The following is a summary of the MetLife, Inc. (MET) Q1 2024 Earnings Call Transcript:
Financial Performance:
MetLife reported adjusted earnings of $1.3 billion, or $1.83 per share, up 20% per share from the prior year period, driven by a rebound in variable investment income.
The net income for the first quarter was at $800 million.
Adjusted premium fees and other revenues amounted to $12 billion, marking a 4% increase compared to Q1 2023.
Improved the direct expense ratio to 11.9%, surpassing the annual target of 12.3%.
Enacted a capital return strategy, involving repurchasing of almost $1.2 billion of their common stock in Q1 and increased the common dividend per share by 4.8% in April.
Noted declines in spreads in the Retirement and Income Solutions despite a favorable return on variable investment income.
Business Progress:
Reported strong business performance with Group Benefits business registering 5% growth in adjusted PFOs and the Asian market seeing a 51% increase in adjusted earnings.
Sold $2.7 billion from Retirement and Income Solutions business, marking a 49% increase from the prior year.
Target to exhaust its $3.6 billion share buyback authorization in 2024, reflecting commitment to return capital to shareholders.
Experienced competitive pressure in the Group Benefits market; succeeded in profitable growth despite competitive price increases, however, no deal execution in the pension risk transfer in the first quarter.
Forecasts a significant rise in business volumes in the structured settlements of RIS, influenced by interest rates and court settlements.
Future plans aim to support organic growth through capital deployment and strategically conduct M&A transactions. Both organic growth and reemergence of variable investment income are seen as paramount for future expansion.
More details: MetLife IR
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