MetLife delivered an excellent third quarter, demonstrating the strength of its diversified business model and disciplined execution of its New Frontier strategy, with adjusted earnings per share growing significantly year-over-year.
Adjusted earnings increased 15% to $1.6 billion, primarily driven by higher variable investment income and volume growth.
positiveAdjusted earnings per share, excluding total notable items, up 21% to $2.34.
positiveAdjusted premiums, fees and other revenues, excluding pension risk transfers (PRT), up 4% to $12.5 billion, with growth in all segments except MetLife Holdings.
positiveNet investment income up 16% to $6.1 billion.
positiveVariable investment income was $483 million, primarily reflecting higher private equity returns.
positiveReturned approximately $875 million to shareholders via share repurchases and common stock dividends.
positiveGrew Asia sales 34% on a constant currency basis, with Japan up 31% and Other Asia sales up 39%.
positiveSecured $12 billion in PRT mandates in the fourth quarter to-date.
positiveNet income decreased 36% to $818 million, primarily driven by higher net derivative losses and net investment losses.
negativeNet income (loss) per share decreased 33% to $1.22.
negativeAdjusted earnings in Latin America were down 33% on a reported basis due to a value-added tax charge in Mexico.
attentionAdjusted loss in Corporate & Other was $288 million, compared to $249 million in the prior year, primarily due to elevated expenses.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
MetLife delivered an excellent third quarter that reinforces the strength of our diversified business model and disciplined execution of our New Frontier strategy.
Adjusted earnings per share, excluding total notable items, grew 21% year-over-year, driven by strong variable investment income, broad-based volume growth, and diligent expense management.
Momentum continues to build as we head into year-end.
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