NEW YORK--(BUSINESS WIRE)-- MetLife, Inc. (NYSE: MET) today announced its full year and fourth quarter 2021 results.
Full Year Results Summary
Fourth Quarter Results Summary
Commenting on the company’s results, MetLife President and CEO Michel Khalaf said: “MetLife’s financial performance in the fourth quarter and full year of 2021 was outstanding. Our strategic decisions and consistent execution generated banner adjusted earnings and adjusted earnings per share. We know that strong performance leads to higher expectations. We embrace the challenge of meeting those expectations and continuing to deliver for our stakeholders.”
Fourth Quarter and Full Year 2021 Summary
($ in millions, except per share data) |
| Three months ended December 31, |
| Year ended December 31, | ||||||||||||||||||
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| 2021 |
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| 2020 |
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| Change |
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| 2021 |
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| 2020 |
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| Change | ||
Premiums, fees and other revenues |
| $ | 15,178 |
|
| $ | 15,772 |
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| (4 | )% |
| $ | 50,384 |
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| $ | 49,486 |
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| 2 | % |
Net investment income |
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| 5,233 |
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| 5,240 |
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| — | % |
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| 21,395 |
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| 17,117 |
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| 25 | % |
Net investment gains (losses) |
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| (126 | ) |
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| (33 | ) |
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| 1,529 |
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| (110 | ) |
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Net derivative gains (losses) |
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| (196 | ) |
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| (1,561 | ) |
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| (2,228 | ) |
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| 1,349 |
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Total revenues |
| $ | 20,089 |
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| $ | 19,418 |
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| $ | 71,080 |
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| $ | 67,842 |
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Adjusted premiums, fees and other revenues |
| $ | 15,010 |
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| $ | 15,700 |
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| (4 | )% |
| $ | 48,964 |
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| $ | 49,137 |
|
| — | % |
Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT) |
| $ | 11,459 |
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| $ | 11,537 |
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| (1 | )% |
| $ | 45,451 |
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| $ | 44,502 |
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| 2 | % |
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Net income (loss) |
| $ | 1,176 |
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| $ | 124 |
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| NM* |
| $ | 6,353 |
|
| $ | 5,191 |
|
| 22 | % | |
Net income (loss) per share |
| $ | 1.39 |
|
| $ | 0.14 |
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| NM* |
| $ | 7.31 |
|
| $ | 5.68 |
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| 29 | % | |
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Adjusted earnings |
| $ | 1,838 |
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| $ | 1,838 |
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| — | % |
| $ | 7,954 |
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| $ | 5,623 |
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| 41 | % |
Adjusted earnings per share |
| $ | 2.17 |
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| $ | 2.03 |
|
| 7 | % |
| $ | 9.15 |
|
| $ | 6.16 |
|
| 49 | % |
Adjusted earnings, excluding total notable items |
| $ | 1,698 |
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| $ | 1,838 |
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| (8 | )% |
| $ | 7,888 |
|
| $ | 5,826 |
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| 35 | % |
Adjusted earnings, excluding total notable items per share |
| $ | 2.01 |
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| $ | 2.03 |
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| (1 | )% |
| $ | 9.07 |
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| $ | 6.38 |
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| 42 | % |
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Book value per share |
| $ | 77.12 |
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| $ | 78.67 |
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| (2 | )% |
| $ | 77.12 |
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| $ | 78.67 |
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| (2 | )% |
Book value per share, excluding AOCI other than FCTA |
| $ | 57.65 |
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| $ | 54.18 |
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| 6 | % |
| $ | 57.65 |
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| $ | 54.18 |
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| 6 | % |
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Expense ratio |
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| 16.1 | % |
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| 15.6 | % |
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| 18.2 | % |
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| 18.4 | % |
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Direct expense ratio, excluding total notable items related to direct expenses and PRT |
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| 12.9 | % |
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| 12.3 | % |
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| 11.6 | % |
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| 12.0 | % |
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Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT |
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| 20.4 | % |
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| 20.6 | % |
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| 19.3 | % |
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| 19.9 | % |
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ROE |
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| 7.3 | % |
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| 0.7 | % |
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| 9.7 | % |
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| 7.6 | % |
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Adjusted ROE, excluding AOCI other than FCTA |
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| 15.3 | % |
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| 15.2 | % |
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| 16.6 | % |
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| 11.9 | % |
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Adjusted ROE, excluding total notable items (excludes AOCI other than FCTA) |
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| 14.2 | % |
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| 15.2 | % |
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| 16.5 | % |
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| 12.3 | % |
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*Not meaningful. For more information, refer to “Non-GAAP and Other Financial Disclosures”.
Information regarding the non-GAAP and other financial measures included in this news release and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP and Other Financial Disclosures” below and in the tables that accompany this news release.
Details about projected impacts of various developments to MetLife are available under the heading “Outlook” in MetLife’s fourth quarter 2021 supplemental slides, titled “4Q21 Supplemental Slides and Outlook,” which are available together with MetLife’s Quarterly Financial Supplement for this period on the MetLife Investor Relations website at https://investor.metlife.com, and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings release. Additionally, further information about projected impacts to MetLife is available under the heading “Consolidated Company Outlook” in Item 8.01 of the Form 8-K.
Total Company Discussion
MetLife reported fourth quarter 2021 premiums, fees and other revenues of $15.2 billion, down 4 percent from the fourth quarter of 2020. Adjusted premiums, fees and other revenues were $15.0 billion, down 4 percent on a reported basis and 3 percent on a constant currency basis from the prior-year period.
Net investment income was $5.2 billion, flat from the fourth quarter of 2020. Adjusted net investment income was $5.2 billion, up 7 percent from the prior-year period, largely driven by higher variable investment income primarily due to strong private equity returns.
Net derivative losses amounted to $196 million, or $155 million after tax during the quarter, driven by stronger equity markets and foreign currency exchange rate changes.
Net income was $1.2 billion, compared to net income of $124 million in the fourth quarter of 2020, primarily driven by higher derivative losses in the prior-year period. On a per share basis, net income was $1.39, compared to net income of $0.14 in the prior-year period.
MetLife reported adjusted earnings of $1.8 billion, flat on a reported and constant currency basis from the fourth quarter of 2020. On a per share basis, which includes the impact of share repurchases, adjusted earnings were $2.17, up 7 percent from the prior-year period.
Adjusted Earnings by Segment Summary*
| Three months ended December 31, 2021 | Year ended December 31, 2021 | ||
Segment | Change from prior-year period | Change from prior-year period (on a constant currency basis) | Change from prior year | Change from prior year (on a constant currency basis) |
U.S. | (37)% |
| —% |
|
Asia | 19% | 21% | 47% | 44% |
Latin America | NM** | NM** | 4% | (4)% |
Europe, the Middle East and Africa (EMEA) | (48)% | (45)% | (8)% | (9)% |
MetLife Holdings | 13% |
| 130% |
|
*The percentages in this table are on a reported and constant currency basis, and do not exclude notable items. For the three months and year ended December 31, 2021, U.S. results exclude the Property & Casualty business, which was sold in the second quarter. This business is included in the prior-year period. **Not meaningful. For more information, refer to “Non-GAAP and Other Financial Disclosures”.
Business Discussions
All comparisons of the results for the fourth quarter of 2021 in the business discussions that follow are with the fourth quarter of 2020, unless otherwise noted. The fourth quarter of 2021 notable items table follows the Business Discussions section of this release.
U.S.*
($ in millions) | Three months ended December 31, 2021 | Three months ended December 31, 2020 | Change |
Adjusted earnings | $640 | $1,021 | (37)% |
Adjusted premiums, fees and other revenues | $10,100 | $10,578 | (5)% |
Adjusted premiums, fees and other revenues, excluding PRT | $6,549 | $6,415 | 2% |
Notable item(s) | $0 | $0 |
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* For the three months ended December 31, 2021, U.S. results exclude the Property & Casualty business, which was sold in the second quarter. This business is included in the prior-year period.
