Metlife, Inc. · NYSE:MET

Metlife — FY2022 Earnings Presentation

42 slides from Metlife's earnings presentation, April 2023

  1. Slide 1: Historical Results Financial Supplement

    Table of Contents Historical Results* Financial Supplement Presented in a Revised Format for the Quarters Ended March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 and the Year Ended December 31, 2022 Presented to Conform with the Presentation Adopted for the First Quarter 2023 F

  2. Slide 2: Table of Contents

    Table of Contents METLIFE TABLE OF CONTENTS GAAP CONSOLIDATED STATEMENTS OF OPERATIONS 2 CORPORATE OVERVIEW 3 KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS 5 EXPENSE DETAIL AND RATIOS 7 GAAP CONSOLIDATED BALANCE SHEETS 8 SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 9 U.S. Statements of

  3. Slide 3: GAAP Consolidated Statements of Operations

    Table of Contents METLIFE As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe

  4. Slide 4: Corporate Overview

    Table of Contents METLIFE CORPORATE OVERVIEW For the Three Months Ended Unaudited (In millions, except per share data) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Net income (loss) available to MetLife, Inc.'s common shareholders $ 1,571 $ 881 $ 1,098 $ 1,549 Adjustments from n

  5. Slide 5: Corporate Overview (Continued)

    Table of Contents METLIFE CORPORATE OVERVIEW (CONTINUED) Unaudited March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Book value per common share (1) $ 47.39 $ 37.52 $ 32.48 $ 33.45 Book value per common share, excluding AOCI other than FCTA (1) $ 52.97 $ 52.30 $ 52.04 $ 54.30 For the

  6. Slide 6: Key Adjusted Earnings Statement Line Items

    Table of Contents METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS For the Three Months Ended For the Year Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 Total revenues $ 15,405 $ 15,474 $ 22,283 $ 15,608 $ 68,770 Less: Adjustments

  7. Slide 7: Key Adjusted Earnings Statement Line Items (Continued)

    Table of Contents METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED) For the Three Months Ended For the Year Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 Total expenses $ 13,470 $ 14,486 $ 20,868 $ 13,582 $ 62,406 Less:

  8. Slide 8: Expense Detail and Ratios

    Table of Contents METLIFE EXPENSE DETAIL AND RATIOS For the Three Months Ended For the Year Ended Unaudited (In millions, except ratio data) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 Other expenses, net of capitalization of DAC $ 2,260 $ 2,231 $ 2,249 $ 2,37

  9. Slide 9: GAAP Consolidated Balance Sheets

    Table of Contents METLIFE GAAP CONSOLIDATED BALANCE SHEETS Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 ASSETS Investments: Fixed maturity securities available-for-sale, at estimated fair value $ 320,079 $ 284,178 $ 270,765 $ 276,780 Equity securities, at

  10. Slide 10: Summary of Adjusted Earnings Available to Common Shareholders

    Table of Contents METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS For the Three Months Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Adjusted earnings before provision for income tax U.S. GROUP BENEFITS $ 149 $ 515 $ 530 $ 495 R

  11. Slide 11: U.S. Statements of Adjusted Earnings

    Table of Contents U.S. STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS For the Three Months Ended For the Year Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 Adjusted revenues Premiums $ 7,005 $ 8,094 $ 13,954 $ 5,61

  12. Slide 12: U.S. Group Benefits Statements of Adjusted Earnings

    Table of Contents U.S. GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS For the Three Months Ended For the Year Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 Adjusted revenues Premiums $ 5,433 $ 5,210

  13. Slide 13: U.S. Retirement and Income Solutions Statements of Adjusted Earnings

    Table of Contents U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS For the Three Months Ended For the Year Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 Adjusted revenues Premiums

  14. Slide 14: Group Benefits Other Expenses by Major Category

    Table of Contents U.S. GROUP BENEFITS OTHER EXPENSES BY MAJOR CATEGORY For the Three Months Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Direct and allocated expenses $ 438 $ 436 $ 444 $ 475 Pension, postretirement and postemployment benefit costs 1

  15. Slide 15: Retirement and Income Solutions Future Policy Benefits and Liabilities

    Table of Contents U.S. RETIREMENT AND INCOME SOLUTIONS FUTURE POLICY BENEFITS (1) Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Balance, end of period (at balance sheet discount rate) (2) $ 62,407 $ 58,840 $ 61,264 $ 62,737 Less: Accumulated other comprehe

  16. Slide 16: Retirement and Income Solutions Other Expenses and Spread

    Table of Contents U.S. RETIREMENT AND INCOME SOLUTIONS OTHER EXPENSES BY MAJOR CATEGORY For the Three Months Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Direct and allocated expenses $ 65 $ 61 $ 64 $ 70 Pension, postretirement and postemployment be

  17. Slide 17: Asia Statements of Adjusted Earnings

    Table of Contents ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS For the Three Months Ended For the Year Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 Adjusted revenues Premiums $ 1,552 $ 1,393 $ 1,346 $ 1,272

  18. Slide 18: Asia Adjusted Premiums, Fees and Other Revenues

    Table of Contents ASIA ADJUSTED PREMIUMS, FEES AND OTHER REVENUES For the Three Months Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Adjusted premiums, fees and other revenues $ 1,976 $ 1,837 $ 1,805 $ 1,728 Adjusted premiums, fees and other revenues

  19. Slide 19: Asia General Account Assets Under Management

    Table of Contents ASIA ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 GA AUM $ 131,989 $ 117,597 $ 109,930 $ 116,289 GA AUM (at amortized cost) $ 129,935 $ 122,257 $ 119,302 $ 126,335 GA AUM

