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MET analysis—1Q22 non-GAAP EPS was -15% YoY due to weaker (but still objectively strong) results in private-equity investments. In #msg-167739042, I asked rhetorically how long MET could continue to post superlative results from private equity. Now, we’re seeing a regression to the mean (or perhaps worse).
MET’s insurance business benefits from higher interest rates insofar as MET is effectively short fixed income (i.e. it has net liabilities for eventual insurance claims). However, in recent quarters, the gains on MET’s private-equity investments have outweighed the interest-rate effect mentioned above.
All told, I’m not especially bullish on MET; however, I manage a portfolio that has a MET position with a cost basis of zero, stemming from MET’s de-mutualization in 2001.
MET—New $3B buyback authorization accompanies 1Q22 results…
Buyback PR:
https://investor.metlife.com/news-and-events/financial-press-releases/news-details/2022/MetLife-Announces-New-3-Billion-Share-Repurchase-Authorization/default.aspx
1Q22 PR:
https://investor.metlife.com/news-and-events/financial-press-releases/news-details/2022/MetLife-Announces-First-Quarter-2022-Results/default.aspx
CFO’s 5-minute video on 1Q22 results:
https://www.metlife.com/about-us/newsroom/#video
Note: The new $3B buyback authorization is in addition to $475M remaining on the previous buyback authorization—i.e. the total authorization is for ~$3.5B.
MET increases annualized dividend to $2.00 (from $1.92):
https://finance.yahoo.com/news/metlife-increases-common-stock-dividend-201500238.html
At the current share price ($66.72), the new annualized payout represents a yield of 3.0%.
MET CFO’s 5-min video on 4Q21 results:
https://finance.yahoo.com/news/metlife-cfo-john-mccallion-provides-211500964.html
Take all those superlatives with a grain of salt.
MET 4Q21—Poor underwriting again bailed out by private-equity investment gains:
https://finance.yahoo.com/news/insurer-metlifes-quarterly-profit-beats-212327232.html
How long can MET continue to log outsized results in private equity? [Rhetorical]
MET 3Q21 results…
PR:
https://finance.yahoo.com/news/metlife-announces-third-quarter-2021-201500644.html
Bloomberg:
https://finance.yahoo.com/news/metlife-beats-estimates-strong-private-205930019.html
CFO’s 5-minute video:
https://finance.yahoo.com/news/metlife-cfo-john-mccallion-provides-201500359.html
MET 2Q21 results—new $3B buybcak authorization:
https://investor.metlife.com/news-and-events/financial-press-releases/news-details/2021/MetLife-Announces-Second-Quarter-2021-Results/default.aspx
https://finance.yahoo.com/news/metlife-announces-3-billion-share-201500416.html
5-min video on 2Q21 results:
https://finance.yahoo.com/news/metlife-cfo-john-mccallion-provides-201500006.html
MET increases annualized dividend to $1.92 (from $1.84):
https://finance.yahoo.com/news/metlife-increases-common-stock-dividend-201500216.html
At the current share price ($63.36), the new annualized payout represents a yield of 3.0%.
MET 4Q20_results_produce_modest_“relief”_rally:
https://finance.yahoo.com/news/metlife-announces-full-fourth-quarter-211500280.html (PR)
https://finance.yahoo.com/news/metlife-cfo-john-mccallion-provides-211500418.html (5-min CEO video)
https://finance.yahoo.com/news/metlife-profit-rises-marginally-investment-211931389.html (Reuters)
The stock is +3% in AH trading.
MET sells P&C business to Zurich Insurance for $3.94B—inline with prior reports—proceeds to be used for share buybacks (under new $3B authorization):
https://finance.yahoo.com/news/metlife-sell-auto-home-business-054600801.html
https://finance.yahoo.com/news/metlife-announces-3-billion-share-054800208.html
MET near deal to divest property/casualty business for $4B:
https://finance.yahoo.com/news/exclusive-zurich-insurance-nears-4-165136694.html
P&C is a relatively small portion of MET’s business portfolio.
Interesting. Thx
MET 3Q20 results:
https://finance.yahoo.com/news/metlife-announces-third-quarter-2020-211500883.html
The stock is flat in AH trading.
MET acquires vision-care insurer—Versant Health—for $1.68B in cash…
PR:
https://finance.yahoo.com/news/metlife-acquire-versant-health-owner-110000235.html
Slides:
https://www.sec.gov/Archives/edgar/data/1099219/000109921920000319/irpresentationverandav18.htm
Versant has 35M members to be folded into MET’s Group benefits segment.