Group Benefits
($ in millions) | Three months ended December 31, 2021 | Three months ended December 31, 2020 | Change |
Adjustedearnings | $20 | $383 | (95)% |
Adjusted premiums, fees and other revenues | $5,791 | $5,020 | 15% |
Notable item(s) | $0 | $0 |
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Retirement and Income Solutions
($ in millions) | Three months ended December 31, 2021 | Three months ended December 31, 2020 | Change |
Adjustedearnings | $620 | $526 | 18% |
Adjusted premiums, fees and other revenues | $4,309 | $4,665 | (8)% |
Adjusted premiums, fees and other revenues, excluding PRT | $758 | $502 | 51% |
Notable item(s) | $0 | $0 |
|
ASIA
($ in millions) | Three months ended December 31, 2021 | Three months ended December 31, 2020 | Change |
Adjusted earnings | $586 | $494 | 19% |
Adjusted earnings (constant currency) | $586 | $486 | 21% |
Adjusted premiums, fees and other revenues | $2,022 | $2,161 | (6)% |
Notable item(s) | $0 | $0 |
|
Asia general account assets under management (at amortized cost) | $130,310 | $129,661 | 1% |
LATIN AMERICA*
($ in millions) | Three months ended December 31, 2021 | Three months ended December 31, 2020 | Change |
Adjusted earnings | $125 | $14 | NM |
Adjusted earnings (constant currency) | $125 | $12 | NM |
Adjusted premiums, fees and other revenues | $962 | $878 | 10% |
Notable item(s) | $0 | $0 |
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* For the three months ended December 31, 2021, Latin America results exclude the Argentina business, which was sold in the third quarter. This business is included in the prior-year period.
EMEA*
($ in millions) | Three months ended December 31, 2021 | Three months ended December 31, 2020 | Change |
Adjusted earnings | $42 | $81 | (48)% |
Adjusted earnings (constant currency) | $42 | $76 | (45)% |
Adjusted premiums, fees and other revenues | $621 | $707 | (12)% |
Notable item(s) | $0 | $0 |
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* For the three months ended December 31, 2021, EMEA results exclude the Russia, Greece and Poland businesses, which were sold or reported as divested businesses. These businesses are included in the prior-year period.
METLIFE HOLDINGS
($ in millions) | Three months ended December 31, 2021 | Three months ended December 31, 2020 | Change |
Adjusted earnings | $482 | $426 | 13% |
Adjusted premiums, fees and other revenues | $1,206 | $1,264 | (5)% |
Notable item(s) | $0 | $0 |
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CORPORATE & OTHER
| Three months ended December 31, 2021 | Three months ended December 31, 2020 | Change |
Adjusted earnings | $(37) | $(198) |
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Notable item(s) | $140 | $0 |
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INVESTMENTS
($ in millions) | Three months ended December 31, 2021 | Three months ended December 31, 2020 | Change |
Adjusted net investment income | $5,201 | $4,875 | 7% |
FOURTH QUARTER 2021 NOTABLE ITEMS
($ in millions) | Adjusted Earnings | |||||||
Three months ended December 31, 2021 | ||||||||
Notable Items | U.S. | Asia | Latin America | EMEA | MetLife Holdings | Corporate & Other | Total | |
Group Benefits | Retirement and Income Solutions | |||||||
Tax adjustments |
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| $140 | $140 |
Total notable items | $0 | $0 | $0 | $0 | $0 | $0 | $140 | $140 |
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
Conference Call
MetLife will hold its combined fourth quarter and full year 2021 earnings and outlook conference call and audio webcast on Thursday, February 3, 2022, from 9-10 a.m. (ET). The conference call will be available live via telephone and the internet. To listen via telephone, dial 877-692-8955 (U.S.) or 234-720-6979 (outside the U.S.). The participant access code is 2510803. To listen to the conference call via the internet, click the link to the webcast on the MetLife Investor Relations web page (https://investor.metlife.com). Those who want to listen to the call via telephone or the internet should dial in or go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.
The conference call will be available for replay via telephone and the internet beginning at 11 a.m. (ET) on Thursday, February 3, 2022, until Friday, February 11, 2022, at 12:00 a.m. (ET). To listen to a replay of the conference call via telephone, dial 866-207-1041 (U.S.) or 402-970-0847 (outside the U.S.). The access code for the replay is 3511681. To access the replay of the conference call over the internet, visit the above-mentioned website.
Non-GAAP and Other Financial Disclosures
Any references in this news release (except in this section and the tables that accompany this release) to: |
| should be read as, respectively: | ||
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(i) | net income (loss); |
| (i) | net income (loss) available to MetLife, Inc.’s common shareholders; |
(ii) | net income (loss) per share; |
| (ii) | net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; |
(iii) | adjusted earnings; |
| (iii) | adjusted earnings available to common shareholders; |
(iv) | adjusted earnings per share; |
| (iv) | adjusted earnings available to common shareholders per diluted common share; |
(v) | book value per share; |
| (v) | book value per common share; |
(vi) | book value per share, excluding AOCI other than FCTA; |
| (vi) | book value per common share, excluding AOCI other than FCTA; |
(vii) | book value per share-tangible common stockholders’ equity; |
| (vii) | book value per common share-tangible common stockholders’ equity; |
(viii) | return on equity; |
| (viii) | return on MetLife, Inc.’s common stockholders’ equity; |
(ix) | adjusted return on equity, excluding AOCI other than FCTA; and |
| (ix) | adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA; and |
(x) | adjusted tangible return on equity. |
| (x) | adjusted return on MetLife, Inc.’s tangible common stockholders’ equity. |
In this news release, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.
The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures: |
| Comparable GAAP financial measures: | ||
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(i) | total adjusted revenues; |
| (i) | total revenues; |
(ii) | total adjusted expenses; |
| (ii) | total expenses; |
(iii) | adjusted premiums, fees and other revenues; |
| (iii) | premiums, fees and other revenues; |
(iv) | adjusted premiums, fees and other revenues, excluding PRT; |
| (iv) | premiums, fees and other revenues; |
(v) | adjusted net investment income; |
| (v) | net investment income; |
(vi) | adjusted capitalization of deferred policy acquisition costs (DAC); |
| (vi) | capitalization of DAC; |
(vii) | adjusted earnings available to common shareholders; |
| (vii) | net income (loss) available to MetLife, Inc.’s common shareholders; |
(viii) | adjusted earnings available to common shareholders, excluding total notable items; |
| (viii) | net income (loss) available to MetLife, Inc.’s common shareholders; |
(ix) | adjusted earnings available to common shareholders per diluted common share; |
| (ix) | net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; |
(x) | adjusted earnings available to common shareholders, excluding total notable items, per diluted common share; |
| (x) | net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; |
(xi) | adjusted return on equity; |
| (xi) | return on equity; |
(xii) | adjusted return on equity, excluding AOCI other than FCTA; |
| (xii) | return on equity; |
(xiii) | adjusted return on equity, excluding total notable items (excludes AOCI other than FCTA); |
| (xiii) | return on equity; |
(xiv) | adjusted tangible return on equity; |
| (xiv) | return on equity; |
(xv) | investment portfolio gains (losses); |
| (xv) | net investment gains (losses); |
(xvi) | derivative gains (losses); |
| (xvi) | net derivative gains (losses); |
(xvii) | total MetLife, Inc.’s tangible common stockholders’ equity; |
| (xvii) | total MetLife, Inc.’s stockholders’ equity; |
(xviii) | total MetLife, Inc.’s tangible common stockholders’ equity, excluding total notable items; |
| (xviii) | total MetLife, Inc.’s stockholders’ equity; |
(xix) | total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA; |
| (xix) | total MetLife, Inc.’s stockholders’ equity; |
(xx) | total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA); |
| (xx) | total MetLife, Inc.’s stockholders’ equity; |
(xxi) | book value per common share, excluding AOCI other than FCTA; |
| (xxi) | book value per common share; |
(xxii) | book value per common share - tangible common stockholders' equity; |
| (xxii) | book value per common share; |
(xxiii) | free cash flow of all holding companies; |
| (xxiii) | MetLife, Inc. (parent company only) net cash provided by (used in) operating activities; |
(xxiv) | adjusted other expenses; |
| (xxiv) | other expenses; |
(xxv) | adjusted other expenses, net of adjusted capitalization of DAC; |
| (xxv) | other expenses, net of capitalization of DAC;
|
(xxvi) | adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses; |
| (xxvi) | other expenses, net of capitalization of DAC; |
(xxvii) | adjusted expense ratio; |
| (xxvii) | expense ratio; |
(xxviii) | adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT; |
| (xxviii) | expense ratio;
|
(xxix) | direct expenses; |
| (xxix) | other expenses; |
(xxx) | direct expenses, excluding total notable items related to direct expenses; |
| (xxx) | other expenses;
|
(xxxi) | direct expense ratio; and |
| (xxxi) | expense ratio; and |
(xxxii) | direct expense ratio, excluding total notable items related to direct expenses and PRT. |
| (xxxii) | expense ratio. |
Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period and applied to the comparable prior period.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this earnings news release and in this period’s quarterly financial supplement, which is available at www.metlife.com.
MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ from those used by other companies:
Adjusted earnings and related measures
These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.
Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.
Adjusted revenues and adjusted expenses
These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP and are referred to as divested businesses. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.
Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments.
The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:
The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.
The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.
In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.