  20. Slide 20: Latin America Statements of Adjusted Earnings

    Table of Contents LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS For the Three Months Ended For the Year Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 Adjusted revenues Premiums $ 738 $ 822 $ 822 $ 84

  21. Slide 21: Latin America Other Expenses by Major Category

    Table of Contents LATIN AMERICA OTHER EXPENSES BY MAJOR CATEGORY For the Three Months Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Direct and allocated expenses $ 121 $ 116 $ 116 $ 140 Pension, postretirement and postemployment benefit costs 1 1 1 1

  22. Slide 22: EMEA Statements of Adjusted Earnings

    Table of Contents EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS For the Three Months Ended For the Year Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 Adjusted revenues Premiums $ 509 $ 493 $ 472 $ 488 $ 1,962

  23. Slide 23: EMEA Other Expenses by Major Category

    Table of Contents EMEA OTHER EXPENSES BY MAJOR CATEGORY For the Three Months Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Direct and allocated expenses $ 97 $ 101 $ 91 $ 100 Pension, postretirement and postemployment benefit costs 1 2 1 1 Premium ta

  24. Slide 24: MetLife Holdings Statements of Adjusted Earnings

    Table of Contents METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS For the Three Months Ended For the Year Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 Adjusted revenues Premiums $ 776 $ 760 $ 745 $

  25. Slide 25: Holdings Future Policy Benefits

    Table of Contents METLIFE HOLDINGS FUTURE POLICY BENEFITS (1) Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Annuities $ 1,842 $ 1,696 $ 1,582 $ 1,593 Life and Other 55,080 54,830 54,605 54,573 Long Term Care 17,755 14,828 12,986 13,845 Balance, end of peri

  26. Slide 26: Holdings Other Expenses by Major Category

    Table of Contents METLIFE HOLDINGS OTHER EXPENSES BY MAJOR CATEGORY For the Three Months Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Direct and allocated expenses $ 167 $ 160 $ 164 $ 178 Pension, postretirement and postemployment benefit costs 1 1

  27. Slide 27: Corporate & Other Statements of Adjusted Earnings

    Table of Contents CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS For the Three Months Ended For the Year Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 Adjusted revenues Premiums $ (4) $ (6) $ (7)

  28. Slide 28: Investment Portfolio Results by Asset Category and Annualized Yields

    Table of Contents INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. At or F

  29. Slide 29: Fixed Maturity Securities Available-for-Sale by Sector and Quality

    Table of Contents INVESTMENTS SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Unaudited (In millions, except ratios) Amount % of Total Amount % of Total Amount % of Total Amount % of Total U.

  30. Slide 30: Summary of Mortgage Loans

    Table of Contents INVESTMENTS SUMMARY OF MORTGAGE LOANS Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Commercial mortgage loans $ 51,117 $ 52,348 $ 52,273 $ 52,502 Agricultural mortgage loans 17,882 18,563 18,923 19,306 Residential mortgage loans 11,584 11

  31. Slide 31: Investments Footnotes

    Table of Contents INVESTMENTS FOOTNOTES (1) We calculate yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency

  32. Slide 32: Appendix

    Table of Contents Appendix

  33. Slide 33: Reconciliation Detail

    Table of Contents APPENDIX METLIFE RECONCILIATION DETAIL For the Three Months Ended For the Year Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 Reconciliation to Adjusted Earnings Available to Common Shareholders Net income (loss) av

  34. Slide 34: Notable Items

    Table of Contents APPENDIX METLIFE NOTABLE ITEMS (1) METLIFE TOTAL For the Three Months Ended For the Year Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 Actuarial assumption review and other insurance adjustments $ — $ 77 $ 12 $ — $

  35. Slide 35: Notable Items Continued

    Table of Contents APPENDIX METLIFE NOTABLE ITEMS (1) CONTINUED ASIA For the Three Months Ended For the Year Ended Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 Actuarial assumption review and other insurance adjustments $ — $ — $ (32) $ —

  36. Slide 36: Equity Details, Book Value Details and Return on Equity

    Table of Contents APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY Unaudited (In millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Total MetLife, Inc.'s stockholders' equity $ 42,432 $ 33,744 $ 29,389 $ 29,881 Less: Preferred stock 3,818 3,818 3,818

  37. Slide 37: Constant Currency Basis Adjusted Premiums, Expenses and Earnings

    Table of Contents APPENDIX METLIFE ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS For the Three Months Ended Unaudited (In millions) M

  38. Slide 38: Non-GAAP and Other Financial Disclosures

    Table of Contents METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for Me

  39. Slide 39: Non-GAAP and Other Financial Disclosures (Continued)

    Table of Contents METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED) Our definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies: Adjusted earnings and related measures • adjusted earnings; • adjusted earnings available to co

  40. Slide 40: Non-GAAP and Other Financial Disclosures (Continued)

    Table of Contents METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED) Return on equity and related measures • Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (

  41. Slide 41: Acronyms

    Table of Contents METLIFE ACRONYMS AOCI Accumulated other comprehensive income (loss) DAC Deferred policy acquisition costs DPL Deferred profit liabilities EMEA Europe, the Middle East and Africa FCTA Foreign currency translation adjustments GA General account GA AUM General account assets under man

  42. Slide 42: MetLife Navigating life together

    iy MetLife Navigating life together

MetLife — FY2022 Earnings Presentation on 6ix