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MetLife Inc MET

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Morningstar’s Analysis

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MetLife’s Profits Grew as Higher Private Equity Returns Offset Higher Deaths in the Americas

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

MetLife reported a big earnings beat in the third quarter with adjusted EPS of $2.39 easily topping the FactSet consensus of $1.74. Like its peer Prudential Financial, MetLife reported a big jump in variable investment income. Private equity returns were strong though we expect this to normalize. From an underwriting perspective, mortality was elevated in the Americas as death rates have risen. During its actuarial review, the firm lowered its earnings rate assumption in Japan. Overall, there was little in MetLife's financial results that would materially alter our long-term view of the no-moat firm, and we will maintain our $49 fair value estimate.

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Company Profile

Business Description

MetLife--once a mutual company before the 2000 demutualization--is the largest life insurer in the U.S. by assets and provides a variety of insurance and financial services products. Outside the United States, MetLife operates in Japan and more than 40 countries in Latin America, Asia-Pacific, Europe, and the Middle East.

200 Park Avenue
New York, NY, 10166-0188
T +1 212 578-9500
Sector Financial Services
Industry Insurance - Life
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 46,500