MetLife, Inc. (MET) - NYSE
  • Nov. 6, 2015, 10:04 AM
    • The major averages are lower following the blowout jobs number, but the financial sector (XLF +1%) is charging ahead, enthused at what appears to finally be the near-certain prospect of higher interest rates.
    • Short-term interest rate futures are pricing in about a 75% chance of a rate hike next month, and the 10-year Treasury yield is up nine basis points to 2.32%. The two-year yield has soared all the way to 0.90% - its highest level in more than five years.
    • The green in this yield-starved sector is everywhere: Bank of America (BAC +3.5%), Citigroup (C +3.4%), U.S. Bancorp (USB +2.8%), Regions Financial (RF +3.7%), PNC Financial (PNC +2.4%), Capital One (COF +1.4%), Bank of New York  Mellon (BK +1.9%), E*Trade (ETFC +3.5%), Schwab (SCHW +5.1%), Interactive Brokers (IBKR +3.4%), MetLife (MET +3.2%), Prudential (PRU +3.6%).
    • Previously: Big beat on jobs number (Nov. 6)
    • Previously: December rate hike back on after big jobs number (Nov. 6)
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, KIE, IAT, SEF, IYG, IAK, FXO, FNCL, KBWB, QABA, FINU, KRU, KBWR, RWW, RYF, KBWP, KBWI, FINZ, KRS, XLFS
    | Nov. 6, 2015, 10:04 AM | 43 Comments
  • Nov. 4, 2015, 4:37 PM
    • Q3 operating earnings of $705M or $0.62 per share vs. $1.825B and $1.60 one year ago. This year's results included a $0.73 hit from notable items.
    • Adjusting for notable items operating ROE was 10.7%.
    • Book value (excl. AOCI other than FCTA) of $51.11 per share vs. $49.69 one year ago.
    • Total premiums, fees, and other revenues of $13.2B up 3% Y/Y.
    • CEO Steve Kandarian: "While it was a difficult quarter, we are pleased that we have returned $2.3B to shareholders in the first nine months of 2015, which is roughly half of our normalized operating earnings."
    • Conference call tomorrow at 8 ET
    • Previously: MetLife misses by $0.14, beats on revenue (Nov. 4)
    • MET -1% after hours
    | Nov. 4, 2015, 4:37 PM
  • Nov. 4, 2015, 4:25 PM
    • MetLife (NYSE:MET): Q3 EPS of $0.62 misses by $0.14.
    • Revenue of $17.96B (+0.2% Y/Y) beats by $240M.
    | Nov. 4, 2015, 4:25 PM
  • Nov. 3, 2015, 5:35 PM
  • Oct. 27, 2015, 4:59 PM
    • MetLife (NYSE:MET) declares $0.375/share quarterly dividend, in line with previous.
    • Forward yield 3.05%
    • Payable Dec. 11; for shareholders of record Nov. 6; ex-div Nov. 4.
    | Oct. 27, 2015, 4:59 PM | 1 Comment
  • Oct. 14, 2015, 11:12 AM
    • The insurer's internally defined combined risk-based capital ratio as of Dec. 31, 201 was 398%, not in excess of 400% as reported in the annual report, and to regulators.
    • An internal review of risk-based capital models uncovered the need for an adjusted to a component of the RBC ratio of the MetLife Insurance Company USA subsidiary.
    • Source: SEC Form 8-K
    • MET -1.4%
    | Oct. 14, 2015, 11:12 AM
  • Oct. 6, 2015, 10:13 AM
    • Groundbreaking is today for Park Tower, a 43-story, 743K square-foot office building next to San Francisco's Transbay Transit Center.
    • Terms of MetLife's (NYSE:MET) JV with Chicago-based John Buck Co. for ownership of the property weren't disclosed. The building is expected to be ready in 2018.
    • There are no tenants yet, but the owners are hoping to capitalize on the city's tech boom. Salesforce.com just signed a lease for most of an office tower under construction two blocks away.
    | Oct. 6, 2015, 10:13 AM | 1 Comment
  • Oct. 2, 2015, 9:08 AM
    | Oct. 2, 2015, 9:08 AM | 22 Comments
  • Sep. 22, 2015, 4:30 PM
    • MetLife (NYSE:MET) is up 0.7% after hours following a move to increase its repurchase authorization to $1B.
    • The company had wrapped a previous $1B buyback program, announced last December, in Q1.
    • "Our philosophy is that excess capital belongs to MetLife's shareholders," says MetLife CEO Steven Kandarian. "This new authorization is consistent with the prudent capital management strategy we have been employing as we await clarity on the capital rules for federally regulated life insurers."
    | Sep. 22, 2015, 4:30 PM | 5 Comments
  • Sep. 17, 2015, 2:37 PM
    • It'll be at least a little while longer until banks and insurers get the higher rates they are hoping will boost sluggish profits, as the Fed holds its fire this month.
    • The "dots" however are still projecting at least one rate hike before year-end.
    • The SPDR KBW Regional Banking ETF (KRE -1.4%), and the SPDR KBW Bank ETF (KBE -1.2%).
    • BofA (BAC -1.7%), Wells Fargo (WFC -1.2%), Regions (RF -2%), KeyCorp (KEY -1.8%), BB&T (BBT -1.7%), Fifth Third (FITB -2.4%), MetLife (MET -2.2%), Prudential Financial (PRU -1.9%), Schwab (SCHW -2.2%), Ameritrade (AMTD -2%), E*&Trade (ETFC -1.2%).
