MetLife FY2019 (12 months) figures, changes y-o-y
- Adjusted premiums, fees and other revenues: USD 49,144 million (-3%)
- Net investment income: USD 18,868 million (+17%)
- Total adjusted revenues: USD 66,974 million (-2%)
- Expense ratio: 19.9% (+1.0 pp.)
- Net income (loss): USD 5,721 million (+15%)
MetLife reported adjusted earnings of USD 1.8 billion, up 37 percent, and up 38 percent on a constant currency basis from fourth quarter 2018. On a per share basis, which includes the impact of share repurchases, adjusted earnings were USD 1.98, up 47 percent from the prior-year fourth quarter.
For the fourth quarter 2019, MetLife reported premiums, fees and other revenues of USD 13.8 billion, up 24 percent over the fourth quarter of 2018. Adjusted premiums, fees and other revenues were USD 13.6 billion, up 24 percent over the prior-year fourth quarter on both a reported and constant currency basis. Excluding pension risk transfers, adjusted premiums, fees and other revenues were USD 11.1 billion, flat from the prior-year fourth quarter on both a reported and constant currency basis.
Net investment income was USD 4.6 billion, up 34 percent over the fourth quarter of 2018. The increase in net investment income was driven by favorable changes in the estimated fair value of certain securities which do not qualify as separate accounts under GAAP. On an adjusted basis, net investment income was USD 4.5 billion, up 3 percent.
Net derivative losses amounted to USD 1.5 billion, or USD 1.2 billion after tax during the quarter.
Michel Khalaf, president and CEO of MetLife, said:
"MetLife had a solid fourth quarter of 2019 to cap a very strong year. For the full year, we delivered adjusted earnings per share growth of 13 percent, achieved a 13.1 percent adjusted return on equity*, and generated strong free cash flow that funded roughly USD 4 billion of common dividends and share repurchases. We enter 2020 confident our Next Horizon strategy will make us a simpler and more focused company that creates significant long-term value for our customers and shareholders."
More financial information about MetLife can be found at investor.metlife.com.