MetLife, Inc. (NYSE:MET) today announced its results for the
first quarter ended March 31, 2019.
First Quarter Results Summary
- Net income of $1.3 billion, or
$1.40 per share, compared to net income of $1.2 billion, or $1.19
per share, in the first quarter of 2018.
- Adjusted earnings of $1.4 billion,
or $1.48 per share, compared to adjusted earnings of $1.4 billion,
or $1.36 per share in the first quarter of 2018.
- Book value of $58.06 per share, up 11
percent from $52.49 per share at March 31, 2018.
- Book value, excluding accumulated other
comprehensive income (AOCI) other than foreign currency translation
adjustments (FCTA), of $45.58 per share, up 5 percent from
$43.36 per share at March 31, 2018.
- Return on equity (ROE) of 10.3
percent.
- Adjusted ROE, excluding AOCI other than
FCTA, of 13.2 percent.
“I’m stepping into the CEO role at an exciting time for
MetLife,” said Michel Khalaf, president and CEO of MetLife, Inc.
“We are building on our momentum from 2018 with an excellent first
quarter in 2019. Our business performance more than offset some
market headwinds. Our commitment is to be a responsible steward of
capital by investing in profitable growth, strengthening expense
discipline, and creating long-term value for our customers and
shareholders.”
First Quarter 2019 Summary
($ in millions, except per share
data)
Three months ended
March 31,
2019 2018 Change Premiums, fees
and other revenues $ 11,264 $ 11,044 2 % Net investment income
4,908 3,745 31 % Net investment gains (losses) 15 (333 ) Net
derivative gains (losses) 115 349
(67 )% Total revenues $ 16,302 $ 14,805 10 %
Total adjusted revenues $ 15,448 $ 15,148 2 % Adjusted premiums,
fees and other revenues $ 11,167 $ 10,929 2 % Adjusted premiums,
fees and other revenues, excluding pension risk transfer (PRT) $
11,169 $ 10,929 2 % Net income (loss) $ 1,349 $ 1,247 8 %
Net income (loss) per share $ 1.40 $ 1.19 18 % Adjusted
earnings $ 1,424 $ 1,423 — % Adjusted earnings per share $ 1.48 $
1.36 9 % Book value per share $ 58.06 $ 52.49 11 % Book
value per share, excluding AOCI other than FCTA $ 45.58 $ 43.36 5 %
Expense ratio 21.1 % 21.8 % Direct expense ratio, excluding
total notable items related to direct expenses and PRT 12.1 % 13.0
% Adjusted expense ratio, excluding total notable items related to
other expenses and PRT 19.9 % 20.8 % ROE 10.3 % 9.0 % ROE,
excluding AOCI other than FCTA 12.5 % 11.2 % Adjusted ROE,
excluding AOCI other than FCTA 13.2 %
12.8 %
MetLife reported first quarter 2019 premiums, fees and other
revenues of $11.3 billion, up 2 percent over the first
quarter of 2018. Adjusted premiums, fees and other revenues were
$11.2 billion, up 2 percent, and 4 percent on a constant
currency basis over the prior-year period.
Net investment income was $4.9 billion, up 31 percent. The
increase in net investment income was driven by favorable changes
in the estimated fair value of certain securities which do not
qualify as separate accounts under GAAP. On an adjusted basis, net
investment income was $4.3 billion, up 1 percent.
Net derivative gains amounted to $115 million, or
$91 million after tax during the quarter.
Net income was $1.3 billion, compared to net income of
$1.2 billion in the first quarter of 2018. On a per share
basis, net income was $1.40, compared to net income of $1.19 in the
prior-year period.
MetLife reported adjusted earnings of $1.4 billion were
flat compared to the first quarter of 2018, and up 2 percent on a
constant currency basis. On a per share basis, which includes the
impact of share repurchases, adjusted earnings were $1.48, up
9 percent from the prior-year period.
Information regarding the non-GAAP and other financial measures
included in this news release and reconciliation of the non-GAAP
financial measures to GAAP measures are in “Non-GAAP and Other
Financial Disclosures” below and in the tables that accompany this
news release.
Supplemental slides for the first quarter of 2019, titled "1Q19
Supplemental Slides," are available on the MetLife Investor
Relations website at www.metlife.com
and in the Form 8-K furnished by MetLife to the U.S.
Securities and Exchange Commission in connection with this earnings
news release.
Adjusted Earnings by Segment Summary*
Three months ended
March 31, 2019
Segment
Change from prior-year
period
Change from prior-year
period (on a constant currency basis)
U.S. 11% Asia
9% 13% Latin America (4)%
(1)% Europe, the Middle East and Africa (EMEA)
6% 23% MetLife Holdings (25)%
*The percentages in this table are on a reported and constant
currency basis, and do not exclude notable items.
Business Discussions
All comparisons of the results for the first quarter of 2019 in
the business discussions that follow are with the first quarter of
2018, unless otherwise noted. See the first quarter of 2019 notable
items table that follows the Business Discussions section of this
release for additional information on notable items incurred in the
first quarter of 2019.
U.S.
($ in millions)
Three months ended March 31,
2019
Three months ended March 31,
2018
Change Adjusted earnings $724
$653 11% Adjusted premiums, fees and other revenues
$6,058 $5,679 7% Adjusted
premiums, fees and other revenues, excluding PRT
$6,060 $5,679 7% Notable item(s)
$0 $0
- Adjusted earnings for the U.S.
were $724 million, up 11 percent, driven by favorable
underwriting and volume growth, partially offset by lower
investment margins.
- Adjusted return on allocated
equity was 27.0 percent, and adjusted return on allocated
tangible equity was 30.7 percent.
- Adjusted premiums, fees and other
revenues were $6.1 billion, up 7 percent, driven by
structured settlement sales in Retirement and Income
Solutions.
Group Benefits
($ in millions)
Three months ended March 31,
2019
Three months ended March 31,
2018
Change Adjusted earnings $342
$218 57% Adjusted premiums, fees and other revenues
$4,545 $4,423 3% Notable item(s)
$0 $0
- Adjusted earnings for Group
Benefits were $342 million, up 57 percent, driven by
favorable underwriting, expense margin and volume growth.
- Adjusted premiums, fees and other
revenues were $4.5 billion, up 3 percent.
- Sales for Group Benefits were up
11 percent in the first quarter of 2019, compared to the first
quarter of 2018.
Retirement and Income Solutions
($ in millions)
Three months ended March 31,
2019
Three months ended March 31,
2018
Change Adjusted earnings $285
$339 (16)% Adjusted premiums, fees and other revenues
$609 $371 64% Adjusted premiums,
fees and other revenues, excluding PRT $611
$371 65% Notable item(s) $0
$0
- Adjusted earnings for Retirement and
Income Solutions were $285 million, down 16 percent as
volume growth was more than offset by lower investment
margins.
