MetLife, Inc. (NYSE:MET) Q1 2024 Earnings Call Transcript

MetLife, Inc. (NYSE:MET) Q1 2024 Earnings Call Transcript May 2, 2024

MetLife, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the MetLife First Quarter 2024 Earnings Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Instructions will be given at that time. As a reminder, this conference is being recorded. Before we get started, I refer you to the cautionary note about forward-looking statements in yesterday’s earnings release and to risk factors discussed in MetLife’s SEC filings. With that, I will turn the call over to John Hall, Global Head of Investor Relations.

John Hall: Thank you, operator. Good morning, everyone. We appreciate your participation on MetLife’s first quarter 2024 earnings call. In addition to our earnings release, we issued a press release last night announcing a $3 billion increase to our share repurchase authorization. Before we begin, I’d point you to the information on non-GAAP measures on the Investor Relations portion of metlife.com, in our earnings release and in our quarterly financial supplements, which you should review. On the call this morning are Michel Khalaf, President and Chief Executive Officer; and John McCallion, Chief Financial Officer. Also participating in the discussions are other members of senior management. As usual, last night, we released our standard set of supplemental slides, which are available on our website.

John McCallion will speak to them in his prepared remarks if you wish to follow along. An appendix to the slides features disclosures GAAP reconciliations and other information, which you should similarly review. After prepared remarks, we will have a Q&A session. Given the busy morning, Q&A will end promptly just before the top of the hour. In fairness to everyone, please limit yourself to one question and one follow-up. With that, over to Michel.

Michel Khalaf: Thank you, John, and good morning, everyone. As you can see from last night’s report, MetLife is getting off to a good start for the year. We delivered another solid quarter of financial results reflecting strong top line growth, consistent execution and sustained momentum across our market-leading portfolio of businesses. We achieved this mindful that change and uncertainty remain constant in the current environment. Our resilience and consistency are made possible by the unwavering commitment of our associates our unabated confidence in our all-weather next horizon strategy and our unyielding focus on controlling those factors we can control to drive value for our shareholders and other stakeholders. With change as a persistent backdrop, MetLife’s 156-year track record of risk management is stable stakes for our customers and shareholders.

As I addressed in my shareholder letter, central to this notion is protecting our balance sheet so we can meet the promises we’ve made to our policyholders and shareholders regardless of economic or geopolitical conditions. Risk management extends across virtually everything we do, the way we invest and manage our capital and liquidity to the way we price, underwrite and reserve for the products we sell. Another element of risk management at MetLife lies in our diversification. We operate across a range of products and geographies, many that have offsetting risk characteristics such as mortality versus longevity among others. Even within our business segments, we have diversification. Our Group Benefits business serves employers across a wide range of business sizes and industries and has customers in every state.

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