434 | | EMEA | $77 | $70 | $154 | $130 | | MetLife Holdings | $153 | $211 | $312 | $369 | | **Total Adjusted Earnings** | **$1,662** | **$1,524** | **$3,063** | **$2,774** | [Investments](index=132&type=section&id=Investments) MetLife maintains a diversified global general account investment portfolio, primarily in fixed income, with **$277.7 billion** in fixed maturity securities AFS and **$82.8 billion** in net mortgage loans as of June 30, 2024 Fixed Maturity Securities AFS by Credit Quality (Amortized Cost, net of ACL) | NRSRO Rating | June 30, 2024 (in millions) | % of Total | | :--- | :--- | :--- | | **Investment grade (Aaa/Aa/A/Baa)** | **$289,653** | **95.4%** | | Below investment grade (Ba and lower) | $13,417 | 4.6% | | **Total** | **$303,070** | **100.0%** | - The commercial mortgage loan portfolio's average Loan-to-Value (LTV) ratio was **66%** and the average Debt Service Coverage Ratio (DSCR) was **2.2x** as of June 30, 2024[550](index=550&type=chunk) [Liquidity and Capital Resources](index=147&type=section&id=Liquidity%20and%20Capital%20Resources) MetLife maintains a strong liquidity position with **$4.4 billion** in holding company liquid assets as of June 30, 2024, supported by subsidiary dividends and capital markets access, with **$2.7 billion** unused on its revolving credit facility - MetLife holding companies held **$4.4 billion** in liquid assets as of June 30, 2024, down from **$5.2 billion** at year-end 2023[588](index=588&type=chunk) - The company's primary U.S. insurance subsidiaries have the capacity to pay **$3.48 billion** in dividends in 2024 without prior regulatory approval, of which **$2.0 billion** was paid by MLIC in the first six months[591](index=591&type=chunk)[592](index=592&type=chunk) [Non-GAAP and Other Financial Disclosures](index=154&type=section&id=Non-GAAP%20and%20Other%20Financial%20Disclosures) This section defines non-GAAP financial measures like adjusted earnings and adjusted premiums, fees, and other revenues, which management uses to evaluate performance and highlight underlying profitability drivers - The company uses non-GAAP measures like 'adjusted earnings' and 'adjusted premiums, fees and other revenues' to evaluate performance and allocate resources, as they are believed to better reflect the underlying profitability of the business[598](index=598&type=chunk)[602](index=602&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=157&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes to MetLife's market risk exposures, including interest rate, equity market price, and foreign currency exchange rate risks, since the 2023 Annual Report on Form 10-K - There have been no material changes to the company's market risk exposures related to interest rates, equity markets, and foreign currency exchange rates since the 2023 Annual Report[609](index=609&type=chunk) [Item 4. Controls and Procedures](index=158&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that MetLife's disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO have concluded that the company's disclosure controls and procedures are effective as of the end of the reporting period[611](index=611&type=chunk) Part II - Other Information [Item 1. Legal Proceedings](index=159&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 19 of the financial statements for information regarding MetLife's legal proceedings - For details on legal proceedings, the report directs readers to Note 19 of the financial statements[613](index=613&type=chunk) [Item 1A. Risk Factors](index=159&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to MetLife's risk factors since those disclosed in its 2023 Annual Report on Form 10-K - There have been no material changes to the company's risk factors since the filing of the 2023 Annual Report[614](index=614&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=159&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) MetLife repurchased approximately **12.0 million** common shares in Q2 2024, with the Board authorizing an additional **$3.0 billion** for repurchases, leaving **$3.1 billion** available as of June 30, 2024 Issuer Purchases of Equity Securities (Q2 2024) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2024 | 4,560,454 | $71.92 | | May 2024 | 3,357,900 | $72.35 | | June 2024 | 4,056,400 | $70.10 | | **Total** | **11,974,754** | **N/A** | - In May 2024, the Board of Directors authorized an additional **$3.0 billion** for common stock repurchases, with **$3.1 billion** remaining under authorizations as of June 30, 2024[615](index=615&type=chunk) [Item 5. Other Information](index=160&type=section&id=Item%205.%20Other%20Information) No Section 16 officers or directors adopted or terminated any Rule 10b5-1 trading plans or arrangements during the three months ended June 30, 2024 - No Section 16 officers or directors adopted or terminated any Rule 10b5-1 trading plans during the second quarter of 2024[618](index=618&type=chunk) [Item 6. Exhibits](index=161&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - Exhibits filed include CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act, as well as XBRL data files[621](index=621&type=chunk)[626](index=626&type=chunk)

MetLife, Inc. (MET) reported second-quarter 2024 adjusted operating earnings of $2.28 per share, which surpassed the Zacks Consensus Estimate by 7%. The bottom line advanced 18% year over year.Adjusted operating revenues of $18.7 billion inched up 0.3% year over year. The top line beat the consensus mark by 2.7%.Favorable underwriting results, particularly in Group Benefits and Asia, along with higher net investment income, due to rising rates, contributed positively to the quarterly results. However, the u ...

MetLife, Inc. (NYSE:MET) Q2 2024 Earnings Conference Call August 1, 2024 9:00 AM ET Company Participants John Hall - Global Head, IR Michel Khalaf - President and CEO John McCallion - CFO Ramy Tadros - Regional President, U.S. Business, Head, MetLife Holdings Lyndon Oliver - President, MetLife Asia Conference Call Participants Tom Gallagher - Evercore Suneet Kamath - Jefferies Ryan Krueger - KBW Wes Carmichael - Autonomous Research Jimmy Bhullar - JPMorgan Elyse Greenspan - Wells Fargo John Barnidge - Piper ...

| --- | --- | |-------------------------------------------------------------------------------------------------------------|-------| | | | | | | | 1Q24 Supplemental Slides 1 John McCallion Chief Financial Officer and Head of MetLife Investment Management | | 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures. Table of contents Topic Page No. | --- | --- | |--------------------------------------------------------|------ ...