Core Insights - MetLife reported quarterly earnings of $1.93 per share, missing the Zacks Consensus Estimate of $2.16 per share, and showing a decrease from $1.97 per share a year ago, resulting in an earnings surprise of -10.65% [1] - The company posted revenues of $17.61 billion for the quarter ended September 2024, which was 4.66% below the Zacks Consensus Estimate and down from $18.24 billion year-over-year [2] - MetLife's stock has increased by approximately 25.3% since the beginning of the year, outperforming the S&P 500's gain of 22.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.30, with expected revenues of $19.17 billion, and for the current fiscal year, the EPS estimate is $8.58 on revenues of $73.34 billion [7] - The estimate revisions trend for MetLife is mixed, leading to a Zacks Rank 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Industry Context - The Insurance - Multi line industry, to which MetLife belongs, is currently ranked in the top 28% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - American International Group (AIG), another company in the same industry, is expected to report a quarterly earnings decline of 29.8% year-over-year, with revenues anticipated to drop by 41.7% from the previous year [9][10]

[GAAP CONSOLIDATED STATEMENTS OF OPERATIONS](index=3&type=section&id=GAAP%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Presents GAAP consolidated total revenues, net income, and premiums, fees, and other revenues for various periods Total Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $15,866 | $19,028 | $16,057 | $17,823 | $18,440 | | Year-to-Date Period Ended | $47,877 | | | | $52,320 | Net Income (Loss) Attributable to MetLife, Inc. (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $489 | $607 | $867 | $946 | $1,342 | | Year-to-Date Period Ended | $971 | | | | $3,155 | Premiums, Fees and Other Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $13,170 | $13,687 | $11,975 | $13,547 | $12,523 | | Year-to-Date Period Ended | $38,274 | | | | $38,045 | [CORPORATE OVERVIEW](index=4&type=section&id=CORPORATE%20OVERVIEW) Provides key corporate financial metrics including adjusted earnings, book value per share, and adjusted return on common stockholders' equity Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $1,488 | $1,361 | $1,334 | $1,628 | $1,375 | Adjusted Earnings Available to Common Shareholders Per Diluted Common Share (Unaudited, $) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $1.97 | $1.83 | $1.83 | $2.28 | $1.95 | Book Value Per Common Share (Unaudited, $) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Book Value ($) | $29.34 | $35.85 | $34.54 | $33.30 | $39.02 | | Book Value (excluding AOCI other than FCTA) ($) | $53.00 | $53.75 | $53.13 | $53.12 | $54.72 | Adjusted Return on MetLife, Inc.'s Common Stockholders' Equity (excluding AOCI other than FCTA) (Unaudited, %) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | 14.9 % | 13.8 % | 13.8 % | 17.3 % | 14.6 % | Weighted Average Common Shares Outstanding - Diluted (Unaudited, millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Shares (millions) | 755.5 | 743.4 | 728.4 | 714.7 | 703.7 | [KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS](index=6&type=section&id=KEY%20ADJUSTED%20EARNINGS%20STATEMENT%20LINE%20ITEMS) Details key adjusted earnings statement line items, including total adjusted revenues, net investment income, and total adjusted expenses Total Adjusted Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $18,237 | $18,718 | $17,016 | $18,683 | $17,614 | | Year-to-Date Period Ended | $52,997 | | | | $53,313 | Adjusted Net Investment Income (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $5,056 | $5,047 | $5,068 | $5,160 | $5,143 | | Year-to-Date Period Ended | $14,702 | | | | $15,371 | Adjusted Premiums, Fees and Other Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $13,181 | $13,671 | $11,948 | $13,523 | $12,471 | | Year-to-Date Period Ended | $38,295 | | | | $37,942 | Total Adjusted Expenses (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $16,214 | $16,991 | $15,185 | $16,502 | $15,714 | | Year-to-Date Period Ended | $47,407 | | | | $47,401 | [EXPENSE DETAIL AND RATIOS](index=8&type=section&id=EXPENSE%20DETAIL%20AND%20RATIOS) Analyzes expense ratios, adjusted other expenses, and direct expenses, including a ratio adjusted for notable items Expense Ratio (Unaudited, %) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | 18.6 % | 18.6 % | 20.5 % | 17.9 % | 19.9 % | | Year-to-Date Period Ended | 18.8 % | | | | 19.4 % | Adjusted Other Expenses (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $3,159 | $3,261 | $3,180 | $3,104 | $3,159 | | Year-to-Date Period Ended | $9,302 | | | | $9,443 | Direct Expenses (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $1,447 | $1,559 | $1,426 | $1,397 | $1,392 | | Year-to-Date Period Ended | $4,249 | | | | $4,215 | Adjusted Expense Ratio (excluding total notable items related to adjusted other expenses and PRT) (Unaudited, %) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | 20.6 % | 20.6 % | 20.4 % | 20.6 % | 20.7 % | | Year-to-Date Period Ended | 20.4 % | | | | 20.5 % | [GAAP CONSOLIDATED BALANCE SHEETS](index=9&type=section&id=GAAP%20CONSOLIDATED%20BALANCE%20SHEETS) Presents GAAP consolidated balance sheet data, including total assets, liabilities, equity, and fixed maturity securities Total Assets (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Total Assets ($ millions) | $652,120 | $687,584 | $677,576 | $675,745 | $704,976 | Total Liabilities (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Total Liabilities ($ millions) | $626,225 | $657,331 | $648,780 | $648,205 | $673,812 | Total MetLife, Inc.'s Stockholders' Equity (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Total Equity ($ millions) | $25,658 | $30,015 | $28,535 | $27,252 | $30,885 | Fixed Maturity Securities Available-for-Sale, at Estimated Fair Value (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Value ($ millions) | $270,982 | $281,412 | $278,409 | $277,736 | $293,779 | [SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS](index=10&type=section&id=SUMMARY%20OF%20ADJUSTED%20EARNINGS%20AVAILABLE%20TO%20COMMON%20SHAREHOLDERS) Summarizes adjusted earnings available to common shareholders, broken down by business segment and specific income sources [Group Benefits Statements of Adjusted Earnings Available to Common Shareholders](index=11&type=section&id=Group%20Benefits%20Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) This section details the adjusted earnings for the Group Benefits segment, including a breakdown of adjusted revenues (premiums, policy fees, net investment income, other revenues) and adjusted expenses (policyholder benefits, interest credited, DAC amortization, other expenses) It also provides key statistical information for Group Life and Group Non-Medical Health products Group Benefits Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $510 | $466 | $284 | $533 | $373 | Group Benefits Total Adjusted Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $6,196 | $6,335 | $6,645 | $6,523 | $6,457 | Group Life Adjusted Premiums, Fees and Other Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $2,215 | $2,199 | $2,340 | $2,309 | $2,293 | | Mortality Ratio (%) | 83.6 % | 83.5 % | 90.2 % | 79.1 % | 85.6 % | Group Non-Medical Health Adjusted Premiums, Fees and Other Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $2,620 | $2,689 | $2,773 | $2,742 | $2,718 | | Interest Adjusted Benefit Ratio (%) | 69.0 % | 70.7 % | 73.9 % | 70.8 % | 72.4 % | [RIS Statements of Adjusted Earnings Available to Common Shareholders](index=13&type=section&id=RIS%20Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) This section outlines the adjusted earnings for the Retirement and Income Solutions (RIS) segment, presenting adjusted revenues and expenses It also provides details on future policy benefits, policyholder account balances, separate account liabilities, synthetic GICs, longevity reinsurance, and a spread analysis for the general account RIS Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $470 | $421 | $399 | $410 | $472 | RIS Total Adjusted Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $4,487 | $4,915 | $2,902 | $4,699 | $3,712 | RIS Adjusted Premiums, Fees and Other Revenues, excluding PRT (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $1,017 | $1,023 | $838 | $830 | $1,050 | RIS Future Policy Benefits (at balance sheet discount rate) (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Balance ($ millions) | $61,947 | $69,407 | $67,402 | $69,385 | $72,914 | RIS Policyholder Account Balances (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Balance ($ millions) | $80,929 | $82,405 | $83,049 | $84,270 | $85,410 | RIS Annualized