On a per share basis, the net income of MetLife was $0.58 in Q4 2019, in comparison to $2.04 of net income recorded in Q4 2018
MetLife revenues for Q4 2019 grew by 9%. (Credit: Wikimedia Commons/Udo R)
MetLife reported that its net income dropped by 73% to $536m in the fourth quarter of 2019, compared to $2.0bn it posted in the same quarter of 2018.
On a per share basis, the net income of the US-based life insurance company was $0.58 in Q4 2019, in comparison to $2.04 of net income recorded in Q4 2018.
MetLife revenues for Q4 2019 move up by 9%
MetLife’s total revenues for Q4 2019 were $17.14bn, posting an increase of 9% compared to the figure of $15.66bn reported in Q4 2018.
The company said that the adjusted earnings available to common shareholders was $1.83bn, which is 37% more than the $1.33bn figure reported for the same in the fourth quarter of 2018.
On a per share basis, after the inclusion of the impact of share repurchases, the adjusted earnings were reported to be $1.98 in Q4 2019, which is an increase by 47% from the same quarter in the year before.
MetLife’s reported premiums, fees, and other revenues for Q4 2019 were up by 24% to $13.75bn compared to $11.1bn reported in Q4 2018.
The company registered $13.6bn in adjusted premiums, fees, and other revenues for the fourth quarter, which is also an increase by 24% compared to the same quarter in 2018.
MetLife saw its net investment income in Q4 2019 go up by 34% to $4.64bn compared to $3.46bn made in the fourth quarter of 2018. The company said that the net investment income’s growth was due to favourable changes in the estimated fair value of some securities which under GAAP, do not qualify as separate accounts.
For the full year 2019, MetLife’s net income moved up by 15% to $5.72bn, compared to net income of $4.98m for the full year 2018. On a per share basis, the full year 2019 net income was $6.06, which is an increase by 23% from the prior-year’s figure of $4.91.
MetLife president and CEO Michel Khalaf said: “MetLife had a solid fourth quarter of 2019 to cap a very strong year.
“For the full year, we delivered adjusted earnings per share growth of 13 percent, achieved a 13.1 percent adjusted return on equity, and generated strong free cash flow that funded roughly $4 billion of common dividends and share repurchases.
“We enter 2020 confident our Next Horizon strategy will make us a simpler and more focused company that creates significant long-term value for our customers and shareholders.”