- Adjusted premiums, fees and other
revenues were $609 million, up 64 percent, primarily
driven by structured settlement sales.
Property & Casualty
($ in millions)
Three months ended March 31,
2019
Three months ended March 31,
2018
Change Adjusted earnings $97
$96 1% Adjusted premiums, fees and other revenues
$904 $885 2% Notable item(s)
$0 $0
- Adjusted earnings for Property &
Casualty were $97 million, up 1 percent.
- Adjusted premiums, fees and other
revenues were $904 million, up 2 percent.
- Pre-tax catastrophe losses and prior
year development totaled $38 million, compared to $53 million
in the prior-year period.
- Sales for Property &
Casualty were $154 million, up 12 percent.
ASIA
($ in millions)
Three months ended March 31,
2019
Three months ended March 31,
2018
Change Adjusted earnings $356
$327 9% Adjusted earnings (constant currency)
$356 $316 13% Adjusted premiums, fees
and other revenues $2,121 $2,157
(2)% Notable item(s) $0 $0
- Adjusted earnings for Asia were
$356 million, up 9 percent, and up 13 percent on a constant
currency basis, driven by volume growth.
- Adjusted return on allocated
equity was 10.0 percent, and adjusted return on allocated
tangible equity was 15.2 percent.
- Adjusted premiums, fees and other
revenues were $2.1 billion, down 2 percent, and up 1
percent on a constant currency basis.
- Sales for Asia were
$698 million, up 9 percent on a constant currency basis,
primarily driven by foreign currency denominated and accident &
health product sales in Japan.
LATIN AMERICA
($ in millions)
Three months ended March 31,
2019
Three months ended March 31,
2018
Change Adjusted earnings $134
$140 (4)% Adjusted earnings (constant currency)
$134 $135 (1)% Adjusted
premiums, fees and other revenues $942
$989 (5)% Notable item(s) $0 $0
- Adjusted earnings for Latin
America were $134 million, down 4 percent, and down
1 percent on a constant currency basis, as favorable
investment returns were more than offset by expenses and
unfavorable underwriting.
- Adjusted return on allocated
equity was 18.1 percent, and adjusted return on allocated
tangible equity was 29.9 percent.
- Adjusted premiums, fees and other
revenues were $942 million, down 5 percent, and up
4 percent on a constant currency basis, driven by growth
across the region.
- Sales for Latin America were
$225 million, up 11 percent on a constant currency basis, due to
higher Mexico sales.
EMEA
($ in millions)
Three months ended March 31,
2019
Three months ended March 31,
2018
Change Adjusted earnings $86
$81 6% Adjusted earnings (constant currency)
$86 $70 23% Adjusted premiums, fees and
other revenues $659 $679 (3)%
Notable item(s) $0 $0
- Adjusted earnings for EMEA were
$86 million, up 6 percent, and up 23 percent on a constant
currency basis, driven by favorable underwriting and volume
growth.
- Adjusted return on allocated
equity was 12.3 percent, and adjusted return on allocated
tangible equity was 22.1 percent.
- Adjusted premiums, fees and other
revenues were $659 million, down 3 percent, and up 5
percent on a constant currency basis.
- Sales for EMEA were
$255 million, up 3 percent on a constant currency basis,
primarily due to higher volumes in the United Kingdom and
Turkey.
METLIFE HOLDINGS
($ in millions)
Three months ended March 31,
2019
Three months ended March 31,
2018
Change Adjusted earnings $317
$425 (25)% Adjusted premiums, fees and other revenues
$1,268 $1,331 (5)% Notable
item(s) $0 $62
- Adjusted earnings for MetLife
Holdings were $317 million, down 25 percent.
- Excluding notable items from both
periods, adjusted earnings were down 13 percent due to a
decline in variable investment income and less favorable
underwriting. These were partially offset by lower expenses and the
impact of stronger equity markets.
- Adjusted return on allocated
equity was 13.2 percent, and adjusted return on allocated
tangible equity was 14.8 percent.
- Adjusted premiums, fees and
other revenues were $1.3 billion, down 5 percent.
CORPORATE & OTHER
($ in millions)
Three months ended March 31,
2019
Three months ended March 31,
2018
Change Adjusted earnings $(193)
$(203) Notable item(s)
$(55) $(34)
- Corporate & Other had an
adjusted loss of $193 million, compared to an adjusted
loss of $203 million in the first quarter of 2018. The notable
item in both periods is related to the company's previously
announced cost saving initiative.
- Excluding notable items from both
periods, adjusted loss was down $31 million.
INVESTMENTS
($ in millions)
Three months ended March 31,
2019
Three months ended March 31,
2018
Change Net investment income (as reported on an
adjusted basis) $4,281 $4,219 1%
- As reported on an adjusted basis,
net investment income was $4.3 billion, up 1 percent.
Variable investment income was $174 million
($137 million, after tax), as compared to $268 million
($212 million, after tax) in the first quarter of 2018, driven
by lower private equity income.
FIRST QUARTER 2019 NOTABLE ITEMS
($ in millions)
Adjusted Earnings
Three months ended March 31, 2019 Notable
Items U.S. Asia
Latin America
EMEA
MetLife Holdings
Corporate &
Other
Total
Group Benefits
Retirement and Income
Solutions
Property &
Casualty
Expense initiative
costs
$(55) $(55) Total notable items
$0 $0 $0 $0 $0 $0 $0
$(55) $(55)
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (MetLife), is one of the world's leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 countries and holds
leading market positions in the United States, Japan, Latin
America, Asia, Europe and the Middle East. For more information,
visit www.metlife.com.
Conference Call
MetLife will hold its first quarter 2019 earnings conference
call and audio webcast on Thursday, May 2, 2019, from 9-10 a.m.
(ET). The conference call will be available live via telephone and
the internet. To listen via telephone, dial 800-230-1085 (U.S.) or
612-234-9959 (outside the U.S.). To listen to the conference call
via the internet, visit www.metlife.com through a link on the Investor
Relations page. Those who want to listen to the call via telephone
or the internet should dial in or go to the website at least 15
minutes prior to the call to register, and/or download and install
any necessary audio software.
The conference call will be available for replay via telephone
and the internet beginning at 11 a.m. (ET) on Thursday, May 2,
2019, until Thursday, May 9, 2019, at 11:59 p.m. (ET). To listen to
a replay of the conference call via telephone, dial 800-475-6701
(U.S.) or 320-365-3844 (outside the U.S.). The access code for the
replay is 462461. To access the replay of the conference call over
the internet, visit the above-mentioned website.