Investment portfolio gains (losses) and derivative gains (losses)
These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
Return on equity, allocated equity, tangible equity and related measures
The above measures represent a level of equity consistent with the view that, in the ordinary course of business, MetLife does not plan to sell most investments for the sole purpose of realizing gains or losses.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
Asia General account (GA) assets under management (GA AUM) and related measures
Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio which are actively managed and stated at estimated fair value. Asia GA AUM is comprised of Asia GA total investments and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities and certain other invested assets, as substantially all of these assets are not actively managed in MetLife’s Asia GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.
Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.
Statistical sales information:
Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
The following additional information is relevant to an understanding of MetLife’s performance results and outlook:
($ in millions, except per share data) | Three months ended December 31, 2021 | Three months ended December 31, 2020 | Change | |||
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|
| |||
Net income (loss) | $ | 1,176 | $ | 124 | 848 | % |
Net income (loss) per share | $ | 1.39 | $ | 0.14 | 893 | % |
Adjusted earnings - Latin America | $ | 125 | $ | 14 | 793 | % |
Adjusted earnings (constant currency) - Latin America | $ | 125 | $ | 12 | 942 | % |
Forward-Looking Statements
This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, future sales efforts, future expenses, the outcome of contingencies such as legal proceedings, and future trends in operations and financial results.
Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:
(1) | economic condition difficulties, including risks relating to public health, interest rates, credit spreads, equity, real estate, obligors and counterparties, currency exchange rates, derivatives, and terrorism and security; | |
(2) | global capital and credit market adversity; | |
(3) | credit facility inaccessibility; | |
(4) | financial strength or credit ratings downgrades; | |
(5) | unavailability, unaffordability, or inadequate reinsurance; | |
(6) | statutory life insurance reserve financing costs or limited market capacity; | |
(7) | legal, regulatory, and supervisory and enforcement policy changes; | |
(8) | changes in tax rates, tax laws or interpretations; | |
(9) | litigation and regulatory investigations; | |
(10) | London Interbank Offered Rate discontinuation and transition to alternative reference rates; | |
(11) | unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability; | |
(12) | MetLife, Inc.’s inability to pay dividends and repurchase common stock; | |
(13) | MetLife, Inc.’s subsidiaries’ inability to pay it dividends; | |
(14) | investment defaults, downgrades, or volatility; | |
(15) | investment sales or lending difficulties; | |
(16) | collateral or derivative-related payments; | |
(17) | investment valuations, allowances, or impairments changes; | |
(18) | claims or other results that differ from our estimates, assumptions, or models; | |
(19) | global political, legal, or operational risks; | |
(20) | business competition; | |
(21) | technological changes; | |
(22) | catastrophes; | |
(23) | climate changes or responses to it; | |
(24) | deficiencies in our closed block; | |
(25) | goodwill or other asset impairment, or deferred income tax asset allowance; | |
(26) | acceleration of amortization of DAC, deferred sales inducements, VOBA, value of distribution agreements acquired or VOCRA; | |
(27) | product guarantee volatility, costs, and counterparty risks; | |
(28) | risk management failures; | |
(29) | insufficient protection from operational risks; | |
(30) | confidential information protection or other cybersecurity or disaster recovery failures; | |
(31) | accounting standards changes; | |
(32) | excessive risk-taking; | |
(33) | marketing and distribution difficulties; | |
(34) | pension and other postretirement benefit assumption changes; | |
(35) | inability to protect our intellectual property or avoid infringement claims; | |
(36) | acquisition, integration, growth, disposition, or reorganization difficulties; | |
(37) | Brighthouse Financial, Inc. separation risks; | |
(38) | MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and | |
(39) | legal- and corporate governance-related effects on business combinations. |
MetLife, Inc. will not publicly correct or update any forward-looking statements if MetLife, Inc. believes it is not likely to achieve them or for any other reasons. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.
MetLife, Inc. | ||||||||||||||||
GAAP Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In millions) | ||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||
|
| For the Three Months Ended |
| For the Year Ended | ||||||||||||
|
| December 31, |
| December 31, | ||||||||||||
|
|
| 2021 |
|
|
| 2020 |
|
|
| 2021 |
|
|
| 2020 |
|
Revenues |
|
|
|
|
|
|
|
| ||||||||
Premiums |
| $ | 13,095 |
|
| $ | 13,897 |
|
| $ | 42,009 |
|
| $ | 42,034 |
|
Universal life and investment-type product policy fees |
|
| 1,422 |
|
|
| 1,376 |
|
|
| 5,756 |
|
|
| 5,603 |
|
Net investment income |
|
| 5,233 |
|
|
| 5,240 |
|
|
| 21,395 |
|
|
| 17,117 |
|
Other revenues |
|
| 661 |
|
|
| 499 |
|
|
| 2,619 |
|
|
| 1,849 |
|
Net investment gains (losses) |
|
| (126 | ) |
|
| (33 | ) |
|
| 1,529 |
|
|
| (110 | ) |
Net derivative gains (losses) |
|
| (196 | ) |
|
| (1,561 | ) |
|
| (2,228 | ) |
|
| 1,349 |
|
Total revenues |
|
| 20,089 |
|
|
| 19,418 |
|
|
| 71,080 |
|
|
| 67,842 |
|
|
|
|
|
|
|
|
|
| ||||||||
Expenses |
|
|
|
|
|
|
|
| ||||||||
Policyholder benefits and claims |
|
| 13,923 |
|
|
| 13,772 |
|
|
| 43,954 |
|
|
| 41,461 |
|
Interest credited to policyholder account balances |
|
| 1,385 |
|
|
| 1,756 |
|
|
| 5,538 |
|
|
| 5,214 |
|
Policyholder dividends |
|
| 204 |
|
|
| 302 |
|
|
| 876 |
|
|
| 1,090 |
|
Capitalization of DAC |
|
| (666 | ) |
|
| (804 | ) |
|
| (2,718 | ) |
|
| (3,013 | ) |
Amortization of DAC and VOBA |
|
| 612 |
|
|
| 746 |
|
|
| 2,555 |
|
|
| 3,160 |
|
Amortization of negative VOBA |
|
| (9 | ) |
|
| (10 | ) |
|
| (34 | ) |
|
| (45 | ) |
Interest expense on debt |
|
| 224 |
|
|
| 230 |
|
|
| 920 |
|
|
| 913 |
|
Other expenses |
|
| 3,110 |
|
|
| 3,262 |
|
|
| 11,863 |
|
|
| 12,135 |
|
Total expenses |
|
| 18,783 |
|
|
| 19,254 |
|
|
| 62,954 |
|
|
| 60,915 |
|
|
|
|
|
|
|
|
|
| ||||||||
Income (loss) before provision for income tax |
|
| 1,306 |
|
|
| 164 |
|
|
| 8,126 |
|
|
| 6,927 |
|
Provision for income tax expense (benefit) |
|
| 95 |
|
|
| 6 |
|
|
| 1,551 |
|
|
| 1,509 |
|
Net income (loss) |
|
| 1,211 |
|
|
| 158 |
|
|
| 6,575 |
|
|
| 5,418 |
|
Less: Net income (loss) attributable to noncontrolling interests |
|
| 6 |
|
|
| — |
|
|
| 21 |
|
|
| 11 |
|
Net income (loss) attributable to MetLife, Inc. |
|
| 1,205 |
|
|
| 158 |
|
|
| 6,554 |
|
|
| 5,407 |
|