MET—(-6%/AH)—reports 2Q20 results—the main negative in the quarter was not COVID-19 claims, but rather losses on private equity and derivative securities:
https://finance.yahoo.com/news/metlife-announces-second-quarter-2020-201500963.html
https://s23.q4cdn.com/579645270/files/doc_financials/2020/q2/MET_2Q20_Supplemental_Slides-FINAL.pdf
https://finance.yahoo.com/news/metlife-quarterly-profit-nosedives-lower-201514460.html
Smart move by the company. I had a very small short position to play after seeing someone called on shorting MET. I closed after seeing MET increased their dividend. Some learning experiences for me. Thank you for your postings.
MET is a good company.
MET logged a $4.2B gain in 1Q20 from derivatives to hedge interest rates. Wow.
MET 1Q20 results:
https://www.sec.gov/Archives/edgar/data/1099219/000109921920000200/ex991earningsreleaseta.htm
Astonishingly, MET says that COVID-19 will have only a “modest” impact on 2020 financial results—see slide #10 at: https://s23.q4cdn.com/579645270/files/doc_financials/2020/Q1/MET_1Q-20-Supplemental-Slides-FINAL.pdf .
MET boosts dividend—forward yield=5.2%:
https://finance.yahoo.com/news/metlife-increases-common-stock-dividend-201500280.html
Thanks a lot for your insights!
MET has been unusually volatile lately because investors are finding it hard to get a handle on the effect of the pandemic on MET’s various business segments. The volatility will likely continue until MET announces 1Q19 results and updated 2020 guidance on 5/6/20 (after the market close).
For related info, please see:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=154938718 and
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=154310158
MET is coming down pretty hard today. What is the cause? I have been reading the 10k but it is such a big company.
Despite the discombobulated corporate-bond market, MET managed to issue $1B of 10-year bonds paying interest @4.55% in a deal that closed today:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1099219/000119312520082648/d898812d8k.htm
This is encouraging and might signal a bottom for the stock, which has dropped an astonishing 55% since 2/12/20.
Please see #msg-154310158 for related info.
Please see #msg-154310158. I don't know anything about the deal you mentioned. Regards, Dew
DD why did the MET chart drop the way it has and do you know anything about the deal they have with SOLI https://investorshub.advfn.com/boards/replies.aspx?msg=154373738
That's not the reason. Life insurance is now a pretty small portion of MET's overall business. See #msg-154239470.
Because they have to pay when people die!
For MET, lower interest rates lead to lower earnings.
MET slide sets from Investor Day (today):
https://www.sec.gov/Archives/edgar/data/1099219/000119312519311978/d105103dex991.htm
https://www.sec.gov/Archives/edgar/data/1099219/000119312519311518/d842938dex991.htm
MET buys into health insurance for pets—a clear ‘Tailwind’ business:
https://finance.yahoo.com/news/metlife-acquire-u-pet-health-123000485.html
MET acquires online estate-planning company for undisclosed price:
https://finance.yahoo.com/news/metlife-acquire-digital-estate-planning-193000641.htm
MET authorizes new $2B buyback:
https://finance.yahoo.com/news/metlife-announces-2-billion-share-201500786.html
--
2Q19 results:
https://www.sec.gov/Archives/edgar/data/1099219/000109921919000133/ex991earningsreleasetables.htm
https://finance.yahoo.com/news/1-metlife-quarterly-profit-doubles-203333869.html
MET increases annualized dividend to $1.76 (from $1.68):
https://finance.yahoo.com/news/metlife-increases-second-quarter-2019-201500520.html
At the current share price ($45.43), the new annualized payout is a yield of 3.9%.
News: $MET Most Plan Sponsors with De-Risking Goals Intend to Divest All of Their Company's Pension Liabilities in the Future, MetLife Poll Finds
2018 was another robust year for pension risk transfer (PRT), and new poll results from MetLife indicate that plan sponsors’ interest will continue to grow in the near future. MetLife’s new 2019 Pension Risk Transfer Poll, released today, found that more than three quarters (76...
Find out more https://marketwirenews.com/news-releases/most-plan-sponsors-with-de-risking-goals-intend-to-divest-all-of-their-company-s-pension-liabilities-in-the-future-metlife-poll-finds-7547380.html
MET slide deck for tomorrow’s “2019 Outlook” CC:
https://www.sec.gov/Archives/edgar/data/1099219/000119312518348929/d666009dex991.htm
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