Non-GAAP and Other Financial
Disclosures
Any references in this news release (except in this section and
the tables that accompany this release) to: should be
read as, respectively: (i) net income (loss); (i)
net income (loss) available to MetLife, Inc.’s common shareholders;
(ii) net income (loss) per share; (ii) net income (loss) available
to MetLife, Inc.’s common shareholders per diluted common share;
(iii) adjusted earnings; (iii) adjusted earnings available to
common shareholders; (iv) adjusted earnings per share; (iv)
adjusted earnings available to common shareholders per diluted
common share; (v) book value per share; (v) book value per common
share; (vi) book value per share, excluding AOCI other than FCTA;
(vi) book value per common share, excluding AOCI other than FCTA;
(vii) book value per share-tangible common stockholders’ equity;
(vii) book value per common share-tangible common stockholders’
equity; (viii) premiums, fees and other revenues; (viii) premiums,
fees and other revenues (adjusted); (ix) return on equity; (ix)
return on MetLife, Inc.’s common stockholders’ equity; (x) return
on equity, excluding AOCI other than FCTA; (x) return on MetLife,
Inc.’s common stockholders’ equity, excluding AOCI, other than
FCTA; (xi) adjusted return on equity, excluding AOCI other than
FCTA; (xi) adjusted return on MetLife, Inc.’s common stockholders’
equity, excluding AOCI other than FCTA; (xii) tangible return on
equity; and (xii) return on MetLife, Inc.’s tangible common
stockholders' equity; and (xiii) adjusted tangible return on
equity. (xiii) adjusted return on MetLife, Inc.’s tangible common
stockholders’ equity.
In this news release, MetLife presents certain measures of its
performance that are not calculated in accordance with accounting
principles generally accepted in the United States of America
(GAAP). MetLife believes that these non-GAAP financial measures
enhance the understanding of MetLife’s performance by highlighting
the results of operations and the underlying profitability drivers
of the business.
The following non-GAAP financial measures should not be viewed
as substitutes for the most directly comparable financial measures
calculated in accordance with GAAP:
Non-GAAP financial measures: Comparable GAAP
financial measures: (i) adjusted revenues; (i)
revenues; (ii) adjusted expenses; (ii) expenses; (iii) adjusted
premiums, fees and other revenues; (iii) premiums, fees and other
revenues; (iv) adjusted premiums, fees and other revenues,
excluding pension risk transfer (iv) premiums, fees and other
revenues; (v) adjusted earnings; (v) income (loss) from continuing
operations, net of income tax; (vi) net investment income, as
reported on an adjusted basis (vi) net investment income (vii)
capitalization of deferred policy acquisition costs (DAC), as
reported on an adjusted basis (vii) capitalization of DAC (viii)
other expenses, as reported on an adjusted basis (viii) other
expenses (ix) other expenses, as reported on an adjusted basis, on
a constant currency basis (ix) other expenses (x) adjusted earnings
available to common shareholders; (x) net income (loss) available
to MetLife, Inc.’s common shareholders; (xi) adjusted earnings
available to common shareholders on a constant currency basis; (xi)
net income (loss) available to MetLife, Inc.’s common shareholders;
(xii) adjusted earnings available to common shareholders, excluding
total notable items; (xii) net income (loss) available to MetLife,
Inc.’s common shareholders; (xiii) adjusted earnings available to
common shareholders, excluding total notable items, on a constant
currency basis; (xiii) net income (loss) available to MetLife,
Inc.’s common shareholders; (xiv) adjusted earnings available to
common shareholders per diluted common share; (xiv) net income
(loss) available to MetLife, Inc.’s common shareholders per diluted
common share; (xv) adjusted earnings available to common
shareholders on a constant currency basis per diluted common share;
(xv) net income (loss) available to MetLife, Inc.’s common
shareholders per diluted common share; (xvi) adjusted earnings
available to common shareholders, excluding total notable items,
per diluted common share; (xvi) net income (loss) available to
MetLife, Inc.’s common shareholders per diluted common share;
(xvii) adjusted earnings available to common shareholders,
excluding total notable items, on a constant currency basis per
diluted common share; (xvii) net income (loss) available to
MetLife, Inc.’s common shareholders per diluted common share;
(xviii) adjusted return on equity; (xviii) return on equity; (xix)
adjusted return on equity, excluding AOCI other than FCTA; (xix)
return on equity; (xx) adjusted tangible return on equity; (xx)
return on equity; (xxi) investment portfolio gains (losses); (xxi)
net investment gains (losses); (xxii) derivative gains (losses);
(xxii) net derivative gains (losses); (xxiii) MetLife, Inc.’s
tangible common stockholders’ equity; (xxiii) MetLife, Inc.’s
stockholders’ equity; (xxiv) MetLife, Inc.’s tangible common
stockholders’ equity, excluding total notable items; (xxiv)
MetLife, Inc.’s stockholders’ equity; (xxv) MetLife, Inc.’s common
stockholders’ equity, excluding AOCI other than FCTA; (xxv)
MetLife, Inc.’s stockholders’ equity; (xxvi) MetLife, Inc.’s common
stockholders’ equity, excluding total notable items (excludes AOCI
other than FCTA); (xxvi) MetLife, Inc.’s stockholders’ equity;
(xxvii) book value per common share, excluding AOCI other than FCTA
(xxvii) book value per common share (xxviii) book value per common
share - tangible common stockholders' equity (xxviii) book value
per common share (xxix) free cash flow of all holding companies;
(xxix) MetLife, Inc. (parent company only) net cash provided by
(used in) operating activities; (xxx) adjusted expense ratio; (xxx)
expense ratio; (xxxi) adjusted expense ratio, excluding total
notable items related to other expenses and PRT; (xxxi) expense
ratio; (xxxii) direct expense ratio; and (xxxii) expense ratio; and
(xxxiii) direct expense ratio, excluding total notable items
related to direct expenses and PRT. (xxxiii) expense ratio.
Reconciliations of these non-GAAP measures to the most directly
comparable GAAP measures are included in this earnings news release
and in this period’s quarterly financial supplement, which is
available at www.metlife.com.
MetLife’s definitions of the various non-GAAP and other
financial measures discussed in this news release may differ from
those used by other companies:
Adjusted earnings and related measures
- adjusted earnings;
- adjusted earnings available to common
shareholders;
- adjusted earnings available to common
shareholders on a constant currency basis;
- adjusted earnings available to common
shareholders, excluding total notable items;
- adjusted earnings available to common
shareholders, excluding total notable items, on a constant currency
basis;
- adjusted earnings available to common
shareholders per diluted common share;
- adjusted earnings available to common
shareholders on a constant currency basis per diluted common
share;
- adjusted earnings available to common
shareholders, excluding total notable items per diluted common
share; and
- adjusted earnings available to common
shareholders, excluding total notable items, on a constant currency
basis per diluted common share.
