MetLife’s (NYSE:MET) performance in the fourth quarter was disappointing, as both earnings and revenue missed the Street’s expectations and declined from the year-ago quarter. The company provides insurance, annuities, asset management services, and employee benefit programs globally.
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Q4 revenues tanked 18.8% to $16.3 billion, missing the Street’s estimate of $17.2 billion. Meanwhile, adjusted earnings per share declined 22.9% year-over-year to $1.55. It also came in below the analysts’ consensus estimate of $1.67.
The results were primarily impacted by a 25% year-over-year fall in premiums, fees, and other revenue. Further, investment income decreased by 15% in the quarter.
Regarding the 2023 outlook, the company expects variable investment income to be about $2 billion. Also, the adjusted loss in the Corporate & Other segment is anticipated to be between $650 million and $750 million, compared with a loss of $844 million in 2022.
Is MetLife a Buy or Sell?
On TipRanks, MetLife commands a Strong Buy consensus rating. This is based on seven Buy and two Hold recommendations. The average MET stock price target of $82.89 implies 14.05% upside potential from current levels.