General Account Spread (Unaudited, %) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Spread (%) | 1.30 % | 1.21 % | 1.27 % | 1.21 % | 1.06 % | [ASIA Statements of Adjusted Earnings Available to Common Shareholders](index=16&type=section&id=ASIA%20Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) This section presents the adjusted earnings for the Asia segment, including a breakdown of adjusted revenues and expenses It also provides detailed information on adjusted premiums, fees and other revenues (including operating joint ventures and constant currency basis), other expenses by major category, sales on a constant currency basis for Japan and other Asia regions, and Asia General Account Assets Under Management (GA AUM) ASIA Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $275 | $296 | $423 | $449 | $306 | ASIA Total Adjusted Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $2,766 | $2,708 | $2,852 | $2,835 | $2,842 | ASIA Adjusted Premiums, Fees and Other Revenues, including operating joint ventures, on a constant currency basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $2,132 | $2,057 | $2,264 | $2,368 | $2,251 | ASIA Total Sales on a Constant Currency Basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $595 | $610 | $581 | $639 | $590 | ASIA GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| GA AUM ($ millions) | $135,540 | $137,450 | $139,741 | $141,616 | $145,037 | [LATIN AMERICA Statements of Adjusted Earnings Available to Common Shareholders](index=19&type=section&id=LATIN%20AMERICA%20Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) This section details the adjusted earnings for the Latin America segment, including adjusted revenues and expenses It also provides a breakdown of other expenses by major category, sales on a constant currency basis for Mexico, Chile, and other regions, and other statistical information such as adjusted premiums, fees and other revenues and adjusted earnings available to common shareholders on a constant currency basis LATIN AMERICA Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $199 | $207 | $233 | $226 | $221 | LATIN AMERICA Total Adjusted Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $1,849 | $1,968 | $1,882 | $1,904 | $1,931 | LATIN AMERICA Total Sales on a Constant Currency Basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $342 | $322 | $383 | $373 | $373 | LATIN AMERICA Adjusted Premiums, Fees and Other Revenues, on a constant currency basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $1,349 | $1,393 | $1,400 | $1,422 | $1,496 | [EMEA Statements of Adjusted Earnings Available to Common Shareholders](index=21&type=section&id=EMEA%20Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) This section presents the adjusted earnings for the EMEA segment, detailing adjusted revenues and expenses It also includes a breakdown of other expenses by major category and other statistical information, such as adjusted premiums, fees and other revenues, adjusted earnings available to common shareholders, and total sales, all on a constant currency basis EMEA Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $88 | $47 | $77 | $77 | $70 | EMEA Total Adjusted Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $639 | $649 | $674 | $675 | $710 | EMEA Total Sales on a Constant Currency Basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $189 | $201 | $282 | $278 | $249 | EMEA Adjusted Premiums, Fees and Other Revenues, on a constant currency basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $573 | $586 | $613 | $626 | $655 | [METLIFE HOLDINGS Statements of Adjusted Earnings Available to Common Shareholders](index=23&type=section&id=METLIFE%20HOLDINGS%20Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) This section outlines the adjusted earnings for the MetLife Holdings segment, including adjusted revenues and expenses It also provides detailed information on future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, other expenses by major category, and statistical information such as lapse ratios for traditional life and variable annuity products METLIFE HOLDINGS Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $208 | $156 | $159 | $153 | $182 | METLIFE HOLDINGS Total Adjusted Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $2,063 | $1,945 | $1,851 | $1,839 | $1,774 | METLIFE HOLDINGS Future Policy Benefits (at balance