These measures are used by management to evaluate performance
and allocate resources. Consistent with GAAP guidance for segment
reporting, adjusted earnings is also MetLife’s GAAP measure of
segment performance. Adjusted earnings and other financial measures
based on adjusted earnings are also the measures by which MetLife
senior management’s and many other employees’ performance is
evaluated for the purposes of determining their compensation under
applicable compensation plans. Adjusted earnings and other
financial measures based on adjusted earnings allow analysis of
MetLife's performance relative to its business plan and facilitate
comparisons to industry results.
Adjusted earnings is defined as adjusted revenues less adjusted
expenses, net of income tax. Adjusted loss is defined as negative
adjusted earnings. Adjusted earnings available to common
shareholders is defined as adjusted earnings less preferred stock
dividends.
Adjusted revenues and adjusted expenses
These financial measures, along with the related adjusted
premiums, fees and other revenues, focus on our primary businesses
principally by excluding the impact of market volatility, which
could distort trends, and revenues and costs related to non-core
products and certain entities required to be consolidated under
GAAP. Also, these measures exclude results of discontinued
operations under GAAP and other businesses that have been or will
be sold or exited by MetLife but do not meet the discontinued
operations criteria under GAAP and are referred to as divested
businesses. Divested businesses also includes the net impact of
transactions with exited businesses that have been eliminated in
consolidation under GAAP and costs relating to businesses that have
been or will be sold or exited by MetLife that do not meet the
criteria to be included in results of discontinued operations under
GAAP.
Adjusted revenues also excludes net investment gains (losses)
(NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses
also excludes goodwill impairments.
The following additional adjustments are made
to revenues, in the line items indicated, in calculating adjusted
revenues:
- Universal life and investment-type
product policy fees excludes the amortization of unearned revenue
related to NIGL and NDGL (Unearned revenue adjustments) and certain
variable annuity guaranteed minimum income benefits (GMIB) fees
(GMIB fees);
- Net investment income: (i) includes
earned income on derivatives and amortization of premium on
derivatives that are hedges of investments or that are used to
replicate certain investments but do not qualify for hedge
accounting treatment (Investment hedge adjustments), (ii) excludes
post-tax adjusted earnings adjustments relating to insurance joint
ventures accounted for under the equity method (Operating joint
venture adjustments), (iii) excludes certain amounts related to
contractholder-directed equity securities (Unit-linked contract
income), (iv) excludes certain amounts related to securitization
entities that are variable interest entities (VIEs) consolidated
under GAAP (Securitization entities income); and (v) includes
distributions of profits from certain other limited partnership
interests that were previously accounted for under the cost method,
but are now accounted for at estimated fair value, where the change
in estimated fair value is recognized in NIGL under GAAP (Certain
partnership distributions); and
- Other revenues is adjusted for
settlements of foreign currency earnings hedges and excludes fees
received in association with services provided under transition
service agreements (TSA fees).
The following additional adjustments are made
to expenses, in the line items indicated, in calculating adjusted
expenses:
- Policyholder benefits and claims and
policyholder dividends excludes: (i) changes in the policyholder
dividend obligation related to NIGL and NDGL (PDO adjustments),
(ii) inflation-indexed benefit adjustments associated with
contracts backed by inflation-indexed investments and amounts
associated with periodic crediting rate adjustments based on the
total return of a contractually referenced pool of assets and other
pass-through adjustments (Inflation and pass-through adjustments),
(iii) benefits and hedging costs related to GMIBs (GMIB costs), and
(iv) market value adjustments associated with surrenders or
terminations of contracts (Market value adjustments);
- Interest credited to policyholder
account balances includes adjustments for earned income on
derivatives and amortization of premium on derivatives that are
hedges of policyholder account balances but do not qualify for
hedge accounting treatment (PAB hedge adjustments) and excludes
certain amounts related to net investment income earned on
contractholder-directed equity securities (Unit-linked contract
costs);
- Amortization of DAC and value of
business acquired (VOBA) excludes amounts related to: (i) NIGL and
NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value
adjustments;
- Amortization of negative VOBA excludes
amounts related to Market value adjustments;
- Interest expense on debt excludes
certain amounts related to securitization entities that are VIEs
consolidated under GAAP (Securitization entities debt expense);
and
- Other expenses excludes costs related
to: (i) noncontrolling interests, (ii) implementation of new
insurance regulatory requirements (Regulatory implementation
costs), and (iii) acquisition, integration and other costs. Other
expenses includes TSA fees.
Adjusted earnings also excludes the recognition of certain
contingent assets and liabilities that could not be recognized at
acquisition or adjusted for during the measurement period under
GAAP business combination accounting guidance.
The tax impact of the adjustments mentioned above are calculated
net of the U.S. or foreign statutory tax rate, which could differ
from MetLife’s effective tax rate. Additionally, the provision for
income tax (expense) benefit also includes the impact related to
the timing of certain tax credits, as well as certain tax
reforms.
Investment portfolio gains (losses) and derivative gains
(losses)
These are measures of investment and hedging activity.
Investment portfolio gains (losses) principally excludes amounts
that are reported within net investment gains (losses) but do not
relate to the performance of the investment portfolio, such as
gains (losses) on sales and divestitures of businesses, goodwill
impairment or changes in estimated fair value. Derivative gains
(losses) principally excludes earned income on derivatives and
amortization of premium on derivatives, where such derivatives are
either hedges of investments or are used to replicate certain
investments, and where such derivatives do not qualify for hedge
accounting. This earned income and amortization of premium is
reported within adjusted earnings and not within derivative gains
(losses).
Return on equity, allocated equity, tangible equity and
related measures
- MetLife, Inc.’s common stockholders’
equity, excluding AOCI other than FCTA: MetLife, Inc.’s common
stockholders’ equity, excluding the net unrealized investment gains
(losses) and defined benefit plans adjustment components of AOCI,
net of income tax.
- MetLife, Inc.’s common stockholders’
equity, excluding total notable items (excludes AOCI other than
FCTA): MetLife, Inc.’s common stockholders’ equity, excluding the
net unrealized investment gains (losses), defined benefit plans
adjustment components of AOCI and total notable items, net of
income tax.
- Return on MetLife, Inc.’s common
stockholders’ equity: net income (loss) available to MetLife,
Inc.’s common shareholders divided by MetLife, Inc.’s average
common stockholders’ equity.
- Return on MetLife, Inc.'s common
stockholders' equity, excluding AOCI other than FCTA: net income
(loss) available to MetLife, Inc.’s common shareholders divided by
MetLife, Inc.'s average common stockholders' equity, excluding AOCI
other than FCTA.
- Adjusted return on MetLife, Inc.'s
common stockholders' equity: adjusted earnings available to common
shareholders divided by MetLife, Inc.'s average common
stockholders' equity.
