MetLife Announces Second Quarter 2017 Results

MetLife, Inc. (NYSE: MET) today announced the following results for the second quarter of 2017. On a GAAP basis, MetLife reported second quarter 2017 net income of USD 838 million, compared to net income of USD 64 million in the second quarter of 2016. On a per share basis, net income was USD 0.77, compared to net income of USD 0.06 in the prior-year period.

Net income includes USD 284 million, after tax, in net derivative losses reflecting changes in foreign currencies, equity markets and interest rates, compared to USD 1.4 billion, after tax, in net derivative losses in the second quarter of 2016. MetLife uses derivatives as part of its broader asset-liability management strategy to hedge certain risks, such as movements in interest rates and foreign currencies. This hedging activity often generates derivative gains or losses and creates fluctuations in net income because the risk being hedged may not have the same GAAP accounting treatment.

Excluding asymmetrical and non-economic accounting impacts of derivatives, investments and other adjustments, second quarter 2017 net income was USD 1.0 billion.

MetLife reported operating earnings of USD 1.4 billion, up 52 percent from the second quarter of 2016, and 54 percent on a constant currency basis. On a per share basis, operating earnings were USD 1.30, up 57 percent from the prior-year quarter.

"We continue to make progress on the transformation of MetLife, delivering strong results globally, including in Group Benefits, Asia, EMEA and Latin America," said Steven A. Kandarian, chairman, president and CEO, MetLife, Inc. "In addition, the Brighthouse Financial spin-off is expected to be completed on August 4 and we remain on track with our plan to return approximately USD 4.5 billion to shareholders this year in dividends and share repurchases." Read the full story

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

WTW expanded its presence in Kazakhstan

Global insurance broker Willis Towers Watson (WTW) expanded its presence in Kazakhstan - by opening a new entity to serve clients in "this key Central Asian growth market", as the company officials affirmed in a statement.

2018-11-15

Lloyd's post-Brexit unit is established and operational

Lloyd's, the global insurance and reinsurance market, announced its post-Brexit unit - Lloyd's Brussels - is established and operational. "Lloyd's Brussels is Lloyd's first Europe wide operation and will bring Lloyd's expertise closer to its customers and partners in Europe".

2018-11-14

ALLIANZ' Q3 net profit increased by 23.6% to EUR 1.9 billion

German insurer ALLIANZ announced its total revenues increased by 7.9%, to EUR 30.5 billion in Q3 2018, while the operating profit grew by 20.6%, to EUR 3.0 billion. Overall, the net income attributable to shareholders was up by 23.6% to EUR 1.9 billion, "mainly driven by the increased operating profit".

2018-11-14

ON THE MOVE

IGI appoints its first Chief Technology Officer

International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.

15.11.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all