Q3 2024 MetLife Inc Earnings Call Transcript
Key Points
- MetLife Inc (MET) reported a 12% increase in year-to-date adjusted earnings per share, excluding notable items, indicating strong momentum and a favorable environment for its businesses.
- The company achieved a 14.6% adjusted return on equity, exceeding its target range of 13% to 15% for the full year, demonstrating effective capital deployment for growth and high returns.
- MetLife Inc (MET) returned approximately $1.2 billion to shareholders in the third quarter through dividends and share repurchases, showcasing its commitment to shareholder value.
- The company reported strong sales in its retirement and income solutions segment, with $5.6 billion in pension risk transfer sales closed so far in 2024, indicating robust market demand.
- MetLife Inc (MET) has a strong cash position with $4.5 billion in cash and liquid assets at its holding companies, above its target cash buffer, ensuring financial flexibility.
- Variable investment income (VII) was below expectations, impacting adjusted earnings, primarily due to lower private equity returns.
- The group benefits business saw a decline in adjusted earnings, down 11% year over year, due to less favorable nonmedical health underwriting margins.
- Asia's adjusted earnings decreased by 6% from the previous year, affected by market-related items, although partially offset by favorable underwriting margins.
- MetLife Holdings experienced a 17% decline in adjusted earnings compared to the prior-year quarter, driven by foregone earnings from a reinsurance transaction.
- The company faced challenges in Japan sales, particularly in single premium FX products, due to yen volatility impacting foreign currency product sales.
Ladies and gentlemen, thank you for standing by. Welcome to the MetLife third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
Before we get started, I refer you to the cautionary note about forward-looking statements in yesterday's earnings release and to risk factors discussed in MetLife's SEC filings.
With that, I will turn the call over to John Hall, Global Head of Investor Relations.
Thank you, operator. Good morning all. We appreciate you joining MetLife's third-quarter 2024 earnings call. Before we begin, I'd point you to information on non-GAAP measures on the Investor Relations portion of metlife.com, in our earnings release, and in our quarterly financial supplements, which you should review.
On the call this morning are Michel Khalaf, President and Chief Executive Officer; and John McCallion, Chief Financial Officer. Other members of senior management are also available to participate.
We
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