MetLife, Inc. (MET) - NYSE
  • Wed, Mar. 30, 10:49 AM
    • Dow Jones is reporting a federal judge as rescinding the government's labeling of MetLife (MET +5.6%) as a systemically important financial institution.
    • Update: The court's opinion is sealed, pending a meeting on April 6 between MetLife and the Financial Stability Oversight Council at which they will determine what should remain confidential.
    | Wed, Mar. 30, 10:49 AM | 4 Comments
  • Tue, Mar. 29, 2:49 PM
    | Tue, Mar. 29, 2:49 PM | 10 Comments
  • Thu, Mar. 24, 10:43 AM
    • Oil's lower by 2.9% today and about 10% for the week, but it's the financial sector (XLF -1.3%) leading the S&P 500's 0.5% decline today. This even as Jim Bullard becomes the latest Fed speaker to more or less disavow last week's dovish FOMC meeting result, and suggest higher rates could come as soon as April's get-together.
    • Morgan Stanley (MS -2.9%), Citigroup (C -2.5%), BB&T (BBT -1.3%), U.S. Bancorp (USB -1.3%), MetLife (MET -2.8%), Prudential (PRU -3.5%)
    • ETFs: XLF, FAS, FAZ, KRE, UYG, VFH, KBE, IYF, BTO, IAT, IYG, SEF, FNCL, FXO, KBWB, QABA, RYF, FINU, KBWR, KRU, RWW, FINZ, KRS, XLFS
    | Thu, Mar. 24, 10:43 AM | 14 Comments
  • Mon, Mar. 21, 4:30 PM
    • An amendment to the company's bylaws would allow shareholders with a 25% or higher stake to call a special meeting of owners.
    • According to Nasdaq, Vanguard is the largest owner of MetLife with just under a 6% stake.
    • Source: Press release
    | Mon, Mar. 21, 4:30 PM
  • Wed, Mar. 16, 2:28 PM
    | Wed, Mar. 16, 2:28 PM | 55 Comments
  • Thu, Mar. 3, 8:37 AM
    • The global economy has been powered by credit for more than 40 years, says Bill Gross - noting official credit outstanding today of $58T is 58x that of 1970. That expansion, though, looks to be ending, as private sector savers are growing leery, and regulators build fences against fast creation. And don't forget the meager returns, with negative interest rates in 40% of Euroland, and out ten years on the curve in Japan.
    • The collapse in bank stocks globally isn't necessarily about energy losses. Price charts since 2007 for players like Citigroup (NYSE:C), Bank of America (NYSE:BAC), Credit Suisse (NYSE:CS), Deutsche Bank (NYSE:DB), and Goldman Sachs (NYSE:GS) suggest the sector's either a screaming cheap buy, or "a permanently damaged victim of writes-offs, tighter regulation, and significantly lower futures margins. I'll vote for the latter."
    • Then there's insurers, whose business models - which depend on 7-8% returns from risk assets - are at risk. They're not going bankrupt, but future profitability for companies like MetLife (NYSE:MET), Prudential (NYSE:PRU), and Hartford (NYSE:HIG) will be stifled as claims can't be covered as easily when investment returns are so lame.
    • The same goes or pension funds, and Puerto Rico is going down Detroit's path not just because of overpromised benefits, but because they're not earning enough on their investment portfolios to cover those promises.
    • Central bankers, meanwhile, think they can solve things by cutting rates just a bit further.
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IYG, SEF, FNCL, FXO, RYF, FINU, RWW, FINZ, XLFS
    | Thu, Mar. 3, 8:37 AM | 35 Comments
  • Wed, Mar. 2, 7:02 PM
    • Following an annual review, the U.S. Financial Stability Oversight Council has voted against rescinding Met-Life's (NYSE:MET) high-risk designation, a label that subjects it to tougher oversight by the Fed.
    • The insurer had received the "systemically important" tag in 2014, when regulators determined that the company's collapse could devastate the country's financial system.
    • MetLife had sued regulators in January 2015 after its initial contest of the designation failed.
    • Previously: MetLife selling retail adviser force to MassMutual (Feb. 29 2016)
    | Wed, Mar. 2, 7:02 PM | 3 Comments
  • Mon, Feb. 29, 7:42 AM
    • As leaked last week, MetLife (NYSE:MET) has agreed to sell MetLife Premier Client Group to Massachusetts Mutual Life Insurance. The retail group has more than 40 local sales and advisory operations and about 4K advisors.
    • MetLife CEO Steven Kandarian: "By decoupling manufacturing from distribution, our U.S. Retail business will be more agile, and both MetLife and the U.S. Retail business can achieve significant cost savings."
    • Source: Press Release
    • Previously: WSJ: Death of the insurance salesman at MetLife (Feb. 26)
    | Mon, Feb. 29, 7:42 AM
  • Fri, Feb. 26, 10:41 AM
    • It's "the end of an era," says one in the business as MetLife (MET +1.4%) is in talks to sell a network of about 4K life insurance salesmen to Massachusetts Mutual.
    • Source: WSJ's Leslie Scism
    • The image of MetLife men going door-to-door to make sales and collect premium checks, is firmly established in American culture, and decades ago the insurer had about 14K agents. This sale, should it occur, would finally sever all ties to that part of the business (though Met would continue to have a large independent advisor force).
    • While the move is part of a larger effort by Met to exit certain businesses in response to D.C.'s regulatory regime, it's a sign of the times for life insurance in general - agent numbers have been going down for years as families have a number of other savings alternatives. Industrywide sales of individual life insurance policies are down nearly 50% over the last three decades.
