MetLife Inc.
Summary
- MetLife, Inc. is a leading global provider of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries.
- As of December 31, 2022, had $579.8 billion in total assets under management.
MetLife, Inc. (NYSE: MET, LSE: 0K0X ) is a leading global provider of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries. MetLife Investment Management has over 150 years of investment experience and, as of December 31, 2022, had $579.8 billion in total assets under management.
Recent Developments
Metlife Investment Management Completes Acquisition of Raven Capital Management1
March 02, 2023; MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc., announced that it has completed its acquisition of alternative investment firm Raven Capital Management. Announced in February 2023, the transaction adds approximately $2.1 billion to MIM’s total assets under management.
Raven is primarily focused on direct asset-based investments, including senior secured loans as well as the outright purchase of cash-flowing assets. The team invests across the private credit spectrum, with a specialization in primary origination, underwriting, execution and management of middle market direct asset-based investments.
Financial Highlights
Second Quarter 2023 Results2
August 2, 2023; MetLife reported second quarter 2023 premiums, fees and other revenues of $13.6 billion, essentially flat compared to the second quarter of 2022. Adjusted premiums, fees and other revenues were $13.6 billion, up 1 percent on a reported basis and up 1 percent on a constant currency basis from the prior-year period.
Net investment income was $5.1 billion, up 42 percent from the second quarter of 2022, driven by increases in the estimated fair value of certain securities which do not qualify as separate accounts under GAAP. Adjusted net investment income was $5.0 billion, up 12 percent from the prior-year period, largely driven by higher interest rates and asset growth.
Net investment losses were $1.0 billion, or $821 million after tax during the quarter, primarily the result of certain required accounting adjustments associated with the pending reinsurance transaction with Global Atlantic Financial Group. Net derivative losses amounted to $997 million, or $788 million after tax during the quarter, primarily driven by changes in currency rates, stronger equity markets and higher interest rates. Net derivative losses were mostly offset by market risk benefit (MRB) remeasurement gains, also due to higher equity markets and interest rates.
Net income was $370 million, primarily driven by net investment losses associated with the pending reinsurance transaction, compared to net income of $881 million in the second quarter of 2022. On a per share basis, net income was $0.48, compared to net income of $1.08 in the prior-year period.
MetLife reported adjusted earnings of $1.5 billion, down 14 percent on a reported basis and down 15 percent on a constant currency basis from the second quarter of 2022. On a per share basis, adjusted earnings were $1.94, down 9 percent from the prior-year period.
Company History
MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. The company hold leading market positions in the United States (“U.S.”), Japan, Latin America, Asia, Europe and the Middle East. MetLife is also one of the largest institutional investors in the U.S. with a general account portfolio invested primarily in fixed income securities (corporate, structured products, municipals, and government and agency) and mortgage loans, as well as real estate, real estate joint ventures, other limited partnerships and equity securities.3
MetLife is organized into five segments: U.S.; Asia; Latin America; EMEA; and MetLife Holdings.
The company's businesses in the U.S. segment offer a broad range of protection products and services aimed at serving the financial needs of its customers throughout their lives. These products are sold to corporations and their respective employees, other institutions and their respective members, as well as individuals.
The company's Asia segment offers a broad range of products and services to both individuals and corporations, as well as to other institutions, and their respective employees.
The company's Latin America segment offers a broad range of products to both individuals and corporations and other institutions (including local, state and federal governments) and their respective employees. The company offer government employees life, medical insurance, as well as retirement and savings, and other products, and periodically submit bids to do so.
The company's largest operations are in Mexico and Chile. The company market its products and services through a multi-channel distribution strategy which varies by geographic region and stage of market development.
The company's EMEA segment offers products to individuals, corporations, other institutions, and their respective employees.
This segment consists of operations relating to products and businesses that the company no longer actively market in the U.S. These include variable, universal, term and whole life insurance, variable, fixed and index-linked annuities, and long-term care insurance. It also includes assumed variable annuity guarantees from its former operating joint venture in Japan.
Company History
MetLife is a leading global provider of insurance, annuities, and employee benefit programs. The company was founded in 1864 and has since grown to be one of the largest life insurers in the world. MetLife has a long history of helping people achieve their financial goals. The company has a presence in over 40 countries and serves over 90 million customers.4
| Year | Event |
| 1863 | National Union Life and Limb Insurance Company is founded. |
| 1864 | National Union begins business insuring Civil War sailors and soldiers. |
| 1868 | Metropolitan Life Insurance Company is founded. |
| 1870s | MetLife faces difficulties due to a severe business depression. |
| 1879 | MetLife turns its attention to England, where "industrial" or "workingmen's" insurance programs are widely successful. |
| 1880 | MetLife begins selling industrial policies in the United States. |
| 1909 | MetLife becomes the nation's largest life insurer in terms of insurance in force. |
| 2005 | MetLife enters the Australian market. |
| 2013 | MetLife enters the Vietnamese market. |
| 2014 | MetLife enters the Malaysian market. |
| 2015 | MetLife opens LumenLab, its Asia Innovation center, in Singapore. |
References
- ^ https://www.metlife.com/about-us/newsroom/2023/march/metlife-investment-management-completes-acquisition-of-raven-cap/
- ^ https://www.metlife.com/content/dam/metlifecom/us/homepage/about-us/newsroom/earnings-releases/Q2_2023_Earnings_News_Release.pdf
- ^ https://fintel.io/doc/sec-metlife-inc-1099219-10k-2023-february-23-19412-4609
- ^ https://www.metlife.com/asiaagency/en/about-metlife/metlife-your-trusted-partner/
