MetLife(MET) - 2024 Q1 - Quarterly Report

Financial Performance - Total revenues for the three months ended March 31, 2024, were $16,057 million, an increase from $15,388 million in the same period of 2023, representing a growth of 4.4%[17]. - Net income attributable to MetLife, Inc. for Q1 2024 was $867 million, significantly up from $80 million in Q1 2023, marking an increase of 1,083.8%[17]. - Basic earnings per share for common shareholders was $1.11 for Q1 2024, compared to $0.02 in Q1 2023, reflecting a substantial increase[17]. - Total expenses decreased to $15,012 million in Q1 2024 from $15,131 million in Q1 2023, a reduction of 0.8%[17]. - The company reported net investment income of $5,436 million for Q1 2024, compared to $4,645 million in Q1 2023, an increase of 17.0%[17]. - Comprehensive income attributable to MetLife, Inc. was $338 million for Q1 2024, down from $3,554 million in Q1 2023, reflecting a decrease of 90.5%[17]. - Adjusted earnings for the quarter were $1,401 million, reflecting a decrease in total revenues and expenses adjustments[56]. - The Company reported net income of $875 million for the quarter, indicating a stable performance despite revenue adjustments[56]. Investments and Assets - Total investments decreased from $446,137 million as of December 31, 2023, to $440,004 million as of March 31, 2024, a decline of approximately 1.5%[14]. - Total assets as of March 31, 2024, amounted to $677,576 million, down from $687,584 million at the end of December 2023[63]. - The total fixed maturity securities amounted to $59,556 million as of March 31, 2024, compared to $56,000 million at the end of the previous year, showing an increase of 6.8%[171]. - The total investments for MetLife as of March 31, 2024, were $135,462 million, an increase from $130,000 million at the end of March 31, 2023, representing a growth of 4.2%[171]. - The total fixed maturity securities available-for-sale (AFS) amounted to $300,623 million as of March 31, 2024[197]. - The estimated fair value of total fixed maturity securities AFS was $278,409 million, reflecting unrealized losses of $113 million[197]. Liabilities and Equity - Total liabilities decreased from $657,331 million to $648,780 million, a decrease of approximately 1.0%[14]. - Total equity decreased from $30,253 million to $28,796 million, a decline of about 4.8%[14]. - Future policy benefits decreased from $196,406 million to $191,013 million, representing a reduction of about 2.0%[14]. - The balance of total equity for MetLife, Inc. as of March 31, 2024, was $28,796 million, an increase from $32,423 million as of March 31, 2023[21]. - The cumulative effect of changes in the instrument-specific credit risk was $2,192 million, reflecting a significant adjustment from the previous balance of $3,589 million[156]. Segment Performance - The Group Benefits segment offers a range of products including life insurance, dental, and disability insurance, primarily in the U.S.[42]. - The RIS segment provides life and annuity-based insurance and investment products, including pension risk transfer products and structured settlements[43]. - The Asia segment offers life insurance and retirement products, while the Latin America segment includes life insurance and credit insurance[44][45]. - The EMEA segment provides life insurance and retirement products to individuals and corporations[46]. - The Group Benefits segment reported total assets of $37,076 million, an increase from $36,715 million[63]. Policyholder Accounts and Premiums - Policyholder account balances saw deposits of $24,444 million in Q1 2024, while withdrawals were $23,373 million, resulting in a net inflow of $1,071 million[24]. - The net premiums collected for the three months ended March 31, 2024, were $(316) million, compared to $(220) million for the same period in 2023, indicating a decline in premium collection[75]. - The expected future gross premiums for the Asia segment were $8,799 million for the three months ended March 31, 2024, down from $9,309 million in 2023, indicating a decrease of approximately 5.5%[78]. - The net liability for future policy benefits (FPBs) decreased to $9,693 million from $11,022 million, a reduction of approximately 12.0%[81]. Economic and Market Conditions - The economic capital model is utilized to measure business risks and allocate capital effectively, aligning with emerging standards[53]. - The Company’s guaranteed minimum death benefits (GMDBs) and living benefit guarantees are subject to market conditions, which may increase costs in volatile or declining equity markets[158]. - The company noted that unrealized losses were largely due to economic and market uncertainty, impacting credit spreads and interest rates[204]. Foreign Currency and Other Adjustments - The company experienced a foreign currency translation effect of $(471) million on DAC and VOBA balances[180]. - The effect of foreign currency translation and other for RIS stable value and risk solutions was $(1,082) million for the three months ended March 31, 2024, compared to $(796) million for the same period in 2023, reflecting a negative impact[171].