    • “It’s no secret a career agency system is an expensive proposition,” says Piper Jaffray's John Nadel.
    • The deal being discussed with MassMutual - owned by policyholders, not shareholders, and with about 5.6K agents of its own - would be in the $200M-$400M range, according to a Journal source.
    • Previously: MetLife in talks with MassMutual over segment sale (Feb. 25)
    | Fri, Feb. 26, 10:41 AM | 3 Comments
  • Thu, Feb. 25, 8:16 AM
    • MetLife (NYSE:MET), of course, has announced its plan to exit a large part of its U.S. retail segment, According to a headline on Marketwatch, the company has confirmed it's in discussions with MassMutual Financial over a deal for its U.S. advisor force - MetLife Premier Client Group.
    • Previously: MetLife up sharply on plan to separate U.S. retail operations (Jan. 12)
    | Thu, Feb. 25, 8:16 AM | 1 Comment
  • Thu, Feb. 11, 12:51 PM
    • At the moment it's yet again looking like "wait till next year," for the sustained rise in interest rates the life insurers need to be able to earn some real money.
    • Last night it was Prudential Financial (PRU -10.1%) joining MetLife (MET -4.7%) and Lincoln Financial (LNC -9.2%) in reporting a disappointing Q4, with investment results contributing $105M less this year that they did in Q4 of 2014.
    • While still upbeat on the economic outlook, Janet Yellen is spending an uncomfortable amount of time in her Congressional testimony talking about negative interest rates, and a chart of Google searches for "negative interest rates" is through the roof.
    • Manulife (MFC -10.3%), Sun Life (SLF -3%), Primerica (PRI -3.7%), Voya Financial (VOYA -4.6%)
    • The 10-year Treasury yield is lower by 10 basis points to 1.6%, and short-term rate futures have begun pricing in a rate cut by the Fed.
    | Thu, Feb. 11, 12:51 PM | 8 Comments
  • Wed, Feb. 10, 3:48 PM
    • Another part of the Dodd-Frank law today went under the judicial microscope as a federal judge began hearing MetLife's (MET -0.4%) lawsuit questioning its systemically important designation. A victory for the insurer could signal would undermine what many consider to be the most important part of Dodd-Frank.
    • A victory for the Financial Stability Oversight Council, on the other hand, would enshrine D.C.'s power over major financial firms - power which didn't exist in anywhere close to its present form prior to the financial crisis.
    • No matter the decision, it will surely be appealed by the losing side.
    • Reporting on today's two-hour hearing, CTFN's Ed Roberts says Judge Rosemary Collyer appeared to be sympathetic to MetLife's arguments.
    | Wed, Feb. 10, 3:48 PM
  • Thu, Feb. 4, 11:14 AM
    • Weak investment returns thanks to hedge fund and private-equity investment losses were behind the insurer's big miss last night. It's not just MetLife (MET -3.8%) - AIG promises a significant reduction in hedge fund investments after "a very negative experience in 2015."
    • Met also experienced weaker profit margins in a number of its core insurance underwriting businesses.
    • Other issues include whether the company should keep its Snoopy and other Peanuts characters as its splits of its U.S. retail business. Marketing experts expect the dog to go with the operations. "Would anyone buy the Corona brand without the lime? Or the cola business from Coca-Cola without the contour bottle?"
    • On the earnings call, management says concern regulators could require a boost in capital thanks to its variable annuities business was a key reason for the split plan.
    • As the company has material nonpublic information about its separation plans, it's suspended its buyback program indefinitely.
    • Previously: MetLife stung by poor investment performance (Feb. 3)
    | Thu, Feb. 4, 11:14 AM
  • Wed, Feb. 3, 4:39 PM
    • Q4 operating earnings of $1.376B or $1.23 pre share vs. $1.583B and $1.38 one year ago. This year's result includes variable investment income that came in $137M, or $0.12 per share below plan, plus two other items which boosted the bottom line by $0.02.
    • Book value, excluding AOCI, of $51.15 per share up 3% Y/Y. Today's close was $41.95.
    • Americas operating earnings of $1.2B down 16%, or 14% on a constant currency basis thanks to lower underwriting margins and lower investment income.
    • Latin American operating earnings of $150M fell 1%, and gained 24% on a constant currency basis (up 14% excluding items).
    • Asia operating earnings of $290M fell 15%, or 9% on constant currency basis.
    • Net investment income of $4.8B fell 7%. Variable investment income of $109M vs. $325M a year ago, thanks to weak P-E and hedge fund performance.
    • Conference call tomorrow at 8 ET
    • Previously: MetLife misses by $0.13, misses on revenue (Feb. 3)
    • MET -2.2% after hours
    | Wed, Feb. 3, 4:39 PM | 8 Comments
  • Wed, Feb. 3, 4:19 PM
    • MetLife (NYSE:MET): Q4 EPS of $1.23 misses by $0.13.
    • Revenue of $17.11B (-6.2% Y/Y) misses by $500M.
    | Wed, Feb. 3, 4:19 PM | 1 Comment
  • Wed, Feb. 3, 4:19 PM
    • MetLife (NYSE:MET): Q4 EPS of $1.23 misses by $0.13.
    • Revenue of $17.11B (-6.2% Y/Y) misses by $500M.
    | Wed, Feb. 3, 4:19 PM
Company Description
MetLife, Inc. provides insurance and financial services to individual and institutional customers. It offers life insurance, annuities, automobile and homeowner's insurance and retail banking services to individuals as well as group insurance, reinsurance and retirement and savings products and... More
Sector: Financial
Industry: Life Insurance
Country: United States