Stock Monitor: Atlantic American Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 11, 2017 / Active-Investors free earnings report on MetLife, Inc. (NYSE: MET) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=MET. The Company reported its third quarter fiscal 2017 operating results on November 01, 2017. The insurer's earnings topped market expectations, and it also announced a $2 billion share repurchase program. Register today and get free access to our complimentary member's area where many more reports are available:
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Earnings Highlights and Summary
For the quarter ended September 30, 2017, MetLife's total revenue grew 2% to $16.78 billion on a y-o-y basis compared to $16.01 billion in Q3 2016, and was ahead of analysts' estimates of $15.52 billion.
MetLife's Premiums, Fees and Other revenues were $12.61 billion for Q3 2017, up 9% compared to $11.54 billion in Q3 2016. MetLife reported a net loss of $87 million in Q3 2017 compared to a net income of $571 million in Q3 2016, including $1.1 billion of separation-related charges in Brighthouse Financial, Inc. On a per share basis, the Company's net loss was $0.08 compared to a net income of $0.51 in the prior year's same period.
MetLife reported operating earnings of $1.17 billion, down 14% compared to $1.36 billion in Q3 2016. On a per share basis, the Company's operating earnings were $1.09, down 11% versus $1.22 per share in the year ago comparable period, and beating Wall Street's estimates of $0.89 per share.
As of September 30, 2017, MetLife's book value was $51.83 per share, down 25% from $69.35 per share at September 30, 2016, primarily due to the separation of Brighthouse. The Company's book value, excluding accumulated other comprehensive income (AOCI), other than foreign currency translation adjustments (FCTA), was $40.96 per share, down 23% from $53.40 per share at September 30, 2016.
During Q3 2017, MetLife's total operating earnings for the US segment were $546 million, down 1% on a y-o-y basis, with a favorable underwriting and volume growth offset by lower interest margins. For the reported quarter, the Company's operating premiums, fees, and other revenues were $7.4 billion, up 17% on a y-o-y basis.
For Q3 2017, MetLife's operating earnings for the Group Benefits segment surged 30% to $241 million. The segment's operating premiums, fees, and other revenues were $4.1 billion for the reported quarter, up 1% on a y-o-y basis.
MetLife's operating earnings for the Retirement and Income Solutions segment totaled $254 million for Q3 2017, down 18% on a y-o-y basis, primarily due to a decline in interest margins, and less favorable underwriting. The segment's operating premiums, fees, and other revenues soared 71% to $2.5 billion, driven by pension risk transfer transactions in the reported quarter.
In Q3 2017, MetLife's operating earnings for the Property & Casualty segment were $51 million, down 12% on a y-o-y basis, primarily due to higher catastrophe losses from hurricanes Harvey and Irma. The segment's operating premiums, fees, and other revenues were $899 million, up 2% on a y-o-y basis, while the segment's sales grew 1% to $134 million.
For Q3 2017, MetLife's operating earnings for the Asia segment were $314 million, down 3%, and unchanged on a constant currency basis, as volume growth and the actuarial assumption review were offset by a higher 2017 annual Japan tax rate. The segment's operating premiums, fees, and other revenues were $2.2 billion, down 3% on a reported basis, however up 3% on a constant currency basis. MetLife's total sales for the region were $565 million, up 3% on a constant currency basis.
During Q3 2017, MetLife's operating earnings for the Latin America segment surged 23% to $163 million, due to a favorable underwriting and volume growth. The segment's operating premiums, fees, and other revenues were $937 million, up 5% on a y-o-y basis.
MetLife's operating earnings for Europe, the Middle-East and Africa (EMEA) segment were $71 million, down 4% on a y-o-y basis, and 1% on a constant currency basis, as volume growth and expense margin improvements were offset by a less favorable underwriting and the impact from several non-recurring items. The segment's operating premiums, fees, and other revenues were $634 million, up 2% on a reported basis and constant currency basis. The Company's total sales from the region were $257 million, up 9% on a constant currency basis, driven by a strong growth in the Gulf and Turkey.
During Q3 2017, operating earnings for MetLife Holdings were $410 million, up 54% on a y-o-y basis. The segment's operating premiums, fees, and other revenues were $1.4 billion, down 12% on a y-o-y basis, mostly due to separation-related impacts.
Share Repurchase and Brighthouse Exchange
In a separate press release on the same day, MetLife announced that its Board of Directors had approved a new $2 billion authorization for the Company to repurchase its common stock. In 2016, MetLife announced a $3 billion repurchase program, and the Company has bought back approximately $2.8 billion of its common stock under that board authorization.
MetLife also announced that it currently intends to divest its remaining Brighthouse common stock through an exchange offer for MetLife common stock during 2018. The exchange offer would be governed by a separate board authorization, and subject to market conditions and regulatory approval.
Stock Performance Snapshot
December 08, 2017 - At Friday's closing bell, MetLife's stock marginally climbed 0.26%, ending the trading session at $53.76.
Volume traded for the day: 3.69 million shares.
Stock performance in the last month – up 1.40%; previous three-month period – up 12.96%; past twelve-month period – up 5.48%; and year-to-date – up 11.94%
After last Friday's close, MetLife's market cap was at $55.92 billion.
Price to Earnings (P/E) ratio was at 118.15.
The stock has a dividend yield of 2.98%.
The stock is part of the Financial sector, categorized under the Life Insurance industry. This sector was up 0.6% at the end of the session.
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