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MetLife (MET) Q2 Earnings Surpass Estimates, Increase Y/Y

By Zacks Investment ResearchAug 02, 2019 08:40AM ET
www.investing.com/analysis/metlife-met-q2-earnings-surpass-estimates-increase-yy-200449866
MetLife (MET) Q2 Earnings Surpass Estimates, Increase Y/Y
By Zacks Investment Research   |  Aug 02, 2019 08:40AM ET
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MetLife, Inc.’s (NYSE:MET) second-quarter 2019 operating earnings of $1.38 per share beat the Zacks Consensus Estimate by 5.34%. The bottom line rose 6.2% year over year. Earnings benefited from lower expenses, partly offset by decline in revenues.

Behind the Headlines

The company generated operating revenues of $16.5 billion, down 22% year over year, and missed the Zacks Consensus Estimate by 0.25%.

Adjusted premiums, fees & other revenues, excluding pension risk transfer, grew 4% year over year to $11.3 billion. Net investment income of $4.55 billion increased 5.2% year over year.

Total expenses of $14.7 million were down 25% year over year due to lower policyholder benefits and claims, and interest expenses.

Book value per share was $37.09, up 11.6% year over year.

MetLife, Inc. Price, Consensus and EPS Surprise

Quarterly Segment Details

United States

Adjusted earnings in this segment increased 9% year over year to $732 million, driven by volume growth, lower expenses and favorable underwriting. Adjusted premiums, fees & other revenues were $6.2 billion, up 6% year over year.

Asia

Operating earnings of $359 million were down 1% (up 2% on constant-currency basis) year over year, driven by volume growth, partly offset by less favorable underwriting. Adjusted premiums, fees & other revenues were $2.1 billion, flat year over year (up 2% on constant-currency basis).

Latin America

Operating earnings were $159 million, up 10% (and 18% at constant currency) year over year, driven by capital markets and volume growth.
Adjusted premiums, fees & other revenues were $1.1 billion, up 9% (up 15% at constant currency), primarily driven by higher annuity sales in Chile.

Europe, the Middle East, and Africa (EMEA)

Operating earnings from EMEA decreased 10% (flat on constant-currency basis) year over year to $77 million, driven by investment margins, favorable underwriting, and volume growth that were offset by the impact of favorable expense margins in the prior-year period.

Adjusted premiums, fees & other revenues were $669 million, down 1% year over year but up 5% at constant currency.

MetLife Holdings

Adjusted operating earnings from MetLife Holdings came in at $299 million, up 7% year over year.

Operating premiums, fees & other revenues were $1.3 billion, down 4% year over year.

Zacks Rank & Other Releases

MetLife has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Some other insurers that have recently reported earnings this season are W.R. Berkley Corp. (NYSE:WRB) , The Progressive Corp. (NYSE:PGR) and Chubb Ltd. (NYSE:CB) , each beating their estimate by 28.13%, 16.08% and 0.8%, respectively.

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MetLife, Inc. (MET): Free Stock Analysis Report

The Progressive Corporation (PGR): Free Stock Analysis Report

Chubb Limited (CB): Free Stock Analysis Report

W.R. Berkley Corporation (WRB): Free Stock Analysis Report

Original post
MetLife (MET) Q2 Earnings Surpass Estimates, Increase Y/Y
 
MetLife (MET) Q2 Earnings Surpass Estimates, Increase Y/Y

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