Less: Preferred stock dividends |
|
| 29 |
|
|
| 34 |
|
|
| 195 |
|
|
| 202 |
|
Preferred stock redemption premium |
|
| — |
|
|
| — |
|
|
| 6 |
|
|
| 14 |
|
Net income (loss) available to MetLife, Inc.'s common shareholders |
| $ | 1,176 |
|
| $ | 124 |
|
| $ | 6,353 |
|
| $ | 5,191 |
|
|
|
|
|
|
|
|
|
| ||||||||
See footnotes on last page. |
|
|
|
|
|
|
|
|
MetLife, Inc. | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
|
| For the Three Months Ended |
| For the Year Ended | ||||||||||||||||||||||||||||
|
| December 31, |
| December 31, | ||||||||||||||||||||||||||||
|
| 2021 |
| 2020 |
| 2021 |
| 2020 | ||||||||||||||||||||||||
Reconciliation to Adjusted Earnings Available to Common Shareholders |
|
|
| Earnings Per Weighted Average Common Share Diluted (1) |
|
|
| Earnings Per Weighted Average Common Share Diluted (1) |
|
|
| Earnings Per Weighted Average Common Share Diluted (1) |
|
|
| Earnings Per Weighted Average Common Share Diluted (1) | ||||||||||||||||
Net income (loss) available to MetLife, Inc.'s common shareholders |
| $ | 1,176 |
|
| $ | 1.39 |
|
| $ | 124 |
|
| $ | 0.14 |
|
| $ | 6,353 |
|
| $ | 7.31 |
|
| $ | 5,191 |
|
| $ | 5.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Less: Net investment gains (losses) |
|
| (126 | ) |
|
| (0.15 | ) |
|
| (33 | ) |
|
| (0.04 | ) |
|
| 1,529 |
|
|
| 1.76 |
|
|
| (110 | ) |
|
| (0.12 | ) |
Net derivative gains (losses) |
|
| (196 | ) |
|
| (0.23 | ) |
|
| (1,561 | ) |
|
| (1.72 | ) |
|
| (2,228 | ) |
|
| (2.56 | ) |
|
| 1,349 |
|
|
| 1.48 |
|
Premiums |
|
| 60 |
|
|
| 0.07 |
|
|
| — |
|
|
| — |
|
|
| 982 |
|
|
| 1.13 |
|
|
| 52 |
|
|
| 0.06 |
|
Universal life and investment-type product policy fees |
|
| 50 |
|
|
| 0.06 |
|
|
| 33 |
|
|
| 0.04 |
|
|
| 195 |
|
|
| 0.22 |
|
|
| 138 |
|
|
| 0.15 |
|
Net investment income |
|
| 32 |
|
|
| 0.04 |
|
|
| 365 |
|
|
| 0.40 |
|
|
| 115 |
|
|
| 0.13 |
|
|
| (211 | ) |
|
| (0.23 | ) |
Other revenues |
|
| 58 |
|
|
| 0.07 |
|
|
| 39 |
|
|
| 0.04 |
|
|
| 243 |
|
|
| 0.28 |
|
|
| 159 |
|
|
| 0.17 |
|
Policyholder benefits and claims and policyholder dividends |
|
| (258 | ) |
|
| (0.30 | ) |
|
| (260 | ) |
|
| (0.29 | ) |
|
| (1,179 | ) |
|
| (1.36 | ) |
|
| (692 | ) |
|
| (0.77 | ) |
Interest credited to policyholder account balances |
|
| (251 | ) |
|
| (0.30 | ) |
|
| (611 | ) |
|
| (0.66 | ) |
|
| (946 | ) |
|
| (1.09 | ) |
|
| (541 | ) |
|
| (0.59 | ) |
Capitalization of DAC |
|
| 15 |
|
|
| 0.02 |
|
|
| — |
|
|
| — |
|
|
| 119 |
|
|
| 0.14 |
|
|
| 5 |
|
|
| 0.01 |
|
Amortization of DAC and VOBA |
|
| (82 | ) |
|
| (0.10 | ) |
|
| (54 | ) |
|
| (0.06 | ) |
|
| (219 | ) |
|
| (0.25 | ) |
|
| (166 | ) |
|
| (0.18 | ) |
Amortization of negative VOBA |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Interest expense on debt |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (1 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
Other expenses |
|
| (125 | ) |
|
| (0.15 | ) |
|
| (87 | ) |
|
| (0.10 | ) |
|
| (564 | ) |
|
| (0.65 | ) |
|
| (263 | ) |
|
| (0.29 | ) |
Goodwill impairment |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Provision for income tax (expense) benefit |
|
| 167 |
|
|
| 0.20 |
|
|
| 455 |
|
|
| 0.50 |
|
|
| 380 |
|
|
| 0.44 |
|
|
| (127 | ) |
|
| (0.14 | ) |
Add: Net income (loss) attributable to noncontrolling interests |
|
| 6 |
|
|
| 0.01 |
|
|
| — |
|
|
| — |
|
|
| 21 |
|
|
| 0.02 |
|
|
| 11 |
|
|
| 0.01 |
|
Preferred stock redemption premium |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 6 |
|
|
| 0.01 |
|
|
| 14 |
|
|
| 0.02 |
|
Adjusted earnings available to common shareholders |
|
| 1,838 |
|
|
| 2.17 |
|
|
| 1,838 |
|
|
| 2.03 |
|
|
| 7,954 |
|
|
| 9.15 |
|
|
| 5,623 |
|
|
| 6.16 |
|
Less: Total notable items (2) |
|
| 140 |
|
|
| 0.17 |
|
|
| — |
|
|
| — |
|
|
| 66 |
|
|
| 0.08 |
|
|
| (203 | ) |
|
| (0.22 | ) |
Adjusted earnings available to common shareholders, excluding total notable items (2) |
| $ | 1,698 |
|
| $ | 2.01 |
|
| $ | 1,838 |
|
| $ | 2.03 |
|
| $ | 7,888 |
|
| $ | 9.07 |
|
| $ | 5,826 |
|
| $ | 6.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Adjusted earnings available to common shareholders on a constant currency basis |
| $ | 1,838 |
|
| $ | 2.17 |
|
| $ | 1,823 |
|
| $ | 2.01 |
|
| $ | 7,954 |
|
| $ | 9.15 |
|
| $ | 5,674 |
|
| $ | 6.21 |
|
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2) |
| $ | 1,698 |
|
| $ | 2.01 |
|
| $ | 1,823 |
|
| $ | 2.01 |
|
| $ | 7,888 |
|
| $ | 9.07 |
|
|
| 5,877 |
|
| $ | 6.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Weighted average common shares outstanding - diluted |
|
|
|
| 845.2 |
|
|
|
|
| 906.0 |
|
|
|
|
| 869.4 |
|
|
|
|
| 913.2 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
See footnotes on last page. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MetLife, Inc. | |||||||||||||||
(Unaudited) | |||||||||||||||
(In millions) | |||||||||||||||
|
|
|
|
|
|
|
| ||||||||
| For the Three Months Ended |
| For the Year Ended | ||||||||||||
| December 31, |
| December 31, | ||||||||||||
|
| 2021 |
|
|
| 2020 |
|
|
| 2021 |
|
|
| 2020 |
|
Premiums, Fees and Other Revenues |
|
|
|
|
|
|
| ||||||||
Premiums, fees and other revenues | $ | 15,178 |
|
| $ | 15,772 |
|
| $ | 50,384 |
|
| $ | 49,486 |
|
Less: Unearned revenue adjustments |
| 13 |
|
|
| 8 |
|
|
| 71 |
|
|
| 33 |
|
GMIB fees |
| 24 |
|
|
| 25 |
|
|
| 98 |
|
|
| 102 |
|
Settlement of foreign currency earnings hedges |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
TSA fees |
| 53 |
|
|
| 39 |
|
|
| 221 |
|
|
| 159 |
|
Divested businesses |
| 78 |
|
|
| — |
|
|
| 1,030 |
|
|
| 55 |
|
Adjusted premiums, fees and other revenues | $ | 15,010 |
|
| $ | 15,700 |
|
| $ | 48,964 |
|
| $ | 49,137 |
|
|
|
|
|
|
|
|
| ||||||||
Adjusted premiums, fees and other revenues, on a constant currency basis | $ | 15,010 |
|
| $ | 15,517 |
|
| $ | 48,964 |
|
| $ | 49,218 |
|
Less: Pension risk transfers (PRT) (3) |
| 3,551 |
|
|
| 4,163 |
|
|
| 3,513 |
|
|
| 4,635 |
|
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis | $ | 11,459 |
|
| $ | 11,354 |
|
| $ | 45,451 |
|
| $ | 44,583 |
|
|
|
|
|
|
|
|
| ||||||||
Net Investment Income |
|
|
|
|
|
|
| ||||||||
Net investment income | $ | 5,233 |
|
| $ | 5,240 |
|
| $ | 21,395 |
|
| $ | 17,117 |
|
Less: Investment hedge adjustments |
| (235 | ) |
|
| (260 | ) |
|
| (895 | ) |
|
| (815 | ) |
Operating joint venture adjustments |
| — |
|
|
| 1 |
|
|
| (1 | ) |
|
| 1 |
|
Unit-linked contract income |
| 253 |
|
|
| 628 |
|
|
| 952 |
|
|
| 568 |
|
Securitization entities income |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Certain partnership distributions |
| (1 | ) |
|
| (6 | ) |
|
| (8 | ) |
|
| (11 | ) |
Divested businesses |
| 15 |
|
|
| 2 |
|
|
| 67 |
|
|
| 46 |
|
Adjusted net investment income | $ | 5,201 |
|
| $ | 4,875 |
|
| $ | 21,280 |
|
| $ | 17,328 |
|
|
|
|
|
|
|
|
| ||||||||
Revenues and Expenses |
|
|
|
|
|
|
| ||||||||
Total revenues | $ | 20,089 |
|
| $ | 19,418 |
|
| $ | 71,080 |
|
| $ | 67,842 |
|
Less: Net investment gains (losses) |
| (126 | ) |
|
| (33 | ) |
|
| 1,529 |
|
|
| (110 | ) |
Less: Net derivative gains (losses) |
| (196 | ) |
|
| (1,561 | ) |
|
| (2,228 | ) |
|
| 1,349 |
|
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses) |