- Adjusted return on MetLife, Inc.'s
common stockholders' equity, excluding AOCI other than FCTA:
adjusted earnings available to common shareholders divided by
MetLife, Inc.'s average common stockholders' equity, excluding AOCI
other than FCTA.
- Allocated equity: portion of MetLife,
Inc.’s common stockholders’ equity that management allocates to
each of its segments and sub-segments based on local capital
requirements and economic capital. Economic capital is an
internally developed risk capital model, the purpose of which is to
measure the risk in the business and to provide a basis upon which
capital is deployed. MetLife management periodically reviews this
model to ensure that it remains consistent with emerging industry
practice standards and the local capital requirements; allocated
equity may be adjusted if warranted by such review. Allocated
equity excludes the impact of AOCI other than FCTA.
- Adjusted return on allocated equity:
adjusted earnings available to common shareholders divided by
allocated equity.The above measures represent a level of equity
consistent with the view that, in the ordinary course of business,
MetLife does not plan to sell most investments for the sole purpose
of realizing gains or losses. Also refer to the utilization of
adjusted earnings and other financial measures based on adjusted
earnings mentioned above.
- MetLife, Inc.’s tangible common
stockholders’ equity or tangible equity: MetLife, Inc.’s common
stockholders’ equity, excluding AOCI other than FCTA, reduced by
the impact of goodwill, value of distribution agreements (VODA) and
value of customer relationships acquired (VOCRA), all net of income
tax.
- MetLife, Inc.’s tangible common
stockholders’ equity, adjusted for total notable items: MetLife,
Inc.’s common stockholders’ equity, excluding AOCI other than FCTA,
reduced by the impact of goodwill, value of distribution agreements
(VODA), value of customer relationships acquired (VOCRA) and total
notable items, all net of income tax.
- Return on MetLife, Inc.’s tangible
common stockholders' equity: net income (loss) available to
MetLife, Inc.’s common shareholders, excluding amortization of VODA
and VOCRA, net of income tax, divided by MetLife, Inc.'s average
tangible common stockholders' equity.
- Adjusted return on MetLife, Inc.'s
tangible common stockholders' equity: adjusted earnings available
to common shareholders, excluding amortization of VODA and VOCRA,
net of income tax, divided by MetLife, Inc.'s average tangible
common stockholders' equity.
- Allocated tangible equity: Allocated
equity reduced by the impact of goodwill, VODA and VOCRA, all net
of income tax.
- Adjusted return on allocated tangible
equity: adjusted earnings available to common shareholders,
excluding amortization of VODA and VOCRA, net of income tax,
divided by allocated tangible equity.
The above measures are, when considered in conjunction with
regulatory capital ratios, a measure of capital adequacy.
Expense ratio, direct expense ratio, adjusted expense ratio
and related measures
- Expense ratio: other expenses, net of
capitalization of DAC, divided by premiums, fees and other
revenues.
- Direct expense ratio: direct expenses,
on an adjusted basis, divided by adjusted premiums, fees and other
revenues.
- Direct expense ratio, excluding total
notable items related to direct expenses and PRT: direct expenses,
on an adjusted basis, excluding total notable items related to
direct expenses, divided by adjusted premiums, fees and other
revenues, excluding PRT.
- Adjusted expense ratio: other expenses,
net of capitalization of DAC, both on an adjusted basis, divided by
adjusted premiums, fees and other revenues.
- Adjusted expense ratio, excluding total
notable items related to other expenses and PRT: other expenses,
net of capitalization of DAC, both on an adjusted basis, excluding
total notable items related to other expenses, divided by adjusted
premiums, fees and other revenues, excluding PRT.
Statistical sales information:
- U.S.:
- Group Benefits: calculated using 10% of
single premium deposits and 100% of annualized full-year premiums
and fees from recurring premium policy sales of all products.
- Retirement and Income Solutions:
calculated using 10% of single premium deposits and 100% of
annualized full-year premiums and fees only from recurring premium
policy sales of specialized benefit resources and corporate-owned
life insurance.
- Property & Casualty: calculated
based on first year direct written premium, net of cancellation and
endorsement activity.
- Latin America, Asia and EMEA:
calculated using 10% of single-premium deposits (mainly from
retirement products such as variable annuity, fixed annuity and
pensions), 20% of single-premium deposits from credit insurance and
100% of annualized full-year premiums and fees from
recurring-premium policy sales of all products (mainly from risk
and protection products such as individual life, accident &
health and group).
Sales statistics do not correspond to revenues under GAAP, but
are used as relevant measures of business activity.
The following additional information is relevant to an
understanding of MetLife’s performance results:
- All comparisons on a constant currency
basis reflect the impact of changes in foreign currency exchange
rates and are calculated using the average foreign currency
exchange rates for the current period and are applied to each of
the comparable periods. As a result, amounts will be updated each
period to reflect the average foreign currency exchange rates.
- Volume growth, as discussed in the
context of business growth, is the period over period percentage
change in adjusted earnings available to common shareholders
attributable to adjusted premiums, fees and other revenues and
assets under management levels, applying a model in which certain
margins and factors are held constant. The most significant of
such items are underwriting margins, investment margins, changes in
equity market performance, expense margins and the impact of
changes in foreign currency exchange rates.
- Asymmetrical and non-economic
accounting refers to: (i) the portion of net derivative gains
(losses) on embedded derivatives attributable to the inclusion of
MetLife’s credit spreads in the liability valuations, (ii) hedging
activity that generates net derivative gains (losses) and creates
fluctuations in net income because hedge accounting cannot be
achieved and the item being hedged does not a have an offsetting
gain or loss recognized in earnings, (iii) inflation-indexed
benefit adjustments associated with contracts backed by
inflation-indexed investments and amounts associated with periodic
crediting rate adjustments based on the total return of a
contractually referenced pool of assets and other pass-through
adjustments, and (iv) impact of changes in foreign currency
exchange rates on the re-measurement of foreign denominated
unhedged funding agreements and financing transactions to the U.S.
dollar and the re-measurement of certain liabilities from
non-functional currencies to functional currencies. MetLife
believes that excluding the impact of asymmetrical and non-economic
accounting from total GAAP results enhances investor understanding
of MetLife’s performance by disclosing how these accounting
practices affect reported GAAP results.
- MetLife uses a measure of free cash
flow to facilitate an understanding of its ability to generate cash
for reinvestment into its businesses or use in non-mandatory
capital actions. MetLife defines free cash flow as the sum of cash
available at MetLife’s holding companies from dividends from
operating subsidiaries, expenses and other net flows of the holding
companies (including capital contributions to subsidiaries), and
net contributions from debt to be at or below target leverage
ratios. This measure of free cash flow is prior to capital actions,
such as common stock dividends and repurchases, debt reduction and
mergers and acquisitions. Free cash flow should not be viewed as a
substitute for net cash provided by (used in) operating activities
calculated in accordance with GAAP. The free cash flow ratio is
typically expressed as a percentage of annual adjusted earnings
available to common shareholders.
