- Strong Premiums, Fees & Other Revenues of $7.9 Billion - NEW YORK--(BUSINESS WIRE)--Apr. 30, 2009-- MetLife, Inc. (NYSE: MET) today reported a first quarter 2009 net loss1 of $574 million, or $0.71 per share, which reflects net investment gains and losses. MetLife reported first quarter 2009 operating earnings2 of $159 million, or $0.20 per share.
“During the first quarter, MetLife generated $7.9 billion in premiums, fees & other revenues – a solid result in what continued to be a challenging economic environment,” said C. Robert Henrikson, chairman, president & chief executive officer of MetLife, Inc. “We once again demonstrated the benefit of our diverse mix of businesses, which continued to perform well despite the impact that lower investment income and unfavorable equity markets have had on earnings. In the quarter, revenue in several of our group businesses rose; U.S. annuity deposits increased significantly while net flows remained positive; and our International business grew its top line on a constant currency basis.”
“MetLife has a strong excess capital position, diversified investment portfolio and ample liquidity, and we remain well positioned for the future,” added Henrikson.
1 All references in this press release (other than in the Non-GAAP and Other Financial Disclosures discussion below and the tables included at the end of this release) to net income (loss), net income (loss) per share, operating earnings and operating earnings per share should be read as net income (loss) available to MetLife, Inc.'s common shareholders, net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share, operating earnings available to MetLife, Inc.'s common shareholders and operating earnings available to MetLife, Inc.'s common shareholders per diluted common share, respectively.
2 Operating earnings available to MetLife, Inc.'s common shareholders, operating earnings available to MetLife, Inc.'s common shareholders per diluted common share and MetLife, Inc.'s book value per diluted common share, excluding accumulated other comprehensive income (AOCI), are not calculated based on generally accepted accounting principles (GAAP). Information regarding non-GAAP financial measures and the reconciliation of them to GAAP measures are provided in the Non-GAAP and Other Financial Disclosures discussion below, as well as in the tables that accompany this release.
FIRST QUARTER 2009 SUMMARY
Premiums, fees & other revenues of $7.9 billion, with increases in the group life, non-medical health and variable & universal life businesses U.S. annuity deposits more than doubled over the first quarter of 2008 to reach $7.4 billion due to significant fixed annuity deposit growth as well as a strong increase in variable annuity deposits Operating earnings decreased 85% from the first quarter of 2008, largely due to: a decline in net investment income; primarily due to lower variable investment income, which was below plan by $321 million ($0.40 per share) after income tax, the impact of deferred acquisition costs and other offsets lower equity markets impacting earnings in the annuity and variable life businesses by $204 million ($0.25 per share), after income tax