| 13 |
|
|
| 8 |
|
|
| 71 |
|
|
| 33 |
|
Less: Other adjustments to revenues: |
|
|
|
|
|
|
| ||||||||
GMIB fees |
| 24 |
|
|
| 25 |
|
|
| 98 |
|
|
| 102 |
|
Investment hedge adjustments |
| (235 | ) |
|
| (260 | ) |
|
| (895 | ) |
|
| (815 | ) |
Operating joint venture adjustments |
| — |
|
|
| 1 |
|
|
| (1 | ) |
|
| 1 |
|
Unit-linked contract income |
| 253 |
|
|
| 628 |
|
|
| 952 |
|
|
| 568 |
|
Securitization entities income |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Certain partnership distributions |
| (1 | ) |
|
| (6 | ) |
|
| (8 | ) |
|
| (11 | ) |
Settlement of foreign currency earnings hedges |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
TSA fees |
| 53 |
|
|
| 39 |
|
|
| 221 |
|
|
| 159 |
|
Divested businesses |
| 93 |
|
|
| 2 |
|
|
| 1,097 |
|
|
| 101 |
|
Total adjusted revenues | $ | 20,211 |
|
| $ | 20,575 |
|
| $ | 70,244 |
|
| $ | 66,465 |
|
|
|
|
|
|
|
|
| ||||||||
Total expenses | $ | 18,783 |
|
| $ | 19,254 |
|
| $ | 62,954 |
|
| $ | 60,915 |
|
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses) |
| 63 |
|
|
| 65 |
|
|
| 100 |
|
|
| 153 |
|
Less: Goodwill impairment |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Less: Other adjustments to expenses: |
|
|
|
|
|
|
| ||||||||
PBC hedge adjustments |
| 7 |
|
|
| 10 |
|
|
| 32 |
|
|
| 37 |
|
Inflation and pass-through adjustments |
| 99 |
|
|
| 53 |
|
|
| 3 |
|
|
| 170 |
|
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs |
| 93 |
|
|
| 169 |
|
|
| 395 |
|
|
| 364 |
|
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments |
| 23 |
|
|
| 17 |
|
|
| 83 |
|
|
| 70 |
|
PAB hedge adjustments |
| — |
|
|
| (1 | ) |
|
| (2 | ) |
|
| (9 | ) |
Unit-linked contract costs |
| 246 |
|
|
| 612 |
|
|
| 938 |
|
|
| 536 |
|
Securitization entities debt expense |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Noncontrolling interest |
| (9 | ) |
|
| (2 | ) |
|
| (28 | ) |
|
| (16 | ) |
Regulatory implementation costs |
| 1 |
|
|
| 12 |
|
|
| 4 |
|
|
| 20 |
|
Acquisition, integration and other costs |
| (1 | ) |
|
| 29 |
|
|
| 9 |
|
|
| 42 |
|
TSA fees |
| 53 |
|
|
| 39 |
|
|
| 221 |
|
|
| 159 |
|
Divested businesses |
| 126 |
|
|
| 9 |
|
|
| 1,035 |
|
|
| 131 |
|
Total adjusted expenses | $ | 18,082 |
|
| $ | 18,242 |
|
| $ | 60,164 |
|
| $ | 59,258 |
|
|
|
|
|
|
|
|
| ||||||||
See footnotes on last page. |
|
|
|
|
|
|
|
MetLife, Inc. | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In millions, except per share and ratio data) | ||||||||||||||||
|
|
|
|
| ||||||||||||
|
| For the Three Months Ended |
| For the Year Ended | ||||||||||||
|
| December 31, |
| December 31, | ||||||||||||
|
|
| 2021 |
|
|
| 2020 |
|
|
| 2021 |
|
|
| 2020 |
|
Expense Detail and Ratios |
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC |
|
|
|
|
|
|
|
| ||||||||
Capitalization of DAC |
| $ | (666 | ) |
| $ | (804 | ) |
| $ | (2,718 | ) |
| $ | (3,013 | ) |
Less: Divested businesses |
|
| (15 | ) |
|
| — |
|
|
| (119 | ) |
|
| (5 | ) |
Adjusted capitalization of DAC |
| $ | (651 | ) |
| $ | (804 | ) |
| $ | (2,599 | ) |
| $ | (3,008 | ) |
|
|
|
|
|
|
|
|
| ||||||||
Reconciliation of Other Expenses to Adjusted Other Expenses |
|
|
|
|
|
|
|
| ||||||||
Other expenses |
| $ | 3,110 |
|
| $ | 3,262 |
|
| $ | 11,863 |
|
| $ | 12,135 |
|
Less: Noncontrolling interests |
|
| (9 | ) |
|
| (2 | ) |
|
| (28 | ) |
|
| (16 | ) |
Less: Regulatory implementation costs |
|
| 1 |
|
|
| 12 |
|
|
| 4 |
|
|
| 20 |
|
Less: Acquisition, integration and other costs |
|
| (1 | ) |
|
| 29 |
|
|
| 9 |
|
|
| 42 |
|
Less: TSA fees |
|
| 53 |
|
|
| 39 |
|
|
| 221 |
|
|
| 159 |
|
Less: Divested businesses |
|
| 81 |
|
|
| 9 |
|
|
| 358 |
|
|
| 58 |
|
Adjusted other expenses |
| $ | 2,985 |
|
| $ | 3,175 |
|
| $ | 11,299 |
|
| $ | 11,872 |
|
|
|
|
|
|
|
|
|
| ||||||||
Other Detail and Ratios |
|
|
|
|
|
|
|
| ||||||||
Other expenses |
| $ | 3,110 |
|
| $ | 3,262 |
|
| $ | 11,863 |
|
| $ | 12,135 |
|
Capitalization of DAC |
|
| (666 | ) |
|
| (804 | ) |
|
| (2,718 | ) |
|
| (3,013 | ) |
Other expenses, net of capitalization of DAC |
| $ | 2,444 |
|
| $ | 2,458 |
|
| $ | 9,145 |
|
| $ | 9,122 |
|
|
|
|
|
|
|
|
|
| ||||||||
Premiums, fees and other revenues |
| $ | 15,178 |
|
| $ | 15,772 |
|
| $ | 50,384 |
|
| $ | 49,486 |
|
|
|
|
|
|
|
|
|
| ||||||||
Expense ratio |
|
| 16.1 | % |
|
| 15.6 | % |
|
| 18.2 | % |
|
| 18.4 | % |
|
|
|
|
|
|
|
|
| ||||||||
Direct expenses |
| $ | 1,483 |
|
| $ | 1,423 |
|
| $ | 5,196 |
|
| $ | 5,342 |
|
Less: Total notable items related to direct expenses (2) |
|
| — |
|
|
| — |
|
|
| (84 | ) |
|
| — |
|
Direct expenses, excluding total notable items related to direct expenses (2) |
| $ | 1,483 |
|
| $ | 1,423 |
|
| $ | 5,280 |
|
| $ | 5,342 |
|
|
|
|
|
|
|
|
|
| ||||||||
Adjusted other expenses |
| $ | 2,985 |
|
| $ | 3,175 |
|
| $ | 11,299 |
|
| $ | 11,872 |
|
Adjusted capitalization of DAC |
|
| (651 | ) |
|
| (804 | ) |
|
| (2,599 | ) |
|
| (3,008 | ) |
Adjusted other expenses, net of adjusted capitalization of DAC |
|
| 2,334 |
|
|
| 2,371 |
|
|
| 8,700 |
|
|
| 8,864 |
|
Less: Total notable items related to adjusted other expenses (2) |
|
| — |
|
|
| — |
|
|
| (84 | ) |
|
| — |
|
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (2) |
| $ | 2,334 |
|
| $ | 2,371 |
|
| $ | 8,784 |
|
| $ | 8,864 |
|
|
|
|
|
|
|
|
|
| ||||||||
Adjusted premiums, fees and other revenues |
| $ | 15,010 |
|
| $ | 15,700 |
|
| $ | 48,964 |
|
| $ | 49,137 |
|
Less: PRT |
|
| 3,551 |
|
|
| 4,163 |
|
|
| 3,513 |
|
|
| 4,635 |
|
Adjusted premiums, fees and other revenues, excluding PRT |
| $ | 11,459 |
|
| $ | 11,537 |
|
| $ | 45,451 |
|
| $ | 44,502 |
|
|
|
|
|
|
|
|
|
| ||||||||
Direct expense ratio |
|
| 9.9 | % |
|
| 9.1 | % |
|
| 10.6 | % |
|
| 10.9 | % |
Direct expense ratio, excluding total notable items related to direct expenses and PRT (2) |
|
| 12.9 | % |
|
| 12.3 | % |
|
| 11.6 | % |
|
| 12.0 | % |
Adjusted expense ratio |
|
| 15.5 | % |
|
| 15.1 | % |
|
| 17.8 | % |
|
| 18.0 | % |
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (2) |
|
| 20.4 | % |
|
| 20.6 | % |
|
| 19.3 | % |
|
| 19.9 | % |
|
|
|
|
|
|
|
|
| ||||||||
See footnotes on last page. |
|
|
|
|
MetLife, Inc. | ||||||||||||||
(Unaudited) | ||||||||||||||
(In millions, except per share data) | ||||||||||||||
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
| December 31, | ||||||||
Equity Details |
|
|
|
|
|
| 2021 |
|
|
| 2020 |
| ||
Total MetLife, Inc.'s stockholders' equity |
|
|
|
|
| $ | 67,482 |
|
| $ | 74,558 |
| ||
Less: Preferred stock |
|
|
|
|
|
| 3,818 |
|
|
| 4,312 |
| ||
MetLife, Inc.'s common stockholders' equity |
|
|
|
|
|
| 63,664 |
|
|
| 70,246 |
| ||
Less: Net unrealized investment gains (losses), net of income tax |
|
|
|
|
|
| 17,671 |
|
|
| 23,730 |
| ||
Defined benefit plans adjustment, net of income tax |
|
|
|
|
|
| (1,598 | ) |
|
| (1,863 | ) | ||
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA |
|
|
|
|
|
| 47,591 |
|
|
| 48,379 |
| ||
Less: Goodwill, net of income tax |
|
|
|
|
|
| 9,221 |
|
|
| 10,090 |
| ||
VODA and VOCRA, net of income tax |
|
|
|
|
|
| 718 |
|
|
| 844 |
| ||
Total MetLife, Inc.'s tangible common stockholders' equity |
|
|
|
|
| $ | 37,652 |
|
| $ | 37,445 |
| ||
