MetLife(US:MET)2024-11-01 21:02Financial Performance - Total revenues for Q3 2024 were $18,440 million, an increase of 16% compared to $15,866 million in Q3 2023[16]. - Net investment income rose to $5,227 million in Q3 2024, up 8.4% from $4,825 million in Q3 2023[16]. - Net income attributable to MetLife, Inc. for Q3 2024 was $1,342 million, significantly higher than $489 million in Q3 2023, representing a 174% increase[16]. - Basic earnings per share for Q3 2024 were $1.82, compared to $0.56 in Q3 2023, reflecting a 225% increase[16]. - Comprehensive income for Q3 2024 was $4,838 million, a recovery from a loss of $3,373 million in Q3 2023[16]. - Total revenues for the three months ended September 30, 2024, were $18,440 million, an increase from $17,614 million in the previous period, representing a growth of 4.7%[44]. - Adjusted earnings for the quarter were $1,442 million, showing a decrease from $1,624 million, which is a decline of 11.2%[44]. - Total revenues for the nine months ended September 30, 2024, amounted to $53.313 billion, a decrease of $993 million compared to the previous period[48]. - Adjusted earnings for the period were $4.505 billion, with a decrease of $542 million compared to the previous year[48]. - The company reported net income of $3.169 billion for the period[48]. Investment and Assets - Total investments increased to $455.283 billion as of September 30, 2024, compared to $446.137 billion at December 31, 2023, reflecting a growth of approximately 2.57%[14]. - Total assets reached $704.976 billion, compared to $687.584 billion, marking an increase of about 2.00%[14]. - Cash and cash equivalents rose to $21.765 billion, up from $20.639 billion, indicating an increase of approximately 5.46%[14]. - The total balance of separate accounts at the end of September 30, 2024, was $40,448 million, a decrease from $48,265 million at the beginning of the period[121]. - Total fixed maturity securities amounted to $64,250 million as of September 30, 2024, compared to $62,193 million in the previous year, reflecting an increase of approximately 3.3%[123]. - The total amount of U.S. government and agency bonds was $19,611 million, while foreign government bonds reached $5,388 million[125]. - The total amount of corporate bonds in the energy sector was $1,018 million, highlighting investment in this industry[125]. Policyholder Accounts and Benefits - Policyholder account balances increased to $224.609 billion from $219.269 billion, representing a growth of approximately 2.00%[14]. - Policyholder benefits and claims decreased to $10,597 million in Q3 2024 from $11,130 million in Q3 2023, a decline of 4.8%[16]. - Policyholder benefits and claims totaled $32.601 billion, with a slight decrease of $30 million from the previous period[48]. - The total policyholder account balances increased to $224,609 million as of September 30, 2024, up from $219,269 million at the end of December 2023, representing a growth of about 2.9%[82]. Liabilities and Equity - The company reported a decrease in total liabilities to $673.812 billion from $657.331 billion, a reduction of approximately 2.53%[14]. - MetLife, Inc.'s stockholders' equity grew to $30.885 billion from $30.015 billion, reflecting an increase of approximately 2.89%[14]. - Retained earnings increased to $41.765 billion from $40.146 billion, showing a growth of about 4.03%[14]. - The market risk benefits at estimated fair value were $3.117 billion, slightly down from $3.179 billion, indicating a decrease of about 1.95%[14]. Segment Performance - The company is organized into six segments: Group Benefits, Retirement and Income Solutions, Asia, Latin America, EMEA, and MetLife Holdings, indicating a diversified operational structure[24]. - The Group Benefits segment offers a range of products including life insurance, dental, and disability insurance, targeting corporations and their employees[33]. - The RIS segment provides life and annuity-based insurance and investment products, including pension risk transfer products and structured settlements[34]. - The Asia segment offers life insurance, accident & health insurance, and retirement savings products to individuals and corporations[35]. - The Latin America segment includes life insurance, retirement savings, and credit insurance products for individuals and corporations[36]. - The EMEA segment provides life insurance and retirement products to individuals and corporations[37]. Cash Flow and Operating Activities - Net cash provided by operating activities for the nine months ended September 30, 2024, was $9,987 million, compared to $8,539 million for the same period in 2023, representing an increase of 17.0%[22]. - Net cash used in investing activities was $(6,129) million for the nine months ended September 30, 2024, compared to $(10,822) million in 2023, indicating a reduction in cash outflow of 43.0%[22]. Derivatives and Risk Management - The total gross notional amount of derivatives was $290,446 million, with estimated assets of $8,172 million and fair value liabilities of $6,357 million[194]. - The company utilized derivatives to hedge variable annuity guarantees, with a gross notional amount of $9,092 million and estimated assets of $13 million as of September 30, 2024[196]. - The estimated fair value of interest rate swaps designated as hedging instruments was $1,654 million in assets and $1,062 million in liabilities as of September 30, 2024[194]. Future Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters[44]. - The company is focusing on market expansion and new product development to enhance future growth prospects[46].