sheet discount rate) (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Balance ($ millions) | $68,463 | $70,780 | $70,026 | $69,306 | $70,359 | METLIFE HOLDINGS Policyholder Account Balances (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Balance ($ millions) | $23,850 | $23,178 | $22,615 | $22,050 | $21,721 | METLIFE HOLDINGS Lapse Ratio (Unaudited, %) | Product | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Traditional life | 5.1 % | 5.4 % | 5.7 % | 5.9 % | 6.2 % | | Variable annuity | 10.5 % | 11.1 % | 11.6 % | 12.4 % | 12.8 % | [CORPORATE & OTHER Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source](index=26&type=section&id=CORPORATE%20%26%20OTHER%20Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders%3B%20and%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders%20by%20Source) This section presents the adjusted earnings for the Corporate & Other segment, detailing adjusted revenues and expenses It also provides a breakdown of adjusted earnings available to common shareholders by source, including business activities, net investment income, interest expense on debt, corporate initiatives, and other items CORPORATE & OTHER Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $(262) | $(232) | $(241) | $(220) | $(249) | CORPORATE & OTHER Total Adjusted Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $237 | $198 | $210 | $208 | $188 | CORPORATE & OTHER Adjusted Earnings Available to Common Shareholders by Source (Unaudited, in millions) - September 30, 2024 | Source | Amount ($ millions) | |:---|:---|\n| Business activities | $20 | | Net investment income | $96 | | Interest expense on debt | $(256) | | Corporate initiatives and projects | $(8) | | Other | $(75) | | Provision for income tax (expense) benefit and other tax-related items | $41 | | Preferred stock dividends | $(67) | | **Total Adjusted Earnings Available to Common Shareholders** | **$(249)** | [INVESTMENTS](index=27&type=section&id=INVESTMENTS) Details investment portfolio performance, asset category yields, fixed maturity securities, and mortgage loan composition [Investment Portfolio Results by Asset Category and Annualized Yields](index=27&type=section&id=Investment%20Portfolio%20Results%20by%20Asset%20Category%20and%20Annualized%20Yields) This sub-section details the investment income, gains/losses, and ending carrying values for various asset categories, including fixed maturity securities, net mortgage loans, real estate, policy loans, equity securities, other limited partnership interests, and cash/short-term investments, along with their respective annualized yields Total Investments - Net Investment Income Yield (Unaudited, %) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Yield (%) | 4.57 % | 4.56 % | 4.61 % | 4.70 % | 4.62 % | Adjusted Net Investment Income (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $5,056 | $5,047 | $5,068 | $5,160 | $5,143 | | Year-to-Date Period Ended | $14,702 | | | | $15,371 | Fixed Maturity Securities - Investment Income and Yield (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Investment Income ($ millions) | $3,123 | $3,241 | $3,200 | $3,206 | $3,357 | | Yield (%) | 4.19 % | 4.39 % | 4.38 % | 4.38 % | 4.52 % | Net Mortgage Loans - Investment Income and Yield (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Investment Income ($ millions) | $1,094 | $1,127 | $1,100 | $1,096 | $1,097 | | Yield (%) | 5.18 % | 5.36 % | 5.25 % | 5.30 % | 5.32 % | [Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses: Fixed Maturity Securities Available-for-Sale](index=28&type=section&id=Summary%20of%20Fixed%20Maturity%20Securities%20Available-for-Sale%20by%20Sector%20and%20Quality%20Distribution%3B%20and%20Gross%20Unrealized%20Gains%20and%20Losses%3A%20Fixed%20Maturity%20Securities%20Available-for-Sale) This sub-section provides a breakdown of fixed maturity securities available-for-sale by sector (e.g., U.S corporate, foreign corporate, government) and credit quality (NRSRO/NAIC rating) It also presents gross unrealized gains and losses for these securities Fixed Maturity Securities Available-for-Sale by Sector (Unaudited, in millions) - September 30, 2024 | Sector | Amount ($ millions) | % of Total | |:---|:---|:---|\n| U.S. corporate | $84,851 | 28.9 % | | Foreign corporate | $56,752 | 19.3 % | | Foreign government | $44,132 | 15.0 % | | Residential mortgage-backed | $35,264 | 12.0 % | | U.S. government and agency | $34,676 | 11.8 % | | Asset-backed securities and collateralized loan obligations | $17,520 | 6.0 % | | Municipals | $10,798 | 3.7 % | | Commercial mortgage-backed | $9,786 | 3.3 % | | **Total** | **$293,779** | **100.0 %** | Fixed Maturity Securities Available-for-Sale by NRSRO/NAIC Rating (Unaudited, in millions) - September 30, 2024 | Rating | Amount ($ millions) | % of Total | |:---|:---|:---|\n| Aaa / Aa / A (NAIC 1) | $203,560 | 69.3 % | | Baa (NAIC 2) | $77,031 | 26.2 % | | Ba (NAIC 3) | $9,666 | 3.3 % | | B (NAIC 4) | $3,131 | 1.1 % | | Caa and lower (NAIC 5) | $331 | 0.1 % | | In or near default (NAIC 6) | $60 | 0.0 % | | **Total** | **$293,779** | **100.0 %** | Gross Unrealized Gains and Losses on Fixed Maturity Securities Available-for-Sale (Unaudited, in millions) | Item | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Gross unrealized gains ($ millions) | $3,685 | $6,876 | $6,021 | $5,096 | $8,093 | | Gross unrealized losses ($ millions) | $38,702 | $25,835 | $28,122 | $30,430 | $23,558 | | Net Unrealized Gains (Losses) ($ millions) | $(35,017) | $(18,959) | $(22,101) | $(25,334) | $(15,465) | [Summary of Net Mortgage Loans; and Summary of Net Commercial Mortgage Loans by Region and Property Type](index=29&type=section&id=Summary%20of%20Net%20Mortgage%20Loans%3B%20and%20Summary%20of%20Net%20Commercial%20Mortgage%20Loans%20by%20Region%20and%20Property%20Type) This sub-section details the composition of net mortgage loans by type (commercial, agricultural, residential) and provides a further breakdown of net commercial mortgage loans by geographic region and property type Summary of Net Mortgage Loans (Unaudited, in millions) | Type | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Commercial mortgage loans ($ millions) | $52,053 | $52,111 | $51,527 | $50,109 | $50,478 | | Agricultural mortgage loans ($ millions) | $19,658 | $19,559 | $19,461 | $19,383 | $19,210 | | Residential mortgage loans ($ millions) | $12,986 | $13,096 | $13,201 | $13,273 | $13,844 | | Total ($ millions) | $84,697 | $84,766 | $84,189 | $82,765 | $83,532 | | Allowance for credit loss ($ millions) | $(639) | $(648) | $(737) | $(714) | $(759) | | **Net Mortgage Loans** ($ millions) | **$84,058** | **$84,118** | **$83,452** | **$82,051** | **$82,773** | Summary of Net Commercial Mortgage Loans by Region (Unaudited, in millions) - September 30, 2024 | Region | Amount ($ millions) | % of Total | |:---|:---|:---|\n| Pacific | $8,745 | 17.3 % | | Non-U.S. | $8,593 | 17.0 % | | Middle Atlantic | $6,999 | 13.9 % | | South Atlantic | $6,459 | 12.8 % | | West South Central | $3,455 | 6.9 % | | New England | $2,838 | 5.6 % | | Mountain | $2,217 | 4.4 % | | East North Central | $1,543 | 3.1 % | | East South Central | $608 | 1.2 % | | West North Central | $472 | 0.9 % | | Multi-Region and Other | $8,549 | 16.9 % | | **Total** | **$50,478** | **100.0 %** | Summary of Net Commercial Mortgage Loans by Property Type (Unaudited, in millions) - September 30, 2024 | Property Type | Amount ($ millions) | % of Total | |:---|:---|:---|\n| Office | $18,861 | 37.4 % | | Apartment | $10,750 | 21.3 % | | Retail | $7,273 | 14.4 % | | Industrial | $5,313 | 10.5 % | | Single Family Rental | $5,141 | 10.2 % | | Hotel | $3,051 | 6.0 % | | Other | $89 | 0.2 % | | **Total** | **$50,478** | **100.0 %** | [Footnotes](index=30&type=section&id=Footnotes) This section provides detailed footnotes explaining the calculation methodologies for annualized yields, components of investment income, adjustments to net mortgage loans, and the presentation of fixed maturity securities by NRSRO rating and NAIC designation It also reconciles net investment gains/losses and net derivative gains/losses to their adjusted counterparts - Annualized yields are calculated using adjusted net investment income as a percentage of average quarterly asset carrying values, excluding realized gains and losses from sales and disposals, and including the impact of changes in foreign currency exchange rates[44](index=44&type=chunk) Reconciliation of Net Investment Gains (Losses) to Investment Portfolio Gains (Losses) (Unaudited, in millions) | Item | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Net investment gains (losses) ($ millions) | $(927) | $(174) | $(375) | $(421) | $(77) | | Less: Non-investment portfolio gains (losses) ($ millions) | $(63) | $64 | $(226) | $(176) | $188 | | Less: Provision for credit loss on certain mortgage loans originated for third parties ($ millions) | $7 | $(7) | $(4) | $(15) | $4 | | Less: Other adjustments ($ millions) | — | $9 | $1 | $5 | $(66) | | **Investment portfolio gains (losses)** ($ millions) | **$(871)** | **$(240)** | **$(146)** | **$(235)** | **$(203)** | - Fixed maturity securities available-for-sale are presented by NRSRO rating and NAIC designation, with specific considerations for non-agency RMBS and CMBS, and securities rated Ca or C by NRSROs[45](index=45&type=chunk) [APPENDIX](index=31&type=section&id=APPENDIX) Provides detailed reconciliations, notable items, equity metrics, constant currency disclosures, and non-GAAP financial definitions [Reconciliation Detail](index=31&type=section&id=Reconciliation%20Detail) This section provides a detailed reconciliation from GAAP net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders, outlining all specific adjustments made for market volatility, asymmetrical and non-economic accounting, divested businesses, and other items Reconciliation to Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Item | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Net income (loss) available to MetLife, Inc.'s common shareholders ($ millions) | $422 | $574 | $800 | $912 | $1,275 | | Add: Preferred stock dividends ($ millions) | $67 | $33 | $67 | $34 | $67 | | Add: Net income (loss) attributable to noncontrolling interests ($ millions) | $6 | $7 | $8 | $7 | $(1) | | Less: Net investment gains (losses) ($ millions) | $(927) | $(174) | $(375) | $(421) | $(77) | | Less: Net derivative gains (losses) ($ millions) | $(1,202) | $149 | $(979) | $(508) | $767 | | Less: Market risk benefit remeasurement gains (losses) ($ millions) | $796 | $(431) | $694 | $182 | $(531) | | Less: Provision for income tax (expense) benefit ($ millions) | $429 | $6 | $260 | $270 | $(195) | | **Adjusted earnings available to common shareholders** ($ millions) | **$1,488** | **$1,361** | **$1,334** | **$1,628** | **$1,375** | [Notable Items](index=33&type=section&id=Notable%20Items) This section details the impact of "notable items" on adjusted earnings available to common shareholders, broken down by segment (Total, Group Benefits, RIS, Asia, Latin America, EMEA, MetLife Holdings, Corporate & Other) Notable items primarily include actuarial assumption reviews, other insurance adjustments, and litigation reserves Total Notable Items Impacting Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Item | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Actuarial assumption review and other insurance adjustments ($ millions) | $14 | — | — | — | $16 | | Litigation reserves and settlement costs ($ millions) | — | $(76) | — | — | — | | **Total notable items** ($ millions) | **$14** | **$(76)** | **—** | **—** | **$16** | Group Benefits Notable Items (Unaudited, in millions) | Item | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Actuarial assumption review and other insurance adjustments ($ millions) | $27 | — | — | — | $(58) | | **Total notable items** ($ millions) | **$27** | **—** | **—** | **—** | **$(58)** | RIS Notable Items (Unaudited, in millions) | Item | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Actuarial assumption review and other insurance adjustments ($ millions) | $61 | — | — | — | $104 | | **Total notable items** ($ millions) | **$61** | **—** | **—** | **—** | **$104** | ASIA Notable Items (Unaudited, in millions) | Item | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Actuarial assumption review and other insurance adjustments ($ millions) | $(94) | — | — | — | $(41) | | **Total notable items** ($ millions) | **$(94)** | **—** | **—** | **—** | **$(41)** | [Equity Details, Book Value Details and Return on Equity](index=35&type=section&id=Equity%20Details%2C%20Book%20Value%20Details%20and%20Return%20on%20Equity) This section provides detailed information on MetLife's equity, including common stockholders' equity, book value per common share (both GAAP and excluding AOCI other than FCTA), and various return on equity metrics (GAAP and adjusted) MetLife, Inc.'s Common Stockholders' Equity (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Equity ($ millions) | $21,840 | $26,197 | $24,717 | $23,434 | $27,067 | Book Value Per Common Share, excluding AOCI other than FCTA (Unaudited, $) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Book