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Actionable news in MET: METLIFE Inc,

MetLife: Edward Spehar

The following excerpt is from the company's SEC filing.

(212) 578-7888

METLIFE ANNOUNCES THIRD QUARTER 2015 RESULTS

MetLife, Inc. (NYSE: MET) today announced the following results for the third quarter of 2015:

MetLife reported operating earnings* of $705 million, down 61 percent from the third quarter of 2014, and 59 percent on a constant currency basis*. On a per share basis, operating earnings were $0.62, down 61 percent over the prior year quarter. Operating earnings in the Americas decreased 18 percent, and 16 percent on a constant currency basis. Operating earnings in Asia increased 9 percent, and 26 percent on a constant currency basis. Operating earnings in Europe, the Middle East and Africa (EMEA) decreased 15 percent, but were up 14 percent on a constant currency basis.

Third quarter 2015 operating earnings included the following items:

a previously announced non-cash charge related to the tax treatment of a wholly-owned U.K. investment subsidiary of Metropolitan Life Insurance Company (MLIC), which decreased operating earnings by $792 million, or $0.70 per share, after tax

results of the annual actuarial assumption review, and other insurance adjustments, which decreased operating earnings by $92 million, or $0.08 per share, after tax

variable investment income below the companys 2015 quarterly plan range by $37 million, or $0.03 per share, after tax and the impact of deferred acquisition costs (DAC)

favorable one-time tax items, which increased operating earnings by $72 million, or $0.06 per share, after tax

favorable catastrophe experience and prior year development, which increased operating earnings by $21 million, or $0.02 per share, after tax

MetLifes operating return on equity (ROE), excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA)*, was 5.0 percent for the third quarter of 2015, and the companys tangible operating ROE* was 6.1 percent. Adjusting for notable items in the quarter, the companys operating ROE, excluding AOCI other than FCTA, was 10.7 percent.

On a GAAP basis, MetLife reported third quarter 2015 net income of $1.2 billion, or $1.06 per share. Net income includes $315 million, after tax, in net derivative gains, reflecting changes in interest rates and foreign currencies. MetLife uses derivatives as part of its broader asset-liability management strategy to hedge certain risks, such as movements in interest rates and foreign currencies. This hedging activity often generates derivative gains or losses and creates fluctuations in net income because the risk being hedged may not have the same GAAP accounting treatment.

The third quarter variance between operating earnings and net income reflects a favorable impact of $568 million, after-tax, related to asymmetrical and non-economic accounting.

Premiums, fees & other revenues* were $13.1 billion, up 3 percent, and 9 percent on a constant currency basis over the third quarter of 2014.

Book value, excluding AOCI other than FCTA*, was $51.11 per share, up from $49.69 at September 30, 2014.

Macroeconomic factors, including foreign currency, equity markets and interest rates, as well as a previously announced non-cash tax-related charge, negatively impacted MetLifes third quarter results, said Steven A. Kandarian, chairman, president and chief executive officer, MetLife, Inc. While it was a difficult quarter, we are pleased that we have returned $2.3 billion to shareholders in the first nine months of 2015, which is roughly half of our normalized operating earnings.

THIRD QUARTER 2015 SUMMARY

($ in millions, except per share data)

Three months ended Sept. 30

Change

13,118

12,725

Total operating revenues

17,967

17,918

Operating earnings per share

Net income per share

Book value per share, excluding AOCI other than FCTA

Book value per share tangible common stockholders equity

Information regarding the non-GAAP and other financial measures included in this news release and the reconciliation of the non-GAAP financial measures to GAAP measures is provided in the Non-GAAP and Other Financial Disclosures discussion below, as well as in the tables that accompany this news release and/or the Third Quarter 2015 Financial Supplement (which is available on the MetLife Investor Relations Web page at

www.metlife.com

BUSINESS DISCUSSIONS

All comparisons of the results for the third quarter of 2015 in the business discussions that follow are with the third quarter of 2014, unless otherwise noted.

THE AMERICAS

Total operating earnings for the Americas were $1.3 billion, down 18 percent, and 16 percent on a constant currency basis, due to lower investment margins and equity markets, as well as the annual actuarial assumption review. In addition, unfavorable underwriting was offset by a favorable tax item in Latin America. Operating return on allocated equity* was 12.9 percent, and operating return on allocated tangible equity* was 14.6 percent. Premiums, fees & other revenues were $10.3 billion, up 9 percent, and 11 percent on a constant currency basis. Excluding pension closeouts, premiums, fees & other revenues were down 4 percent, and 2 percent on a constant currency basis.