- Notable items represent a positive
(negative) impact to adjusted earnings available to common
shareholders. Notable items reflect the unexpected impact of events
that affect MetLife’s results, but that were unknown and that
MetLife could not anticipate when it devised its Business Plan.
Notable items also include certain items regardless of the extent
anticipated in the Business Plan, to help investors have a better
understanding of MetLife's results and to evaluate and forecast
those results.
Forward-Looking Statements
This news release may contain or incorporate by reference
information that includes or is based upon forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give expectations or
forecasts of future events. These statements can be identified by
the fact that they do not relate strictly to historical or current
facts. They use words and terms such as “anticipate,” “estimate,”
“expect,” “project,” “intend,” “plan,” “believe,” "will," and other
words and terms of similar meaning, or are tied to future periods,
in connection with a discussion of future performance. In
particular, these include statements relating to future actions,
prospective services or products, future performance or results of
current and anticipated services or products, sales efforts,
expenses, the outcome of contingencies such as legal proceedings,
trends in operations and financial results.
Many factors will be important in determining the results of
MetLife, Inc., its subsidiaries and affiliates. Forward-looking
statements are based on our assumptions and current expectations,
which may be inaccurate, and on the current economic environment,
which may change. These statements are not guarantees of future
performance. They involve a number of risks and uncertainties that
are difficult to predict. Results could differ materially from
those expressed or implied in the forward-looking statements.
Risks, uncertainties, and other factors that might cause such
differences include the risks, uncertainties and other factors
identified in MetLife, Inc.’s filings with the U.S. Securities and
Exchange Commission. These factors include: (1) difficult
economic conditions, including risks relating to interest rates,
credit spreads, equity, real estate, obligors and counterparties,
currency exchange rates, derivatives, and terrorism and security;
(2) adverse global capital and credit market conditions, which
may affect our ability to meet liquidity needs and access capital,
including through our credit facilities; (3) downgrades in our
claims paying ability, financial strength or credit ratings;
(4) availability and effectiveness of reinsurance, hedging or
indemnification arrangements; (5) increasing cost and limited
market capacity for statutory life insurance reserve financings;
(6) the impact on us of changes to and implementation of the wide
variety of laws and regulations to which we are subject;
(7) regulatory, legislative or tax changes relating to our
operations that may affect the cost of, or demand for, our products
or services; (8) adverse results or other consequences from
litigation, arbitration or regulatory investigations;
(9) legal, regulatory and other restrictions affecting
MetLife, Inc.’s ability to pay dividends and repurchase common
stock; (10) MetLife, Inc.’s primary reliance, as a holding
company, on dividends from subsidiaries to meet free cash flow
targets and debt payment obligations and the applicable regulatory
restrictions on the ability of the subsidiaries to pay such
dividends; (11) investment losses, defaults and volatility;
(12) potential liquidity and other risks resulting from our
participation in a securities lending program and other
transactions; (13) changes to investment valuations, allowances and
impairments taken on investments, and methodologies, estimates and
assumptions;
(14) differences between actual claims experience and
underwriting and reserving assumptions; (15) political, legal,
operational, economic and other risks relating to our global
operations; (16) competitive pressures, including with respect
to pricing, entry of new competitors, consolidation of
distributors, the development of new products by new and existing
competitors, and for personnel; (17) the impact of technological
changes on our businesses; (18) catastrophe losses;
(19) a deterioration in the experience of the closed block
established in connection with the reorganization of Metropolitan
Life Insurance Company; (20) impairment of goodwill or other
long-lived assets, or the establishment of a valuation allowance
against our deferred income tax asset; (21) changes in
assumptions related to deferred policy acquisition costs, deferred
sales inducements or value of business acquired; (22) exposure
to losses related to guarantees in certain products;
(23) ineffectiveness of risk management policies and
procedures or models; (24) a failure in our cybersecurity
systems or other information security systems or our disaster
recovery plans; (25) any failure to protect the confidentiality of
client information; (26) changes in accounting standards; (27)
our associates taking excessive risks; (28) difficulties in
marketing and distributing products through our distribution
channels; (29) increased expenses relating to pension and
other postretirement benefit plans; (30) inability to protect
our intellectual property rights or claims of infringement of
others’ intellectual property rights; (31) difficulties, unforeseen
liabilities, asset impairments, or rating agency actions arising
from business acquisitions and dispositions, joint ventures, or
other legal entity reorganizations; (32) unanticipated or adverse
developments that could adversely affect our expected operational
or other benefits from the separation of Brighthouse Financial,
Inc. and its subsidiaries; (33) the possibility that MetLife,
Inc.’s Board of Directors may influence the outcome of stockholder
votes through the voting provisions of the MetLife Policyholder
Trust; (34) provisions of laws and our incorporation documents
that may delay, deter or prevent takeovers and corporate
combinations involving MetLife; and (35) other risks and
uncertainties described from time to time in MetLife, Inc.’s
filings with the U.S. Securities and Exchange Commission.
MetLife, Inc. does not undertake any obligation to publicly
correct or update any forward-looking statement if MetLife, Inc.
later becomes aware that such statement is not likely to be
achieved. Please consult any further disclosures MetLife, Inc.
makes on related subjects in reports to the U.S. Securities and
Exchange Commission.
MetLife, Inc. GAAP Interim Condensed Consolidated
Statements of Operations (Unaudited) (In
millions)
For the Three Months Ended
March 31, 2019 2018
Revenues Premiums $ 9,405 $ 9,178
Universal life and investment-type product policy fees 1,365 1,392
Net investment income 4,908 3,745 Other revenues 494 474 Net
investment gains (losses) 15 (333 ) Net derivative gains (losses)
115 349 Total revenues 16,302 14,805 .
Expenses Policyholder benefits and claims 9,072 8,718
Interest credited to policyholder account balances 1,961 769
Policyholder dividends 300 297 Capitalization of DAC (812 ) (796 )
Amortization of DAC and VOBA 624 693 Amortization of negative VOBA
(10 ) (22 ) Interest expense on debt 234 286 Other expenses 3,189
3,204 Total expenses 14,558 13,149
Income (loss) from continuing operations before provision
for income tax 1,744 1,656 Provision for income tax expense
(benefit) 359 399 Income (loss) from continuing
operations, net of income tax 1,385 1,257 Income (loss) from
discontinued operations, net of income tax — — Net
income (loss) 1,385 1,257 Less: Net income (loss) attributable to
noncontrolling interests 4 4 Net income (loss)
attributable to MetLife, Inc. 1,381 1,253 Less: Preferred stock
dividends 32 6 Net income (loss) available to
MetLife, Inc.'s common shareholders $ 1,349 $ 1,247
See footnotes on last page.
