METLIFE ANNOUNCES FIRST QUARTER 2020 RESULTS

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(Bloomberg) -- MetLife Inc.’s first-quarter profit exceeded analyst expectations as it forecast a “modest” impact on underwriting margins from the coronavirus pandemic.The largest U.S. life insurer reported adjusted earnings of $1.58 a share, surpassing the $1.43 estimate of 13 analysts in a Bloomberg survey.Key InsightsResults were driven by a 26% jump in profit from retirement and income solutions, and an 8% increase for MetLife’s U.S. unit, the New York-based insurer said Wednesday. Laggards included group benefits, the Latin American region and MetLife Holdings, which contains a closed block of business.“MetLife entered the current period of uncertainty from a position of strength,” Chief Executive Officer Michel Khalaf told analysts on an earnings call Thursday. After making changes to MetLife’s strategy and product portfolio, “we are now a less market-sensitive and capital-intensive company,” he said. In terms of investments, “we took early action in anticipation of a recession.”The company expects to see the biggest impact from the pandemic on its investments in the second quarter. Variable investment income will come under pressure, with private equity returns likely to be in the negative high single to low double digits. MetLife has been positioning its portfolio for a recession since 2018, and continued to trim holdings of bonds below investment grade.“We expect the impact of the pandemic to be an earnings event, not a balance-sheet event,” Khalaf said.Earlier, rival Prudential Financial Inc. said it expects coronavirus deaths to cut earnings by about $200 million this year after the company swung to a net loss in the first quarter. Sales are expected to decline in its individual and international units.Market ReactionMetLife shares rose 5.6% to $34.82 at 12:53 p.m. in New York. They’ve declined 32% this year.Get MoreRead the statement here and supplement here.U.S. life insurers may face as much as $7.2 billion in claims if coronavirus deaths rise to the high end of projections of 150,000, according to Samantha Chow, an analyst at Aite Group LLC. Still, the industry is in strong financial shape and should be able to manage surging costs, she wrote in a report last month.(Updates with CEO comments from third bullet point, detail on investments in fourth.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]

U.S. insurer MetLife Inc on Wednesday reported first-quarter adjusted earnings that notched up 2% from a year earlier, buoyed by investment growth and strong underwriting in some of the company's U.S. businesses. MetLife's adjusted earnings were $1.45 billion compared with $1.42 billion a year earlier. The insurer reported an 8% increase for adjusted earnings in its U.S. business, to $780 million from $724 million, which helped to compensate for quarterly losses in MetLife's international units.

METLIFE CFO JOHN McCALLION PROVIDES FIRST QUARTER 2020 FINANCIAL UPDATE VIDEO

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Q1 2020 MetLife Inc Earnings Call

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MetLife's (MET) Q1 earnings beat estimates on the back of revenue rise and higher net investment income, partly offset by elevated expenses.

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MetLife Declares Second Quarter 2020 Preferred Stock Dividends

MetLife's (NYSE: MET) stock surged today after the life insurance giant posted solid gains in revenue and net income in the first quarter, beating earnings estimates. Net income jumped to $4.4 billion, or $4.75 per share, from $1.3 billion, or $1.40 per share, in the first quarter of 2019. Adjusted earnings per share was $1.58 per share, up 3% from the first quarter of 2019.

MetLife, Inc. (NYSE:MET) last week reported its latest first-quarter results, which makes it a good time for investors...

Insurers in the first quarter are likely to have suffered from low interest rates and charges from the COVID-19 impact but benefited from strong top lines driven by their vast and diversified businesses.

Before we get started, I refer you to the cautionary note about forward-looking statements in yesterday's earnings release and to risk factors discussed in MetLife's 8-K filed last night and its other SEC filings. With that, I will turn the call over to John Hall, head of investor relations. Now more than ever, we appreciate you joining us for MetLife's first-quarter 2020 earnings call.

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