MetLife(MET) - 2024 Q4 - Annual Results

Revenue and Income - Total revenues for the year ended December 31, 2024, were $70,986 million, an increase from $66,905 million in 2023, representing a growth of approximately 3.2%[5] - Net income attributable to MetLife, Inc. for the year ended December 31, 2024, was $4,426 million, compared to $4,444 million in 2023, showing a slight decrease of about 0.4%[5] - Premiums for the fourth quarter of 2024 were $12,617 million, up from $10,647 million in the same quarter of 2023, reflecting a growth of approximately 18.5%[5] - Adjusted earnings available to common shareholders for the year ended December 31, 2024, were $52,520 million, compared to $51,961 million in 2023, reflecting an increase of about 1.1%[5] - Net income available to common shareholders for Q4 2023 was $574 million, increasing to $1,239 million by Q4 2024, representing a growth of 115%[6] - Adjusted earnings available to common shareholders for the year ended December 31, 2024, were $1,621 million, up from $1,282 million in 2023, representing a growth of 26.5%[26] Expenses and Ratios - Total expenses for the year ended December 31, 2024, were $65,364 million, a slight increase from $64,743 million in 2023, indicating a growth of approximately 1%[5] - The expense ratio for the year ended December 31, 2024, was 19.0%, compared to 18.7% for the year ended December 31, 2023[14] - Direct expense ratio for the year ended December 31, 2024, was 10.7%, a decrease from 11.2% in the previous year[14] - The adjusted expense ratio for the year ended December 31, 2024, was 18.8%, slightly up from 18.6% in the previous year[14] - Total adjusted expenses for the three months ended December 31, 2024, were $2,273 million, compared to $2,289 million in the previous year, showing a decrease of 0.7%[26] Investment Income - Net investment income for the year ended December 31, 2024, increased to $21,273 million from $19,908 million in 2023, marking a growth of about 6.8%[5] - Adjusted net investment income for the year ended December 31, 2024, is expected to reach $20,672 million, an increase from $19,749 million in 2023, indicating a growth of about 4.7%[12] - Variable investment income included in net investment income for the year ended December 31, 2024, is projected to be $1,013 million, up from $419 million in 2023, showing a significant increase of about 141%[12] - The company reported net investment losses of $(174) million in Q4 2023, which improved to $(311) million in Q4 2024[6] Assets and Liabilities - The company’s total assets under management in Asia increased, with specific measures detailed in the financial supplement[3] - Total assets decreased to $677,457 million by December 31, 2024, down from $704,976 million in September 2024[16] - The total liabilities as of December 31, 2024, were $649,754 million, a decrease from $673,812 million in September 2024[16] - The equity of MetLife, Inc. decreased to $27,703 million by December 31, 2024, from $31,164 million in September 2024[16] Future Growth and Strategy - Future policy benefits and policyholder account balances were highlighted as key areas for growth and focus in the upcoming fiscal year[3] - The company anticipates a stable growth trajectory in adjusted revenues and net investment income, driven by strategic market expansions and product innovations[12] Notable Items and Adjustments - Total notable items impacting adjusted earnings available to common shareholders were $(76) million in Q4 2023, with a slight recovery to $10 million in Q4 2024[6] - The company reported a net credit loss provision release and impairments of $(67) million for the three months ended December 31, 2023[43] - The company’s total notable items for the year ended December 31, 2023, were $(62) million, compared to $26 million in 2022, indicating a negative shift in notable items[55] Regional Performance - Adjusted earnings available to common shareholders for Asia for Q4 2023 were $291 million, with a forecast of $443 million for Q4 2024[67] - Latin America reported adjusted earnings of $182 million in Q4 2023, with a slight decrease to $201 million projected for Q4 2024[67] - EMEA adjusted earnings for Q4 2023 were $45 million, with a forecasted decrease to $59 million in Q4 2024[67] Stockholder Equity - MetLife's common stockholders' equity as of December 31, 2023, was $26,197 million, with a book value per common share of $35.85[62] - The adjusted return on MetLife's common stockholders' equity for the year ended December 31, 2023, was 16.9%[62] - Adjusted common stockholders' equity, excluding total notable items, was $39,343 million as of December 31, 2023[62]