Metlife, Inc. · NYSE:MET
Metlife — Q2 2018 Earnings Presentation
17 slides from Metlife's earnings presentation, Aug 1, 2018
Slide 1: 2Q18 Supplemental Slides
Exhibit 99.3 2Q18 Supplemental Slides John McCallion Chief Financial Officer
Slide 2: Table of Contents
Table of Contents Page Explanatory Note on Non-GAAP Financial Information and 3 Reconciliations............................................................................... Net Income (Loss) to Adjusted Earnings ..…..........………………. 4 Book Value Per Share………..................…………..………………. 5 Notabl
Slide 3: Explanatory Note on Non-GAAP Financial Information and Reconciliations
Explanatory Note on Non-GAAP Financial Information and Reconciliations
Slide 4: Explanatory Note on Non-GAAP Financial Information
Explanatory Note on Non-GAAP Financial Information Any references in this presentation (except in this Explanatory Note on Non- GAAP Financial Information and Reconciliations) to: Should be read as, respectively: (i) net income (loss); (i) net income (loss) available to MetLife, Inc.’s common shareh
Slide 5: Explanatory Note (Continued)
Explanatory Note on Non-GAAP Financial Information (Continued) Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in this presentation and in this period’s quarterly financial supplement and earnings news release, which are available at www.metlife.
Slide 6: Explanatory Note (Continued)
Explanatory Note on Non-GAAP Financial Information (Continued) 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 ob
Slide 7: Reconciliations
Reconciliations Mil Mettite
Slide 8: Reconciliation of Net Income (Loss) to Adjusted Earnings Available to Common Shareholders
Reconciliation of Net Income (Loss) Available to Common Shareholders to Adjusted Earnings Available to Common Shareholders 2Q18 2Q17 Earnings Per Earnings Per Weighted Weighted Average Average Common Common Share Diluted Share Diluted (In millions, except per share data) Net Income (loss) available
Slide 9: Reconciliation to Adjusted Earnings, Excluding Total Notable Items
Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 2Q18 Retirement and Group Income Property & Latin MetLife Corporate U.S. Benefits Solutions Casualty Asia America EMEA Holdings & Other (In millions) Adjusted earnings available to common shareholders
Slide 10: Expense Detail and Ratios
Expense Detail and Ratios (In millions, except ratio data) 2015 2016 2017 1Q18 2Q18 Reconciliation of Capitalization of DAC to Capitalization of DAC, as reported on an adjusted basis Capitalization of DAC $ (3,319) $ (3,152) $ (3,002) $ (796) $ (834) Less: Divested businesses and lag elimination (1)
Slide 11: Book Value Per Common Share
Book Value Per Common Share March 31, 2018 June 30, 2018 Book value per common share $ 52.49 $ 50.28 Less: Net unrealized investment gains (losses), net of income tax 11.28 9.70 Defined benefit plans adjustment, net of income tax (2.15) (2.18) Book value per common share, excluding AOCI other than F
Slide 12: Net Income (Loss) to Adjusted Earnings
Net Income (Loss) to Adjusted Earnings (In millions) – Post-tax 2Q18 Net Income (Loss)1 $845 Less: Loss on Brighthouse Financial (BHF) Disposition (159) BHF Common Stock Exchange Transaction (53) Net Investment Gains (Losses)2 (54) Net Derivative Gains (Losses) (47) Investment Hedge Adjustments (94)
Slide 13: Book Value Per Share, ex. AOCI other than FCTA
Book Value Per Share, ex. AOCI other than FCTA BVPS, ex. AOCI other than FCTA at 3/31/18 $43.36 Net Income 0.84 Change in FCTA (0.96) Common Stock Dividend (0.42) Other Equity Adjustments (0.06) BVPS, ex. AOCI other than FCTA at 6/30/18 $42.76 Note: Calculated using common shares outstanding, end of
Slide 14: Notable Items
Notable Items (In millions, except per share data) – Post-tax 2Q18 Adjusted Per Share Earnings1 Impact Adjusted Earnings1 $1,326 $1.30 Less Notable Items: Expense Initiative Costs (62) (0.06) Adjusted Earnings1, ex. Total Notable Items $1,388 $1.36 1 Available to common shareholders. See Explanatory
Slide 15: Adjusted Earnings ex. Total Notable Items by Segment
Adjusted Earnings ex. Total Notable Items by Segment ($ in millions) – Post-tax % % Change 2Q18 2Q17 Change (Constant Rate) Highlights + Underwriting Margins; + Volume Growth; Group Benefits $261 $203 29% + Taxes; - Investment Margins + Interest Margins; + Underwriting Margins; Retirement and Income
Slide 16: Direct Expense Ratio
Direct Expense Ratio 15% 14.3% 14% 13.3% 13.3% 13.0% 13.0% 13% 12% 2015 2016 2017 1Q18 2Q18 Note: Ratio excludes total notable items related to direct expenses and PRT. See Explanatory Note for non-GAAP financial information, definitions and/or reconciliations. 8
Slide 17: MetLife - Navigating life together
iy’ MetLife Navigating life together