MetLife,
Inc. (Unaudited) (In millions, except per share
data) For the Three Months Ended March 31,
2019 2018
Reconciliation to Adjusted Earnings Available
to Common Shareholders
Earnings PerWeighted AverageCommon Share
Diluted (1)
Earnings PerWeighted AverageCommon Share
Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders
$ 1,349 $ 1.40 $ 1,247 $ 1.19 Adjustments from net income
(loss) available to common shareholders to adjusted earnings
available to common shareholders: Less: Net investment gains
(losses) 15 0.02 (333 ) (0.32 ) Net derivative gains (losses) 115
0.12 349 0.33 Premiums — — — — Universal life and investment-type
product policy fees 27 0.03 32 0.03 Net investment income 627 0.65
(474 ) (0.44 ) Other revenues 70 0.07 83 0.08 Policyholder benefits
and claims and policyholder dividends (131 ) (0.14 ) (47 ) (0.05 )
Interest credited to policyholder account balances (713 ) (0.74 )
348 0.33 Capitalization of DAC — — 1 — Amortization of DAC and VOBA
31 0.03 4 — Amortization of negative VOBA — — 1 — Interest expense
on debt — — — — Other expenses (88 ) (0.09 ) (94 ) (0.09 ) Goodwill
impairment — — — — Provision for income tax (expense) benefit (24 )
(0.03 ) (42 ) (0.04 ) Income (loss) from discontinued operations,
net of income tax — — — — Add: Net income (loss) attributable to
noncontrolling interests 4 — 4 —
Adjusted earnings available to common shareholders 1,424 1.48 1,423
1.36 Less: Total notable items (2) (55 ) (0.06 ) 28 0.03
Adjusted earnings available to common shareholders,
excluding total notable items (2) $ 1,479 $ 1.54 $
1,395 $ 1.34 Adjusted earnings available to
common shareholders on a constant currency basis $ 1,424 $ 1.48 $
1,396 $ 1.34 Adjusted earnings available to common shareholders,
excluding total notable items, on a constant currency basis (2) $
1,479 $ 1.54 $ 1,368 $ 1.31 Weighted average common shares
outstanding - diluted 963.3 1,044.4 See footnotes on
last page.
MetLife, Inc. (Unaudited)
(In millions) For the Three
Months Ended March 31, 2019 2018
Premiums, Fees and Other
Revenues Premiums, fees and other revenues $ 11,264 $ 11,044
Less: Unearned revenue adjustments — (5 ) GMIB fees 27 30
Settlement of foreign currency earnings hedges 2 4 TSA fees 68 79
Divested businesses — 7 Adjusted premiums, fees and
other revenues $ 11,167 $ 10,929
Net
Investment Income Net investment income $ 4,908 $ 3,745 Less:
Investment hedge adjustments (105 ) (110 ) Operating joint venture
adjustments — 1 Unit-linked contract income 736 (353 )
Securitization entities income — — Certain partnership
distributions (4 ) (12 ) Divested businesses — — Net
investment income, as reported on an adjusted basis $ 4,281
$ 4,219
Revenues and Expenses Total revenues $
16,302 $ 14,805 Less: Net investment gains (losses) 15 (333 ) Less:
Net derivative gains (losses) 115 349 Less: Adjustments related to
net investment gains (losses) and net derivative gains (losses) —
(5 ) Less: Other adjustments to revenues: GMIB fees 27 30
Investment hedge adjustments (105 ) (110 ) Operating joint venture
adjustments — 1 Unit-linked contract income 736 (353 )
Securitization entities income — — Settlement of foreign currency
earnings hedges 2 4 Certain partnership distributions (4 ) (12 )
TSA fees 68 79 Divested businesses — 7 Total adjusted
revenues $ 15,448 $ 15,148 Total expenses $
14,558 $ 13,149 Less: Adjustments related to net investment (gains)
losses and net derivative (gains) losses (24 ) (14 ) Less: Goodwill
impairment — — Less: Other adjustments to expenses: Inflation and
pass-through adjustments 79 41 GMIB costs and amortization of DAC
and VOBA related to GMIB fees and GMIB costs 49 15 Market value
adjustments and amortization of DAC, VOBA and negative VOBA related
to market value adjustments (4 ) — PAB hedge adjustments (3 ) (1 )
Unit-linked contract costs 716 (347 ) Securitization entities debt
expense — — Noncontrolling interest (6 ) (7 ) Regulatory
implementation costs 3 1 Acquisition, integration and other costs
23 11 TSA fees 68 79 Divested businesses — 9 Total
adjusted expenses $ 13,657 $ 13,362 See
footnotes on last page.
MetLife, Inc.
(Unaudited) (In millions, except per share and ratio
data) March 31,
Book Value (3)
2019 2018 Book value per common
share $ 58.06 $ 52.49 Less: Net unrealized investment gains
(losses), net of income tax 14.59 11.28 Defined benefit plans
adjustment, net of income tax (2.11 ) (2.15 ) Book value per common
share, excluding AOCI other than FCTA 45.58 43.36 Less: Goodwill,
net of income tax 9.56 9.20 VODA and VOCRA, net of income tax 0.31
0.36 Book value per common share - tangible common
stockholders' equity $ 35.71 $ 33.80
Common shares outstanding, end of period 950.2 1,024.1
For the Three Months Ended March 31,
Expense Detail and
Ratios 2019 2018
Reconciliation
of Capitalization of DAC to Capitalization of DAC, as reported on
an adjusted basis. Capitalization of DAC $ (812 ) $ (796 )
Less: Divested businesses — (1 ) Capitalization of DAC, as
reported on an adjusted basis $ (812 ) $ (795 )
Reconciliation of Other Expenses to Other Expenses, as reported
on an adjusted basis Other expenses $ 3,189 $ 3,204 Less:
Noncontrolling interest (6 ) (7 ) Less: Regulatory implementation
costs 3 1 Less: Acquisition, integration and other costs 23 11
Less: TSA fees 68 79 Less: Divested businesses — 10
Other expenses, as reported on an adjusted basis $ 3,101 $
3,110
Other detail and ratios Other expenses $
3,189 $ 3,204 Capitalization of DAC (812 ) (796 ) Other expenses,
net of capitalization of DAC $ 2,377 $ 2,408
Premiums, fees and other revenues $ 11,264 $ 11,044 Expense
ratio 21.1 % 21.8 % Direct expenses $ 1,420 $ 1,462 Less:
Total notable items related to direct expenses 70 43
Direct expenses, excluding total notable items related to direct
expenses $ 1,350 $ 1,419 Other expenses, as
reported on an adjusted basis $ 3,101 $ 3,110 Capitalization of
DAC, as reported on an adjusted basis (812 ) (795 ) Other expenses,
net of capitalization of DAC, as reported on an adjusted basis
2,289 2,315 Less: Total notable items related to other expenses, as
reported on an adjusted basis 70 43 Other expenses,
net of capitalization of DAC, excluding total notable items related
to other expenses, as reported on an adjusted basis $ 2,219
$ 2,272 Adjusted premiums, fees and other revenues $
11,167 $ 10,929 Less: Pension risk transfer (PRT) (2 ) —
Adjusted premiums, fees and other revenues, excluding PRT $ 11,169
$ 10,929 Direct expense ratio 12.7 % 13.4 %
Direct expense ratio, excluding total notable items related to
direct expenses and PRT 12.1 % 13.0 % Adjusted expense ratio 20.5 %
21.2 % Adjusted expense ratio, excluding total notable items
related to other expenses and PRT 19.9 % 20.8 % See
footnotes on last page.
