Metlife ( (MET) ) has released its Q3 earnings. Here is a breakdown of the information Metlife presented to its investors.
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MetLife, Inc., a leading global financial services company, offers insurance, annuities, employee benefits, and asset management services worldwide, serving both individual and institutional clients. In its third-quarter 2024 earnings report, MetLife reported a significant increase in net income to $1.3 billion, up from $422 million in the same period last year, primarily due to net derivative gains. However, the company’s adjusted earnings slightly declined by 8% to $1.4 billion compared to the previous year. Key financial metrics revealed a mixed performance with a 5% decrease in premiums, fees, and other revenues amounting to $12.5 billion, while net investment income rose by 8% to $5.2 billion due to higher interest rates. The return on equity improved significantly to 20.2%, showcasing the company’s efficient use of equity. Segment-wise, the results varied, with Asia and Latin America showing growth in adjusted earnings driven by favorable underwriting and market performance, while Group Benefits and MetLife Holdings experienced declines. Looking ahead, MetLife remains focused on execution to maintain momentum in its market-leading businesses, despite challenges like lower variable investment income, as stated by CEO Michel Khalaf.
