• Adjusted Earnings: $1.4 billion or $1.95 per share.

• Adjusted Earnings Per Share (EPS): $1.93 per share after notable items.

• Adjusted Return on Equity: 14.6%.

• Direct Expense Ratio: 11.7%, improved year over year.

• Group Benefits Adjusted Earnings: $431 million, down from the previous year.

• Retirement and Income Solutions Adjusted Earnings: $368 million.

• Asia Adjusted Earnings: $347 million, down 6% from the previous year.

• Latin America Adjusted Earnings: $217 million, up 9% from the previous year.

• Cash and Liquid Assets at Holding Companies: $4.5 billion.

• Shareholder Returns: $1.2 billion returned via dividends and share repurchases.

• New Money Rate: 6%, 22 basis points higher than the roll-off rate.

• Warning! GuruFocus has detected 6 Warning Signs with BSP:TRPL10.PFD.

Release Date: October 31, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• MetLife Inc (NYSE: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 (NYSE: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 (NYSE: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.

Negative Points

• 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.