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, PSCF, FINZ, KRS
    | Sep. 17, 2015, 2:37 PM | 16 Comments
  • Sep. 17, 2015, 7:33 AM
    • A recent U.S. federal court decision calls into question the tax treatment of a wholly-owned U.K. investment subsidiary of MetLife (NYSE:MET), though the company says there's been no change in its position.
    • The $792M charge amounts to $0.70 per share. It won't affect the $1.2B in dividends to be paid this year, but should cut the payout by $90M in 2016.
    • The company doesn't expect any additional charges related to this matter.
    | Sep. 17, 2015, 7:33 AM
  • Sep. 14, 2015, 11:15 AM
    • With market eyes on a Fed rate-hike decision considered to be a bit of a toss-up amid differing opinions, Goldman Sachs is banking on the (slightly) more dovish position that the agency will wait until December. The bank is still laying out how to play the hike when it invariably comes.
    • Strength in balance sheets is what you need, it says, noting that those companies outperform (by an average 5%) in the three months after a rate-boosting cycle begins. In Goldman's "High Quality Stock" basket: CMG, DLTR, PEP, KMI, BLK, GOOG, AAPL, PCLN, ORCL, WFC.
    • Meanwhile, it suggests avoiding companies with high floating-rate debt as they bear the brunt of a move away from near-zero interest rate policy. "When the tightening cycle finally starts, the immediate impact will be felt by firms with high proportions of variable rate borrowing."
    • Included in that "avoid" list: CL, COL, JNJ, AAPL, EBAY, MET, KO, GIS, F, MCD, GM, TWX, CVX, AGN, MON.
    • (Yes, cash-rich Apple made both lists, having a strong balance sheet along with floating debt.)
    | Sep. 14, 2015, 11:15 AM | 70 Comments
  • Sep. 1, 2015, 2:47 PM
    • The dream of higher interest rates is looking a little fuzzier at the moment, as China leads markets lower again, and the Fed's Eric Rosengren suggests the conditions for a rate hike have still yet to be met. If Friday's payroll number disappoints - and there's at least some reason to expect that - a Sept. move looks off the table.
    • The Financial SPDR (NYSEARCA:XLE) is down 3% vs. the S&P 500's 2.3%.
    • Life insurers: MetLife (MET -3.7%), Prudential (PRU -3.9%), Lincoln National (LNC -4.2%)
    • Money-center banks: Citigroup (C -4.4%), JPMorgan (JPM -3.6%), Wells Fargo (WFC -3.8%)
    • Regional banks: U.S. Bancorp (USB -4.3%), Regions Financial (RF -4.1%), KeyCorp (KEY -4.3%), SunTrust (STI -4.2%), M&T Bank (MTB -4.2%)
    • Online brokerage: E*Trade (ETFC -4.8%), Schwab (SCHW -3.8%), Ameritrade (AMTD -3.4%)
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, QABA, FINU, KBWR, KRU, RWW, RYF, FINZ, KRS
    | Sep. 1, 2015, 2:47 PM | 14 Comments
  • Jul. 29, 2015, 4:27 PM
    • Q2 operating earnings of $1.8B up 11% Y/Y, with operating EPS of $1.56 up 12%. This year's results included a $0.05 per share boost thanks to a tax-rate change in Japan - backing this out makes the beat a little less gaudy at $0.03.
    • Book value per share (excl. AOCI) of $50.73 up 4% Y/Y.
    • Americas operating earnings of $1.4B up 4%, up 6% on a constant currency basis. Retail earnings of $690M up 2%, with premiums, fees, and other revenues of $3.3B down 2%. Group, voluntary and worksite benefits earnings of $231M up 11%, with premiums, fees, and other revenues of $4.4B up 2%. Corporate benefit funding earnings of $406M up 12% thanks to a boost in investment margins.
    • Asia operating earnings of $425M up 31%, up 45% on a constant currency basis. Excluding the Japan tax benefit, earnings up 24% on a constant currency basis.
    • EMEA operating earnings of $50M down 31%, down 7% on a constant currency basis. Q2 a year ago results were aided by $7M in tax-related items.
    • Net investment income of $5.2B up 2%. Rising interest rates contributed to derivative net losses of $721M vs. gains of $71M a year ago.
    • Conference call tomorrow at 8 ET
    • Previously: MetLife beats by $0.08, misses on revenue (July 29)
    • MET flat after hours
    | Jul. 29, 2015, 4:27 PM
  • Jul. 29, 2015, 4:16 PM
    • MetLife (NYSE:MET): Q2 EPS of $1.56 beats by $0.08.
    • Revenue of $17.36B (-2.5% Y/Y) misses by $280M.
    | Jul. 29, 2015, 4:16 PM
  • Jul. 28, 2015, 12:37 PM
    • So-called living wills required by those financials deemed systemically important are supposed to provide a detailed plan for how a company might safely wind itself down amid the next financial crisis.
    • In what probably shouldn't be a surprise given how regulators sent the banks back to the drawing board last year, the Federal Reserve and FDIC have found deficiencies in the plans of GE Capital (NYSE:GE), AIG, and Prudential (NYSE:PRU). The three had filed initial plans one year ago. Versions two are due by year-end.
    • MetLife (NYSE:MET) has also been deemed a SIFI, but was given an extension and doesn't have to file its living will until next year.
    | Jul. 28, 2015, 12:37 PM | 11 Comments
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