AM Best has affirmed the Financial Strength Rating (FSR)
of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term
ICR) of “aa-” (Superior) of the members of Metropolitan Life
Insurance Group (collectively referred to as MetLife or the group).
Concurrently, AM Best has affirmed the Long-Term ICR of “a-”
(Excellent) and the Long- and Short-Term Issue Credit Ratings
(Long-Term IR; Short-Term IR) of MetLife, Inc. (headquartered in
New York, NY) [NYSE: MET]. The outlook of these Credit Ratings
(ratings) is stable. (See below for a detailed listing of companies
and Long- and Short-Term IRs.)
The ratings reflect MetLife’s balance sheet strength, which AM
Best assesses as strong, as well as its strong operating
performance, very favorable business profile and appropriate
enterprise risk management (ERM).
MetLife’s strong balance sheet strength assessment is supported
by its consolidated holding company view of capital adequacy that
is enhanced by the financial flexibility and the liquidity of its
ultimate parent (MetLife, Inc.), which historically has maintained
steady levels of excess liquidity. Additionally, there has been a
long-term trend toward reduced liability risk on MetLife’s balance
sheet, related to equity and interest rate risk as MetLife’s
product portfolio changes over time. MetLife’s financial leverage
and interest coverage is at appropriate levels for the ratings.
There are some risks with mortgage concentrations and AM Best will
continue to monitor the group’s exposure in this regard.
The group has a history of generating revenue growth and
consistently positive operating metrics on a statutory and GAAP
basis. Earnings are well-diversified by geography, business line
and distribution channel. Earnings volatility is lower within its
group benefits segment. AM Best views the group’s operating
performance as strong, with its focus on enhancing its product
offerings, concentration on higher margin product lines with
steadier returns and lower expenses. AM Best views the group’s ERM
as appropriate, as it continues to focus on improving its overall
program, capital modeling and stress testing.
The ratings also reflect the organization’s strong and
defensible market positions in many of its core lines of business
and the diversity in its product offerings and geographic markets
in the United States, Asia and Latin America, as well as the
Europe, Middle East and Africa region.
The FSR of A+ (Superior) and the Long-Term ICRs of “aa-”
(Superior) have been affirmed with stable outlooks for the
following subsidiaries of MetLife, Inc.:
- Delaware American Life Insurance Company
- Metropolitan Life Insurance Company
- Metropolitan Tower Life Insurance Company
- SafeGuard Health Plans, Inc. (TX)
- SafeGuard Health Plans, Inc. (FL)
- SafeGuard Health Plans, Inc. (CA)
- MetLife Global Benefits, Ltd.
- Metropolitan General Insurance Company
The following Short-Term IRs have been affirmed:
MetLife Funding, Inc.— -- AMB-1+ (Strongest) on commercial
paper
MetLife, Inc.— -- AMB-1 (Outstanding) on commercial paper
The following Long-Term IRs have been affirmed with a stable
outlook:
MetLife, Inc.— -- “a-” (Excellent) on USD 1.0 billion 3.60%
senior unsecured notes, due 2024 -- “a-” (Excellent) on GBP 350
million 5.375% senior unsecured notes, due 2024 -- “a-” (Excellent)
on USD 500 million 3.60% senior unsecured notes, due 2025 -- “a-”
(Excellent) on USD 500 million 3.0% senior unsecured notes, due
2025 -- “a-” (Excellent) on JPY 25.2 billion 0.495% senior
unsecured notes, due 2026 -- “a-” (Excellent) on JPY 64.9 billion
0.769% senior unsecured notes, due 2029 -- “a-” (Excellent) on USD
1.0 billion 4.55% senior unsecured notes, due 2030 -- “a-”
(Excellent) on JPY 10.7 billion 0.898% senior unsecured notes, due
2031 -- “a-” (Excellent) on USD 600 million 6.50% senior unsecured
notes, due 2032 -- “a-” (Excellent) on USD 1.0 billion 5.375%
senior unsecured notes, due 2033 -- “a-” (Excellent) on USD 750
million 6.375% senior unsecured notes, due 2034 -- “a-” (Excellent)
on JPY 26.5 billion 1.189% senior unsecured notes, due 2034 -- “a-”
(Excellent) on USD 1.0 billion 5.70% senior unsecured notes, due
2035 -- “a-” (Excellent) on JPY 24.4 billion 1.385% senior
unsecured notes, due 2039 -- “a-” (Excellent) on USD 750 million
5.875% senior unsecured notes, due 2041 -- “a-” (Excellent) on USD
750 million 4.125% senior unsecured notes, due 2042 -- “a-”
(Excellent) on USD 1.0 billion 4.875% senior unsecured notes, due
2043 -- “a-” (Excellent) on USD 500 million 4.721% senior unsecured
debentures, due 2044 -- “a-” (Excellent) on USD 1.0 billion 4.05%
senior unsecured notes, due 2045 -- “a-” (Excellent) on USD 750
million 4.6% senior unsecured notes, due 2046 -- “a-” (Excellent)
on USD 1 billion 5.0% senior unsecured notes, due 2052 -- “a-”
(Excellent) on USD 1 billion 5.25% senior unsecured notes, due 2054
-- “bbb” (Good) on USD 1.25 billion 6.40% junior subordinated
debentures, due 2066 -- “bbb” (Good) on USD 500 million 10.75%
junior subordinated debentures, due 2069 -- “bbb” (Good) on USD 600
million floating rate non-cumulative preferred stock, Series A --
“bbb” (Good) on USD 500 million 5.875% non-cumulative preferred
stock, Series D -- “bbb” (Good) on USD 805 million 5.625%
non-cumulative preferred stock, Series E -- “bbb” (Good) on USD 1.0
billion 4.75% non-cumulative preferred stock, Series F -- “bbb”
(Good) on USD 1.0 billion 3.85% non-cumulative preferred stock,
Series G
MetLife Capital Trust IV— -- “bbb” (Good) on USD 700 million
7.875% exchangeable surplus trust securities (junior subordinated),
due 2067
Metropolitan Life Insurance Company— -- “a” (Excellent) on USD
250 million 7.80% surplus notes, due 2025 -- “a” (Excellent) on USD
150 million 7.875% surplus notes, due 2024 (originally issued by
New England Mutual Life Insurance Company)
Metropolitan Life Global Funding I— “aa-” (Superior) program
rating -- “aa-” (Superior) on all outstanding notes issued under
the program
The following indicative Long-Term IRs have been affirmed stable
outlooks:
MetLife, Inc. — -- “a-” (Excellent) on senior unsecured debt --
“bbb+” (Good) on subordinated debt -- “bbb” (Good) on preferred
stock
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual
ratings referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information regarding the
use and limitations of Credit Rating opinions, please view Guide to
Best's Credit Ratings. For information on the proper use of Best’s
Credit Ratings, Best’s Performance Assessments, Best’s Preliminary
Credit Assessments and AM Best press releases, please view Guide to
Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
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Louis Silvers Senior Financial Analyst +1 908 882 2316
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2011 jacqalene.lentz@ambest.com Christopher Sharkey
Associate Director, Public Relations +1 908 882 2310
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