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MetLife, Inc. (MET)

  • Tue, Jan. 13, 1:06 PM
    • “We post collateral on a nightly basis, back and forth with our counterparties,” MetLife (MET -0.7%) CEO Steve Kandarian tells Bloomberg. “If you’re using derivatives to take risk, that’s one question. In our instance, we’re using to hedge our risk.” Kandarian reminds it cost MetLife less than $20M to rewrite derivative contracts after the Lehman collapse ... "One day of profits of MetLife."
    • Previously: MetLife to sue U.S. over SIFI desigation (Jan. 13)
    • "We will be taking this action [the lawsuit against the government] in a very respectful way," says Kandarian, no doubt realizing he's breaking an unwritten rule of industry - companies stay quiet in the face of regulatory nonsense, and regulators, in turn, look the other way as companies conduct day-to-day business. Kandarian says he doesn't expect MetLife to be treated any differently as a result of its challenge.
    • The largest U.S. life insurer, MetLife didn't receive any bailout monies from the U.S. during the financial crisis (Kandarian was CFO at the time).
    | Tue, Jan. 13, 1:06 PM | 1 Comment
  • Tue, Jan. 13, 7:43 AM
    • MetLife (NYSE:MET) CEO Steven Kandarian: "[The Financial Stability Oversight Council] has designated non-bank SIFIs before the rules governing these companies have even been written ... It is not enough to designate companies as SIFIs merely because they are big."
    • Source: Press Release
    • Previously: MetLife designated systemically important (Dec. 18, 2014)
    | Tue, Jan. 13, 7:43 AM | 4 Comments
  • Mon, Jan. 12, 3:11 PM
    • While rivals at AIG and Prudential have quietly accepted their designation as non-bank SIFIs, MetLife (MET -1.1%) - arguing the label will require the holding of too much capital, putting it a competitive disadvantage and crimping dividends/buybacks - has not. Led by CEO Steven Kandarian - who once headed the federal Pension Benefit Guaranty Corp. - Met has until Friday to file a lawsuit challenging the government's assessment.
    • “Steve is not a gunslinger-type person,” says Wlibur Ross, who battled Kandarian when he was a government official. If he sues the U.S., “it will only be because he is totally convinced his position is right and the government is wrong.”
    • Legal experts say winning a lawsuit against a regulator is tough, but not impossible.
    | Mon, Jan. 12, 3:11 PM | 1 Comment
  • Thu, Jan. 8, 9:58 AM
    • MetLife (MET +0.9%) had been the team's Outperform pick in the sector, but it's been downgraded to Neutral.
    • Upgraded to Outperform from Neutral are Lincoln Financial (LNC +2%) and Principal Financial Group (PFG +2.1%), with the team suggesting those two are a little less reliant on higher rates for improved earnings.
    | Thu, Jan. 8, 9:58 AM | Comment!
  • Thu, Jan. 8, 9:43 AM
    • "We continue to view AIG (AIG) as the best positioned non-bank SIFI among the Big 3 (MET and PRU are the others) with regard to probability of returning the highest proportion of earnings both now and in the future as federal regulation unfolds," says Credit Suisse, downgrading AIG to Neutral from Outperform, and cutting the price target by $1 to $59.
    • However, says the team, AIG is nearing its maximum sustainable payout ratio, while both MetLife and Prudential have room to go higher. By Credit Suisse's calculations, AIG's capital returns are near 100% of GAAP earnings vs. 35-45% for MET and PRU.
    | Thu, Jan. 8, 9:43 AM | 10 Comments
  • Tue, Jan. 6, 4:21 PM
    • MetLife (NYSE:MET) declares $0.35/share quarterly dividend, in line with previous.
    • Forward yield 2.77%
    • Payable March 13; for shareholders of record Feb. 6; ex-div Feb. 4.
    | Tue, Jan. 6, 4:21 PM | Comment!
  • Tue, Jan. 6, 3:30 PM
    • It's been a rough start to the year for the group as investors - who had bid up the names at least partly in hope of higher interest rates giving a boost to returns - rethink those assumptions yet again as the 10-year Treasury yield tumbles below 2%.
    • MetLife (MET -2.5%), Prudential (PRU -1.5%), Manulife (MFC -2.2%), Sun Life (SLF -3.2%), Lincoln National (LNC -2.8%), Primerica (PRI -1.5%), Voya Financial (VOYA -2.1%).
    | Tue, Jan. 6, 3:30 PM | 10 Comments
  • Dec. 18, 2014, 4:12 PM
    • Not much of a surprise, MetLife (NYSE:MET) is notified by the Financial Stability Oversight Council of its designation as a SIFI. Also no surprise, the company registers its "disappointment" over the move.