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
| December 31, | ||||||||
|
|
|
|
|
|
| 2021 |
|
|
| 2020 |
| ||
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA |
|
|
|
|
| $ | 47,591 |
|
| $ | 48,379 |
| ||
Less: Accumulated year-to-date total notable items (2) |
|
|
|
|
|
| 66 |
|
|
| (203 | ) | ||
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2) |
|
|
|
|
|
| 47,525 |
|
|
| 48,582 |
| ||
Less: Goodwill, net of income tax |
|
|
|
|
|
| 9,221 |
|
|
| 10,090 |
| ||
VODA and VOCRA, net of income tax |
|
|
|
|
|
| 718 |
|
|
| 844 |
| ||
Total MetLife, Inc.'s tangible common stockholders' equity, excluding total notable items (2) |
|
|
|
|
| $ | 37,586 |
|
| $ | 37,648 |
| ||
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
| December 31, | ||||||||
Book Value (4) |
|
|
|
|
|
| 2021 |
|
|
| 2020 |
| ||
Book value per common share |
|
|
|
|
| $ | 77.12 |
|
| $ | 78.67 |
| ||
Less: Net unrealized investment gains (losses), net of income tax |
|
|
|
|
|
| 21.41 |
|
|
| 26.58 |
| ||
Defined benefit plans adjustment, net of income tax |
|
|
|
|
|
| (1.94 | ) |
|
| (2.09 | ) | ||
Book value per common share, excluding AOCI other than FCTA |
|
|
|
|
|
| 57.65 |
|
|
| 54.18 |
| ||
Less: Goodwill, net of income tax |
|
|
|
|
|
| 11.17 |
|
|
| 11.29 |
| ||
VODA and VOCRA, net of income tax |
|
|
|
|
|
| 0.87 |
|
|
| 0.95 |
| ||
Book value per common share - tangible common stockholders' equity |
|
|
|
|
| $ | 45.61 |
|
| $ | 41.94 |
| ||
|
|
|
|
|
|
|
|
| ||||||
Common shares outstanding, end of period (5) |
|
|
|
|
|
| 825.5 |
|
|
| 892.9 |
| ||
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| ||||||
|
| For the Three Months Ended |
| For the Year Ended | ||||||||||
|
| December 31, |
| December 31, | ||||||||||
Average Common Stockholders' Equity |
|
| 2021 |
|
| 2020 |
|
| 2021 |
|
|
| 2020 |
|
Average common stockholders' equity |
| $ | 64,448 |
| $ | 69,625 |
| $ | 65,203 |
|
| $ | 67,869 |
|
Average common stockholders' equity, excluding AOCI other than FCTA |
| $ | 47,985 |
| $ | 48,234 |
| $ | 47,917 |
|
| $ | 47,251 |
|
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2) |
| $ | 47,989 |
| $ | 48,437 |
| $ | 47,905 |
|
| $ | 47,332 |
|
Average tangible common stockholders' equity |
| $ | 37,976 |
| $ | 38,130 |
| $ | 37,615 |
|
| $ | 37,703 |
|
Average tangible common stockholders' equity, excluding total notable items (2) |
| $ | 37,980 |
| $ | 38,333 |
| $ | 37,604 |
|
| $ | 37,784 |
|
|
|
|
|
|
|
|
|
| ||||||
See footnotes on last page. |
|
|
|
|
|
|
|
|
MetLife, Inc. | ||||||||
(Unaudited) | ||||||||
|
|
|
|
|
|
|
|
|
|
| For the Three Months Ended |
| For the Year Ended | ||||
|
| December 31, (6) |
| December 31, | ||||
|
| 2021 |
| 2020 |
| 2021 |
| 2020 |
Return on Equity |
|
|
|
|
|
|
|
|
Return on MetLife, Inc.'s: |
|
|
|
|
|
|
|
|
Common stockholders' equity |
| 7.3 % |
| 0.7 % |
| 9.7 % |
| 7.6 % |
|
|
|
|
|
|
|
|
|
Adjusted return on MetLife, Inc.'s: |
|
|
|
|
|
|
|
|
Common stockholders' equity |
| 11.4 % |
| 10.6 % |
| 12.2 % |
| 8.3 % |
Common stockholders' equity, excluding AOCI other than FCTA |
| 15.3 % |
| 15.2 % |
| 16.6 % |
| 11.9 % |
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2) |
| 14.2 % |
| 15.2 % |
| 16.5 % |
| 12.3 % |
Tangible common stockholders' equity (7) |
| 19.6 % |
| 19.4 % |
| 21.4 % |
| 15.0 % |
Tangible common stockholders' equity, excluding total notable items (2), (7) |
| 18.1 % |
| 19.3 % |
| 21.2 % |
| 15.5 % |
|
|
|
|
|
|
|
|
|
Adjusted Return on Allocated Equity: |
|
|
|
|
|
|
|
|
U.S. |
| 27.5 % |
| 36.9 % |
|
|
|
|
Asia |
| 16.0 % |
| 13.8 % |
|
|
|
|
Latin America |
| 18.1 % |
| 1.8 % |
|
|
|
|
EMEA |
| 5.9 % |
| 11.3 % |
|
|
|
|
MetLife Holdings |
| 18.5 % |
| 17.2 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Return on Allocated Tangible Equity: |
|
|
|
|
|
|
|
|
U.S. |
| 32.2 % |
| 42.4 % |
|
|
|
|
Asia |
| 23.9 % |
| 20.9 % |
|
|
|
|
Latin America |
| 28.5 % |
| 3.0 % |
|
|
|
|
EMEA |
| 10.2 % |
| 20.1 % |
|
|
|
|
MetLife Holdings |
| 20.3 % |
| 19.1 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
See footnotes on last page. |
|
|
|
|
|
|
|
|
Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc. | ||||||||
to Free Cash Flow of All Holding Companies | ||||||||
(Unaudited) | ||||||||
|
|
|
|
| ||||
|
| For the Year Ended December 31, | ||||||
|
|
| 2021 |
|
|
| 2020 |
|
|
| (In billions, except ratios) | ||||||
MetLife, Inc. (parent company only) net cash provided by operating activities |
| $ | 3.8 |
|
| $ | 3.5 |
|
Adjustments from net cash provided by operating activities to free cash flow: |
|
|
|
| ||||
Add: Incremental debt to be at or below target leverage ratios |
|
| — |
|
|
| 1.4 |
|
Add: Adjustments from net cash provided by operating activities to free cash flow (8) |
|
| (0.3 | ) |
|
| (0.2 | ) |
MetLife, Inc. (parent company only) free cash flow |
|
| 3.5 |
|
|
| 4.7 |
|
Other MetLife, Inc. holding companies free cash flow (9) |
|
| 0.3 |
|
|
| (0.7 | ) |
Free cash flow of all holding companies |
| $ | 3.8 |
|
| $ | 4.0 |
|
|
|
|
|
| ||||
Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders: |
|
|
|
| ||||
MetLife, Inc. (parent company only) net cash provided by operating activities |
| $ | 3.8 |
|
| $ | 3.5 |
|
Consolidated net income (loss) available to MetLife, Inc.'s common shareholders |
| $ | 6.4 |
|
| $ | 5.2 |
|
Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders (10) |
|
| 59 | % |
|
| 67 | % |
|
|
|
|
| ||||
Ratio of free cash flow to adjusted earnings available to common shareholders: |
|
|
|
| ||||
Free cash flow of all holding companies (11) |
| $ | 3.8 |
|
| $ | 4.0 |
|
Consolidated adjusted earnings available to common shareholders (11) |
| $ | 8.0 |
|
| $ | 5.6 |
|
Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders (11) |
|
| 48 | % |
|
| 71 | % |
|
|
|
|
| ||||
Cash & Capital (12), (13), (14) | ||||||||
(Unaudited) | ||||||||
|
| December 31, | ||||||
|
|
| 2021 |
|
|
| 2020 |
|
|
| (In billions) | ||||||
Holding Companies Cash & Liquid Assets |
| $ | 5.4 |
|
| $ | 4.5 |
|
|
|
|
|
| ||||
See footnotes on last page. |
|
|
|
|
MetLife, Inc. | |||||||||||||
Adjusted Earnings Available to Common Shareholders | |||||||||||||
(Unaudited) | |||||||||||||
(In millions) | |||||||||||||
|
|
|
|
|
|
|
|
|
| ||||
|
|
| For the Three Months Ended |
| For the Year Ended | ||||||||
|
|
| December 31, |
| December 31, | ||||||||
|
|
| 2021 |
| 2020 |
| 2021 |
| 2020 | ||||
|
|
|
|
|
|
|
|
|
| ||||
U.S. (3), (15): |
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
| ||||
| Adjusted earnings available to common shareholders |
| $ | 640 |
| $ | 1,021 |
| $ | 3,221 |
| $ | 3,224 |
| Less: Total notable items (2) |
|
| — |
|
| — |
|
| — |
|
| — |
| Adjusted earnings available to common shareholders, excluding total notable items (2) |
| $ | 640 |
| $ | 1,021 |
| $ | 3,221 |
| $ | 3,224 |
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
| Adjusted premiums, fees and other revenues |
| $ | 10,100 |
| $ | 10,578 |
| $ | 29,036 |
| $ | 29,292 |
| Less: PRT |
|
| 3,551 |
|
| 4,163 |
|
| 3,513 |
|
| 4,635 |
| Adjusted premiums, fees and other revenues, excluding PRT |
| $ | 6,549 |
| $ | 6,415 |
| $ | 25,523 |
| $ | 24,657 |
