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MET—(-6%/AH)—reports 2Q20 results—the main negative in the quarter

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DewDiligence Member Level  Wednesday, 08/05/20 05:44:13 PM
Re: DewDiligence post# 81
Post # of 91 
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
Quote:
MetLife said it had higher COVID-related claims during the quarter, but did not provide specifics. The disease's effects in the third quarter would be largely offset by underwriting margins, the company said.

MetLife reported $710 million in net derivative losses, compared with $724 million in derivative gains a year ago.

That’s a $1.43B negative swing, YoY, but I can’t really complain insofar as MET gained $4.2B on derivatives during 1Q20 (#msg-155475813).

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