MetLife, Inc.
(Unaudited) For the Three Months Ended
March 31, (4)
Return on Equity 2019
2018 Return on MetLife, Inc.'s: Common stockholders' equity
10.3 % 9.0 % Common stockholders' equity, excluding AOCI other than
FCTA 12.5 % 11.2 % Tangible common stockholders' equity 16.2 % 14.4
% Adjusted return on MetLife, Inc.'s: Common stockholders'
equity 10.9 % 10.3 % Common stockholders' equity, excluding AOCI
other than FCTA 13.2 % 12.8 % Common stockholders' equity,
excluding total notable items (excludes AOCI other than FCTA) (2)
13.7 % 12.4 % Tangible common stockholders' equity 17.1 % 16.4 %
Tangible common stockholders' equity, excluding total notable items
(2) 17.7 % 16.0 % Adjusted Return on Allocated Equity: U.S.
27.0 % 24.1 % Asia 10.0 % 9.2 % Latin America 18.1 % 17.8 % EMEA
12.3 % 9.3 % MetLife Holdings 13.2 % 16.9 % Adjusted Return
on Allocated Tangible Equity: U.S. 30.7 % 27.9 % Asia 15.2 % 13.9 %
Latin America 29.9 % 29.8 % EMEA 22.1 % 15.3 % MetLife Holdings
14.8 % 19.0 % See footnotes on last page.
MetLife,
Inc. Adjusted Earnings Available to Common Shareholders
(Unaudited) (In millions)
For the Three Months Ended March 31, 2019 2018 U.S. (5):
Adjusted earnings available to common shareholders $ 724 $
653 Less: Total notable items (2) — — Adjusted earnings
available to common shareholders, excluding total notable items (2)
$ 724 $ 653 Adjusted premiums, fees and other
revenues $ 6,058 $ 5,679 Less: PRT (2 ) — Adjusted premiums, fees
and other revenues, excluding PRT $ 6,060 $ 5,679
Group Benefits (5): Adjusted earnings available to common
shareholders $ 342 $ 218 Less: Total notable items (2) — —
Adjusted earnings available to common shareholders, excluding total
notable items (2) $ 342 $ 218 Retirement &
Income Solutions (5): Adjusted earnings available to common
shareholders $ 285 $ 339 Less: Total notable items (2) — —
Adjusted earnings available to common shareholders, excluding total
notable items (2) $ 285 $ 339 Adjusted
premiums, fees and other revenues $ 609 $ 371 Less: PRT (2 ) —
Adjusted premiums, fees and other revenues, excluding PRT $ 611
$ 371 Property & Casualty (5):
Adjusted earnings available to common shareholders $ 97 $ 96 Less:
Total notable items (2) — — Adjusted earnings available to
common shareholders, excluding total notable items (2) $ 97
$ 96 See footnotes on last page.
MetLife, Inc. Adjusted Earnings Available to Common
Shareholders (Continued) (Unaudited) (In
millions) For the Three Months
Ended March 31, 2019 2018 Asia: Adjusted earnings
available to common shareholders $ 356 $ 327 Less: Total notable
items (2) — — Adjusted earnings available to common
shareholders, excluding total notable items (2) $ 356 $ 327
Adjusted earnings available to common shareholders on
a constant currency basis $ 356 $ 316 Adjusted earnings available
to common shareholders, excluding total notable items, on a
constant currency basis (2) $ 356 $ 316 Latin America:
Adjusted earnings available to common shareholders $ 134 $
140 Less: Total notable items (2) — — Adjusted
earnings available to common shareholders, excluding total notable
items (2) $ 134 $ 140 Adjusted earnings
available to common shareholders on a constant currency basis $ 134
$ 135 Adjusted earnings available to common shareholders, excluding
total notable items, on a constant currency basis (2) $ 134 $ 135
EMEA: Adjusted earnings available to common
shareholders $ 86 $ 81 Less: Total notable items (2) — —
Adjusted earnings available to common shareholders,
excluding total notable items (2) $ 86 $ 81
Adjusted earnings available to common shareholders on a constant
currency basis $ 86 $ 70 Adjusted earnings available to common
shareholders, excluding total notable items, on a constant currency
basis (2) $ 86 $ 70 MetLife Holdings (5): Adjusted
earnings available to common shareholders $ 317 $ 425 Less: Total
notable items (2) — 62 Adjusted earnings available to
common shareholders, excluding total notable items (2) $ 317
$ 363 Corporate & Other (5):
Adjusted earnings available to common shareholders $ (193 ) $ (203
) Less: Total notable items (2) (55 ) (34 ) Adjusted earnings
available to common shareholders, excluding total notable items (2)
$ (138 ) $ (169 ) See footnotes on last page.
MetLife, Inc. (Unaudited) (1) Adjusted
earnings available to common shareholders is calculated on a
standalone basis and may not equal the sum of (i) adjusted earnings
available to common shareholders, excluding total notable items and
(ii) total notable items. (2) Notable items reflect the
unexpected impact of events that affect MetLife’s results, but that
were unknown and that MetLife could not anticipate when it devised
its Business Plan. Notable items also include certain items
regardless of the extent anticipated in the Business Plan to help
investors have a better understanding of MetLife's results and to
evaluate and forecast those results. Notable items can affect
MetLife’s results either positively or negatively. (3) Book
values exclude $3,340 million and $2,560 million of equity related
to preferred stock at March 31, 2019 and 2018, respectively.
(4) Annualized using quarter-to-date results. (5) Results on
a constant currency basis are not included as constant currency
impact is not significant.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190501005890/en/
For Media: Ashia RazzaqMetLife(212) 578-1538
For Investors: John HallMetLife(212) 578-7888
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