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Group Benefits (3): |
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
| ||||
| Adjusted earnings available to common shareholders |
| $ | 20 |
| $ | 383 |
| $ | 472 |
| $ | 1,335 |
| Less: Total notable items (2) |
|
| — |
|
| — |
|
| — |
|
| — |
| Adjusted earnings available to common shareholders, excluding total notable items (2) |
| $ | 20 |
| $ | 383 |
| $ | 472 |
| $ | 1,335 |
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
| Adjusted premiums, fees and other revenues |
| $ | 5,791 |
| $ | 5,020 |
| $ | 22,543 |
| $ | 19,118 |
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Retirement & Income Solutions (3): |
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
| ||||
| Adjusted earnings available to common shareholders |
| $ | 620 |
| $ | 526 |
| $ | 2,749 |
| $ | 1,567 |
| Less: Total notable items (2) |
|
| — |
|
| — |
|
| — |
|
| — |
| Adjusted earnings available to common shareholders, excluding total notable items (2) |
| $ | 620 |
| $ | 526 |
| $ | 2,749 |
| $ | 1,567 |
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
| Adjusted premiums, fees and other revenues |
| $ | 4,309 |
| $ | 4,665 |
| $ | 6,493 |
| $ | 6,617 |
| Less: PRT |
|
| 3,551 |
|
| 4,163 |
|
| 3,513 |
|
| 4,635 |
| Adjusted premiums, fees and other revenues, excluding PRT |
| $ | 758 |
| $ | 502 |
| $ | 2,980 |
| $ | 1,982 |
|
|
|
|
|
|
|
|
|
| ||||
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|
|
|
|
|
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|
| ||||
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|
|
|
|
|
| ||||
Property & Casualty (3), (15): |
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|
|
|
| |||||
|
|
|
|
|
|
|
|
|
| ||||
| Adjusted earnings available to common shareholders |
| $ | — |
| $ | 112 |
| $ | — |
| $ | 322 |
| Less: Total notable items (2) |
|
| — |
|
| — |
|
| — |
|
| — |
| Adjusted earnings available to common shareholders, excluding total notable items (2) |
| $ | — |
| $ | 112 |
| $ | — |
| $ | 322 |
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
| Adjusted premiums, fees and other revenues |
| $ | — |
| $ | 893 |
| $ | — |
| $ | 3,557 |
|
|
|
|
|
|
|
|
|
| ||||
See footnotes on last page. |
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|
MetLife, Inc. | |||||||||||||||||
Adjusted Earnings Available to Common Shareholders (Continued) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(In millions) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| For the Three Months Ended |
| For the Year Ended | ||||||||||||
|
|
| December 31, |
| December 31, | ||||||||||||
|
|
|
| 2021 |
|
|
| 2020 |
|
|
| 2021 |
|
|
| 2020 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Asia: |
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|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
| Adjusted earnings available to common shareholders |
| $ | 586 |
|
| $ | 494 |
|
| $ | 2,298 |
|
| $ | 1,565 |
|
| Less: Total notable items (2) |
|
| — |
|
|
| — |
|
|
| (79 | ) |
|
| (28 | ) |
| Adjusted earnings available to common shareholders, excluding total notable items (2) |
| $ | 586 |
|
| $ | 494 |
|
| $ | 2,377 |
|
| $ | 1,593 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Adjusted earnings available to common shareholders on a constant currency basis |
| $ | 586 |
|
| $ | 486 |
|
| $ | 2,298 |
|
| $ | 1,591 |
|
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2) |
| $ | 586 |
|
| $ | 486 |
|
| $ | 2,377 |
|
| $ | 1,619 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Adjusted premiums, fees and other revenues |
| $ | 2,022 |
|
| $ | 2,161 |
|
| $ | 8,308 |
|
| $ | 8,524 |
|
| Adjusted premiums, fees and other revenues, on a constant currency basis |
| $ | 2,022 |
|
| $ | 2,025 |
|
| $ | 8,308 |
|
| $ | 8,451 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Latin America: |
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
| Adjusted earnings available to common shareholders |
| $ | 125 |
|
| $ | 14 |
|
| $ | 291 |
|
| $ | 280 |
|
| Less: Total notable items (2) |
|
| — |
|
|
| — |
|
|
| (2 | ) |
|
| (9 | ) |
| Adjusted earnings available to common shareholders, excluding total notable items (2) |
| $ | 125 |
|
| $ | 14 |
|
| $ | 293 |
|
| $ | 289 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Adjusted earnings available to common shareholders on a constant currency basis |
| $ | 125 |
|
| $ | 12 |
|
| $ | 291 |
|
| $ | 302 |
|
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2) |
| $ | 125 |
|
| $ | 12 |
|
| $ | 293 |
|
| $ | 311 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Adjusted premiums, fees and other revenues |
| $ | 962 |
|
| $ | 878 |
|
| $ | 3,759 |
|
| $ | 3,297 |
|
| Adjusted premiums, fees and other revenues, on a constant currency basis |
| $ | 962 |
|
| $ | 851 |
|
| $ | 3,759 |
|
| $ | 3,420 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
EMEA: |
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
| Adjusted earnings available to common shareholders |
| $ | 42 |
|
| $ | 81 |
|
| $ | 301 |
|
| $ | 327 |
|
| Less: Total notable items (2) |
|
| — |
|
|
| — |
|
|
| (6 | ) |
|
| (31 | ) |
| Adjusted earnings available to common shareholders, excluding total notable items (2) |
| $ | 42 |
|
| $ | 81 |
|
| $ | 307 |
|
| $ | 358 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Adjusted earnings available to common shareholders on a constant currency basis |
| $ | 42 |
|
| $ | 76 |
|
| $ | 301 |
|
| $ | 330 |
|
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2) |
| $ | 42 |
|
| $ | 76 |
|
| $ | 307 |
|
| $ | 361 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Adjusted premiums, fees and other revenues |
| $ | 621 |
|
| $ | 707 |
|
| $ | 2,713 |
|
| $ | 2,744 |
|
| Adjusted premiums, fees and other revenues, on a constant currency basis |
| $ | 621 |
|
| $ | 687 |
|
| $ | 2,713 |
|
| $ | 2,775 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
MetLife Holdings (3): |
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
| Adjusted earnings available to common shareholders |
| $ | 482 |
|
| $ | 426 |
|
| $ | 2,242 |
|
| $ | 976 |
|
| Less: Total notable items (2) |
|
| — |
|
|
| — |
|
|
| (53 | ) |
|
| (135 | ) |
| Adjusted earnings available to common shareholders, excluding total notable items (2) |
| $ | 482 |
|
| $ | 426 |
|
| $ | 2,295 |
|
| $ | 1,111 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Adjusted premiums, fees and other revenues |
| $ | 1,206 |
|
| $ | 1,264 |
|
| $ | 4,691 |
|
| $ | 4,911 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Corporate & Other (3): |
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
| Adjusted earnings available to common shareholders |
| $ | (37 | ) |
| $ | (198 | ) |
| $ | (399 | ) |
| $ | (749 | ) |
| Less: Total notable items (2) |
|
| 140 |
|
|
| — |
|
|
| 206 |
|
|
| — |
|
| Adjusted earnings available to common shareholders, excluding total notable items (2) |
| $ | (177 | ) |
| $ | (198 | ) |
| $ | (605 | ) |
| $ | (749 | ) |
|
|
|
|
|
|
|
|
|
| ||||||||
| Adjusted premiums, fees and other revenues |
| $ | 99 |
|
| $ | 112 |
|
| $ | 457 |
|
| $ | 369 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
See footnotes on last page. |
|
|
|
|
|
|
|
|
