MetLife reported $18.31bn in total revenues for Q1 2020 that ended 31 March, an increase of 12% compared to the figure of $16.3bn reported in Q1 2019
MetLife reported $18.31bn in total revenues for Q1 2020. (Credit: Rodrigo.Argenton/Wikimedia Commons)
MetLife reported that its net income surged by 224% to $4.36bn in the first quarter of 2020, compared to $1.35bn it posted in the same quarter of 2019.
On a per share basis, the net income of the American life insurance company was $4.75 in Q1 2020, in comparison to $1.4 of net income recorded in Q1 2019.
In the fourth quarter of 2019, the insurer posted $536m in net income or $0.58 net income per share.
MetLife’s total revenues for Q1 2020 that ended 31 March were $18.31bn, which is an increase of 12% compared to the figure of $16.3bn reported in Q1 2019.
The insurer’s reported premiums, fees, and other revenues for Q1 2020 were up by 1% to $11.33bn compared to $11.26bn reported in Q1 2019.
The company registered $11.21bn in adjusted premiums, fees, and other revenues for the first quarter of this year, in comparison to $11.16bn reported in the same quarter in 2019.
MetLife saw its net investment income in Q1 2020 come down by 38% to $3.06bn compared to $4.9bn made in the first quarter of 2019.
The life insurance company said that the lower net investment income in Q1 2020 was due to unfavorable changes in the estimated fair value of some securities which do not qualify as separate accounts under generally accepted accounting principles (GAAP).
MetLife CEO comments on Q1 2020 results
MetLife president and CEO Michel Khalaf said: “In the first quarter, MetLife delivered solid results that affirm our underlying financial strength. We entered this period of uncertainty with a business that is less capital intensive, an investment portfolio that is well positioned for a downturn, and a commitment to expense discipline that is stronger than ever.
“By continuing to execute on our Next Horizon strategy, we’re confident we will position MetLife for long-term success.”
In December 2019, the life insurance company forayed into the pet insurance market by acquiring US pet health insurance administrator PetFirst Healthcare for an undisclosed price.