Value ($) | $53.00 | $53.75 | $53.13 | $53.12 | $54.72 | Adjusted Return on MetLife, Inc.'s Common Stockholders' Equity, excluding AOCI other than FCTA (Unaudited, %) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Return (%) | 14.9 % | 13.8 % | 13.8 % | 17.3 % | 14.6 % | [Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis](index=36&type=section&id=Adjusted%20Premiums%2C%20Fees%20and%20Other%20Revenues%2C%20Other%20Expenses%20and%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders%20-%20Constant%20Currency%20Basis) This section presents adjusted premiums, fees and other revenues, other expenses, and adjusted earnings available to common shareholders on a constant currency basis, broken down by segment This provides insight into underlying business performance without the impact of foreign exchange rate fluctuations Adjusted Premiums, Fees and Other Revenues, on a Constant Currency Basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $12,992 | $13,554 | $11,838 | $13,490 | $12,471 | Adjusted Other Expenses on a Constant Currency Basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $3,085 | $3,215 | $3,139 | $3,105 | $3,159 | Adjusted Earnings Available to Common Shareholders on a Constant Currency Basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $1,463 | $1,344 | $1,318 | $1,614 | $1,375 | [Non-GAAP and Other Financial Disclosures](index=37&type=section&id=Non-GAAP%20and%20Other%20Financial%20Disclosures) This section provides detailed definitions and explanations of the non-GAAP financial measures used throughout the report, such as adjusted earnings, adjusted revenues, adjusted expenses, investment portfolio gains/losses, derivative gains/losses, return on equity, and expense ratios It clarifies the adjustments made to GAAP measures to enhance understanding of MetLife's underlying business performance - Non-GAAP financial measures are used by management to evaluate performance and allocate resources, highlighting the results of operations and underlying profitability drivers of the business[56](index=56&type=chunk)[58](index=58&type=chunk) - Adjusted earnings excludes the impact of market volatility (e.g., net investment gains/losses, net derivative gains/losses, market risk benefits remeasurement gains/losses, goodwill impairments), asymmetrical and non-economic accounting, and revenues/costs related to divested businesses, non-core products, and certain consolidated entities[59](index=59&type=chunk) - Return on equity and related measures are presented to reflect a level of equity consistent with the view that MetLife does not plan to sell most investments for the sole purpose of realizing gains or losses[61](index=61&type=chunk) - Statistical sales information for Latin America, Asia, and EMEA is calculated using a combination of single premium deposits and annualized full-year premiums and fees from recurring-premium policy sales, serving as a relevant measure of business activity rather than GAAP revenues[64](index=64&type=chunk) [Acronyms](index=40&type=section&id=Acronyms) This section provides a glossary of acronyms used within the Quarterly Financial Supplement, aiding readers in understanding the terminology - Key acronyms include AOCI (Accumulated other comprehensive income (loss)), DAC (Deferred policy acquisition costs), GAAP (Accounting principles generally accepted in the United States), RIS (Retirement and Income Solutions), and VOBA (Value of business acquired)[65](index=65&type=chunk)

Core Viewpoint - MetLife, Inc. is expected to report third-quarter 2024 results on October 30, 2024, with earnings estimated at $2.16 per share and revenues of $18.5 billion, reflecting a year-over-year earnings increase of 9.6% and revenue growth of 1.3% [1][2]. Earnings Estimates - The Zacks Consensus Estimate for total premiums in the upcoming quarter suggests a 1.4% increase year-over-year, while net investment income is projected to rise by 6.3% due to higher rates and improved variable investment income [7][2]. - For the current year, MetLife's revenue estimate stands at $73.3 billion, indicating a 2.3% year-over-year rise, with EPS expected to reach $8.58, a 17.1% increase from the previous year [2]. Performance Analysis - MetLife has had mixed results in the past four quarters, beating earnings estimates once, meeting once, and missing twice, with an average surprise of 1.3% [3]. - The