    • "As we have said many times, singling out two large life insurance companies [Prudential as well] for SIFI designation will harm competition, lead to higher prices and less choice for consumers, and ultimately could result in less financial protection for middle-class families who need it the most."
    • MetLife has thirty days to seek judicial review of the FSOC decision, and is considering its next move.
    • Source: Press Release
    • Previously: MetLife SIFI case gets stronger as it passes Goldman in assets (Dec. 18, 2014)
    | Dec. 18, 2014, 4:12 PM | 1 Comment
  • Dec. 18, 2014, 8:46 AM
    • MetLife's (NYSE:MET) balance sheet expanded this year to more than $900B in assets, passing Goldman Sachs to become the 5th-largest S&P 500 company on that metric. MetLife is also bigger than Prudential Financial and AIG - both of which have already been designated as SIFIs.
    • "There’s probably not a chance that they escape," says Macquarie's Sean Dargan. "I'm working under the assumption that Met is going to be a SIFI.”
    • Size alone doesn't necessarily make a company systemically important, says a former Treasury official, noting assets can be transferred to other firms if they can perform the same functions. Nevertheless, MetLife seems resigned to its fate, and is now getting ready to work with the Fed on designing capital rules aimed at insurance rather than banking.
    | Dec. 18, 2014, 8:46 AM | Comment!
  • Dec. 16, 2014, 12:54 PM
    • In a $440M deal, TRW purchased a group annuity contract from MetLife (MET -0.2%), with the insurer taking over pension payments to the retirees and beneficiaries covered by the agreement.
    • The buy-out with TRW is one of a number MetLife has closed of late, and Met says nearly one-third of plan sponsor are considering making similar moves over the next two years.
    • Source: Press Release
    | Dec. 16, 2014, 12:54 PM | Comment!
  • Dec. 12, 2014, 7:18 AM
    • "While our approach to capital management remains cautious in light of regulatory uncertainty," says CEO Steve Kandarian, "Our philosophy is that excess capital belongs to MetLifes shareholders."
    • MET has nearly completed the $1B buyback program launched in June, with $967.1M repurchased as of December 1.
    • Source: Press Release
    • Shares -0.2% premarket
    | Dec. 12, 2014, 7:18 AM | Comment!
  • Dec. 11, 2014, 7:31 AM
    • The Insurance Capital Standards Clarification Act of 2014 "give(s) the Federal Reserve the flexibility to tailor bank-centric capital rules for the life insurance business," says MetLife (NYSE:MET) CEO Steven Kandarian.
    • Pretty much alone among its industry, MetLife has been beating the drum that regulators would be nuts to create one size fits all capital rules for banks and insurers.
    • Source: Press Release
    | Dec. 11, 2014, 7:31 AM | Comment!
  • Dec. 10, 2014, 2:26 PM
    • Esther Lee comes over from AT&T, effective January 12, where she was SVP, brand marketing, advertising, and sponsorships. Prior to joining AT&T in 2009, Lee was CEO for the North American division of Euro RSCG, and prior to that was global chief creative officer for Coca-Cola.
    • Source: Press Release
    | Dec. 10, 2014, 2:26 PM | Comment!
  • Dec. 5, 2014, 10:06 AM
    | Dec. 5, 2014, 10:06 AM | 12 Comments
  • Nov. 19, 2014, 10:05 AM
    | Nov. 19, 2014, 10:05 AM | Comment!
  • Nov. 17, 2014, 8:57 AM
    • More than a year ago, MetLife (NYSE:MET) announced it would merge three life insurance subsidiaries with an offshore reinsurance subsidiary as part of a larger effort improve the risk profile and transparency of the variable annuity business.
    • The merged company - which includes MetLife Insurance of Connecticut, MetLife Investors USA, MetLife Investors Insurance, and Exeter Reinsurance - has been named MetLife Insurance Company U.S.A. and is domiciled in Delaware.
    • Source: Press Release
    | Nov. 17, 2014, 8:57 AM | Comment!
Company Description
MetLife Inc is a provider of insurance, annuities & employee benefit programs in United States, Japan, Latin America, Asia, Europe & Middle East. It offers life insurance, annuities, property & casualty insurance, and other financial services.
Sector: Financial
Industry: Life Insurance
Country: United States