MetLife, Inc. | ||||||||||||||||
(Unaudited) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||
| For the Three Months Ended |
| For the Year Ended | |||||||||||||
| March 31, 2021 |
| June 30, 2021 |
| September 30, 2021 |
| December 31, 2021 |
| December 31, 2021 | |||||||
Variable investment income (post-tax, in millions) (16) |
|
|
|
|
|
|
|
|
| |||||||
U.S. |
|
|
|
|
|
|
|
|
| |||||||
Group Benefits | $ | 11 |
| $ | 14 |
| $ | 17 |
|
| $ | 17 |
| $ | 59 | |
Retirement and Income Solutions |
| 390 |
|
| 351 |
|
| 449 |
|
| $ | 324 |
|
| 1,514 | |
Total U.S. |
|
| 401 |
|
| 365 |
|
| 466 |
|
|
| 341 |
|
| 1,573 |
Asia |
| 273 |
|
| 218 |
|
| 373 |
|
| $ | 307 |
|
| 1,171 | |
Latin America |
| 17 |
|
| 22 |
|
| 22 |
|
| $ | 17 |
|
| 78 | |
EMEA |
| — |
|
| — |
|
| — |
|
| $ | — |
|
| — | |
MetLife Holdings |
| 381 |
|
| 301 |
|
| 487 |
|
| $ | 266 |
|
| 1,435 | |
Corporate & Other |
| 26 |
|
| 44 |
|
| 65 |
|
| $ | 72 |
|
| 207 | |
Total variable investment income | $ | 1,098 |
| $ | 950 |
| $ | 1,413 |
|
| $ | 1,003 |
| $ | 4,464 | |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
| |||||||
| Segments: U.S., Asia, Latin America and EMEA (17) | |||||||||||||||
| Capital Deployed |
| Value Added (VNB) |
| Internal Rate of Return (IRR) |
| Payback (Years) |
|
| |||||||
Value of new business ($ in billions) |
|
|
|
|
|
|
|
|
| |||||||
2020 |
| $ | 3.2 |
| $ | 1.9 |
|
| 17 | % |
|
| 6 |
|
| |
2019 |
| $ | 3.8 |
| $ | 1.8 |
|
| 15 | % |
|
| 7 |
|
| |
2018 |
| $ | 3.8 |
| $ | 2.1 |
|
| 15 | % |
|
| 7 |
|
| |
2017 |
| $ | 3.1 |
| $ | 1.3 |
|
| 14 | % |
|
| 7 |
|
| |
2016 |
| $ | 2.9 |
| $ | 1.0 |
|
| 14 | % |
|
| 7 |
|
| |
|
|
|
|
|
|
|
|
|
|
| ||||||
See footnotes on last page. |
|
|
|
|
|
|
|
|
|
| ||||||
MetLife, Inc. | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Group Benefits Underwriting (18 | ||||||||||||||||
For the Three Months Ended | ||||||||||||||||
December 31, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Group Life Mortality Ratio (19) | 106.3 % | 96.3 % |
Footnotes |
|
|
| |
|
|
|
|
|
(1) | Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share. | |||
|
|
|
|
|
(2) | Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. | |||
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|
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|
|
(3) | Results on a constant currency basis are not included as constant currency impact is not significant. | |||
|
|
|
|
|
(4) | Book values exclude $3,818 million and $4,312 million of equity related to preferred stock at December 31, 2021 and 2020, respectively. | |||
|
|
|
|
|
(5) | There were share repurchases of $1.2 billion and $4.3 billion for the three months and year ended December 31, 2021, respectively. | |||
|
|
|
|
|
(6) | Annualized using quarter-to-date results. | |||
|
|
|
|
|
(7) | Adjusted earnings available to common shareholders, used to calculate the adjusted return on tangible common stockholders' equity, excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2021 and 2020 of $19 million and $8 million, respectively, and for the years ended December 31, 2021 and 2020 of $79 million and $33 million. respectively. | |||
|
|
|
|
|
(8) | Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; and (iv) investment portfolio and derivatives changes and other, net. | |||
|
|
|
|
|
(9) | Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions from MetLife, Inc.; (iii) capital contributions to subsidiaries; (iv) repayments on and (issuances of) loans to subsidiaries, net; (v) other expenses; (vi) dividends and returns of capital to MetLife, Inc. and (vii) investment portfolio changes and other, net. | |||
|
|
|
|
|
(10) | Including the free cash flow of other MetLife, Inc. holding companies of $0.3 billion and $(0.7) billion for the years ended December 31, 2021 and 2020, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 64 % and 54%, respectively. | |||
|
|
|
|
|
(11) | (i) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2021, was positively impacted by notable items, related to tax adjustments of $0.1 billion, net of income tax, and litigation reserves and settlement costs of $0.1 billion, net of income tax, offset by actuarial assumption review and other insurance adjustments of $0.1 billion, net of income tax. Excluding such notable items impacting consolidated adjusted earnings available to common shareholders from the denominator of the ratio, the adjusted free cash flow ratio for 2021, would be 49%. (ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2020, was negatively impacted by a notable item, related to actuarial assumption review and other insurance adjustments of $0.2 billion, net of income tax. Excluding this notable item impacting consolidated adjusted earnings available to common shareholders from the denominator of the ratio, the adjusted free cash flow ratio for 2020, would be 69%. | |||
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|
|
|
|
(12) | The 2021 combined U.S. risk based capital ratio is estimated to be above MetLife's 360% target on an NAIC basis. This ratio includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. MetLife calculates RBC annually as of December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end. | |||
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|
|
(13) | The total U.S. statutory adjusted capital is expected to be approximately $19.1 billion at December 31, 2021, up 12% from December 31, 2020. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company and Metropolitan Property and Casualty Insurance Company from both periods. | |||
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|
|
(14) | As of September 30, 2021, the solvency margin ratio of MetLife's insurance subsidiary in Japan was 911%, which is calculated quarterly and does not reflect conditions and factors occurring after September 30, 2021. | |||
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|
|
(15) | For the three months and year ended December 31, 2021, U.S. results excluded the Property & Casualty business which was reported as divested business beginning in the first quarter. This business is included in the prior-year period. | |||
|
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|
|
(16) | Assumes a 21% tax rate. | |||
|
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|
|
(17) | Excludes the MetLife Holdings segment; Value of New Business is the present value of future profits net of the cost of capital and time value of guarantees from new sales. | |||
|
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|
|
(18) | Results are derived from insurance and non-administrative services-only contracts. | |||
|
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|
|
(19) | Excludes certain experience-rated contracts and includes accidental death and dismemberment. For the three months ended December 31, 2021 there was an estimated (18) percentage point impact to the ratio due to COVID-19 reported deaths with an estimated impact to adjusted earnings of ($300) million. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220202005732/en/
For Media: Randy Clerihue (646) 552-0533 For Investors: John Hall (212) 578-7888
Source: MetLife, Inc.