company is predicted to achieve an earnings beat this quarter, supported by a positive Earnings ESP of +0.98% and a Zacks Rank of 3 (Hold) [4]. Business Drivers - Rising premiums and investment income are anticipated to positively impact MetLife's third-quarter results, particularly from improved operations in international markets, especially Asia and Latin America [6][8]. - The Asia segment is expected to benefit from favorable underwriting and improved variable investment income, while Latin America is projected to see growth from higher volumes [8]. Cost Considerations - Despite expected profit growth, rising costs and expenses may partially offset gains, with a projected 10.9% decrease in adjusted earnings for Group Benefits and a 10.5% decline in profits from the U.S. Business [9]. Stock Performance - MetLife's stock has increased by 25.7% year-to-date, outperforming the industry growth of 18.7% and the S&P 500 Index's increase of 21.9% [10]. - The stock is currently trading at 8.65X forward 12-month earnings, which is below the industry average of 9.28X, indicating a potentially attractive valuation [12]. Strategic Focus - The company is diversifying its product portfolio and revenue streams, positioning itself for long-term growth through strategic acquisitions and divestitures of less profitable assets [14]. - Cost-saving initiatives are expected to enhance margins, and a strong solvency position provides resilience in challenging market conditions [15].

Analysts on Wall Street project that MetLife (MET) will announce quarterly earnings of $2.16 per share in its forthcoming report, representing an increase of 9.6% year over year. Revenues are projected to reach $18.47 billion, increasing 1.3% from the same quarter last year. The consensus EPS estimate for the quarter has undergone a downward revision of 0.9% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates d ...

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it b ...

Overview of the Recent Transaction On September 30, 2024, MetLife Investment Management, LLC (Trades, Portfolio) made a significant move in the financial markets by acquiring 840,000 shares of CALAMOS CONVERTIBLE OPPORTUNITIES & INCOME FUND (CHI, Financial). This transaction marked a new holding for the firm, purchased at a price of $11.64 per share. The total investment has a notable impact on the firm's portfolio, establishing a 0.06% position and representing 58.33% of the total shares held in CHI. MetLi ...

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a ...

MetLife, Inc. (NYSE: MET ) is one of the largest life insurers in the United States and has built a good reputation in the insurance industry for years. Insurers receive a steady stream of I'm a passionate investor from the Netherlands with 12 years of stock market experience. My articles usually contain a good overview of important investment criteria. A stock for my portfolio is of interest to me if the company has the following characteristics:1. Companies that are growing in both revenue, earnings and f ...

The Finance group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has MetLife (MET) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.MetLife is one of 859 individual stocks in the Finance sector. Collectively, these companies sit at #2 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within ...

Core Insights - The focus is on value investing as a successful strategy across various market environments, emphasizing the importance of key valuation metrics to identify undervalued stocks [1] Company Summary: MetLife (MET) - MetLife currently has a Zacks Rank of 2 (Buy) and a Value grade of A, indicating strong potential for value investors [2] - The stock is trading at a P/E ratio of 7.96, which is lower than the industry average of 8.80, with a historical range of 6.52 to 9.03 over the past year [2] - MetLife's PEG ratio stands at 0.55, which is comparable to the industry average of 0.59, with a historical range of 0.49 to 0.73 [2] - The P/B ratio for MetLife is 1.92, which is attractive compared to the industry average of 2.58, with a historical range of 1.58 to 1.98 [3] - The P/S ratio for MetLife is 0.78, compared to the industry average of 0.96, indicating potential undervaluation [3] - Overall, these metrics suggest that MetLife is likely undervalued, making it a strong candidate for value investment [3]