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MetLife Inc MET

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Morningstar’s Analysis

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Variable Investment Income Drives Profit Beat for MetLife

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

MetLife reported a solid second quarter, with adjusted EPS of $2.37 easily topping the FactSet consensus of $1.55. We attribute the bulk of the beat to higher-than-expected variable investment income from private equity funds. Pretax variable investment income was $1.20 billion, up from a loss of $555 million in the year-ago period. Though another strong quarter or two is certainly possible in our view as private equity returns are reported on a lag, we expect variable investment income to revert to more normal levels. We will maintain our no-moat rating and $49 fair value estimate for MetLife.

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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 Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 46,500