Retail

Operating earnings for Retail were $523 million, down 33 percent, negatively impacted by the annual actuarial assumption review, lower investment margins and equity markets, as well as less favorable tax impacts and underwriting compared to a strong third quarter of 2014. Premiums, fees & other revenues were $3.3 billion, down 5 percent due to lower single premium immediate annuity sales and lower annuity balances. Retail life sales* were up 36 percent, and Retail annuity sales were up 20 percent.

Group, Voluntary & Worksite Benefits

Operating earnings for Group, Voluntary & Worksite Benefits were $238 million, down 1 percent, due to unfavorable underwriting in property & casualty auto, which offset business growth. Premiums, fees & other revenues were $4.4 billion, up 2 percent.

Corporate Benefit Funding

Operating earnings for Corporate Benefit Funding were $326 million, down 17 percent, due to lower investment margins. Premiums, fees & other revenues were $1.7 billion, due to higher pension closeout sales. Excluding pension closeouts, premiums, fees & other revenues were down 15 percent.

Latin America

Operating earnings for Latin America were $176 million, up 44 percent, and 100 percent on a constant currency basis. Operating earnings include a one-time tax benefit of $60 million in Chile. Premiums, fees & other revenues were $940 million, down 18 percent, and essentially unchanged on a constant currency basis. Total sales for the region increased 3 percent on a constant currency basis, due to direct marketing sales.

Operating earnings for Asia were $338 million, up 9 percent, and 26 percent on a constant currency basis, driven by business growth, one-time investment income and favorable non-recurring tax items. Operating return on allocated equity was 11.7 percent, and operating return on allocated tangible equity was 20.2 percent. Premiums, fees & other revenues in Asia were $2.1 billion, down 13 percent, but up 3 percent on a constant currency basis, mostly driven by

accident & health in Japan. Total sales for the region decreased 10 percent on a constant currency basis, driven by Asia, other than Japan. In Japan, sales grew 12 percent on a constant currency basis, driven by accident & health sales up 23 percent.

Operating earnings for EMEA were $66 million, down 15 percent, but up 14 percent on a constant currency basis, driven by business growth, and favorable tax items. Operating return on allocated equity was 7.9 percent, and operating return on allocated tangible equity was 14.6 percent. Premiums, fees & other revenues were $618 million, down 15 percent, and 1 percent on a constant currency basis, but up 4 percent excluding the impact from the conversion of certain operations to calendar year reporting in the third quarter of 2014. Total sales for the region decreased 8 percent on a constant currency basis, due to strong employee benefit sales in the Middle East and the conversion of certain operations to calendar year reporting in the third quarter of 2014.

INVESTMENTS

Net investment income was $4.8 billion, down 7 percent. Variable investment income was $267 million ($174 million, after tax and DAC, compared with $424 million ($273 million, after tax and DAC) in the third quarter of 2014.

Changes in interest rates and foreign currencies during the quarter are reflected in derivative net gains of $169 million, after tax and other adjustments. Derivative net gains in the third quarter of 2014 were $187 million, after tax and other adjustments.

CORPORATE & OTHER

Corporate & Other had an operating loss of $962 million compared with an operating loss of $106 million in the third quarter of 2014. The Corporate & Other loss of $962 million includes the previously announced non-cash charge related to the tax treatment of a wholly-owned U.K. investment subsidiary of MLIC, which decreased operating earnings by $792 million. Excluding this charge and other notable items, Corporate & Other had an operating loss of $128 million.

Conference Call

MetLife will hold its third quarter 2015 earnings conference call and audio webcast on Thursday, Nov. 5, 2015, from 8-9 a.m. EST. The conference call will be available live via telephone and the Internet. To listen via telephone, dial 800-230-1074 (U.S.) or 612-234-9959 (outside the U.S.). To listen to the conference call via the Internet, visit

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 10 a.m. EST on Thursday, Nov. 5, 2015, until Thursday, Nov. 12, 2015, at 11:59 p.m. EST. 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 344938. To access the replay of the conference call over the Internet, visit the above-mentioned website.

A brief video of CFO John Hele discussing third quarter 2015 results can be viewed at

www.metlife.com/earningsvideo

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit

Non-GAAP and Other Financial Disclosures

Any references in this news release (except in this section and in the tables that accompany this release) to net income (loss), net income (loss) per share, operating earnings, operating earnings per share, book value per share, book value per share, excluding accumulated other comprehensive income (loss) (AOCI) other than foreign currency translation adjustments (FCTA), book value per share-tangible common stockholders equity, premiums, fees and other revenues, operating return on equity, excluding AOCI other than FCTA, and tangible operating return on equity should be read as net income (loss) available to MetLife, Inc.s common...


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