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MetLife Announces Fourth Quarter & Full Year 2012 Results

Stocks in this article: MET

Net investment income* was $5.2 billion, up 6% over the fourth quarter of 2011, reflecting variable investment income above the 2012 quarterly plan range by $80 million, or $0.07 per share, after tax and the impact of DAC.

Book value, excluding accumulated other comprehensive income (AOCI), was $46.73 per share, up from $46.69 per share in the fourth quarter of 2011.

Full Year Results

For the full year 2012, MetLife reported operating earnings of $5.7 billion, or $5.28 per share, up 22% over 2011. The increase reflects operating earnings growth of 24% in the Americas, 18% in Asia and 8% in EMEA.

On a GAAP basis, MetLife reported full year 2012 net income of $1.2 billion, or $1.12 per share.

FOURTH QUARTER & FULL YEAR 2012 SUMMARY

($ in millions, except per share data)     Three months ended December 31     Year ended December 31
2012     2011     Change 2012   2011   Change
Premiums, fees & other revenues $ 13,184 $ 11,450 15% $ 47,879 $ 45,449 5%
Total operating revenues $ 18,359 $ 16,342 12% $ 68,351 $ 65,087 5%
Net income (loss) $ 96 $ 959 (90)% $ 1,202 $ 6,155 (80)%
Net income (loss) per share $ 0.09 $ 0.90 (90)% $ 1.12 $ 5.76 (81)%
Operating earnings $ 1,373 $ 1,244 10% $ 5,686 $ 4,677 22%
Operating earnings per share $ 1.25 $ 1.17 7% $ 5.28 $ 4.38 21%
Book value per share $ 57.17 $ 52.43 9%
Book value per share, excluding AOCI     $ 46.73     $ 46.69                  

*Information regarding the non-GAAP financial measures included in this press release and the reconciliation of the non-GAAP financial measures to GAAP measures is provided in the Non-GAAP and Other Financial Disclosures discussion below, as well as in the tables that accompany this release and/or the Fourth Quarter 2012 Financial Supplement.

“In 2012, we grew operating earnings 22% over 2011 and achieved an operating ROE of 11.3% in the face of several economic challenges,” said Steven A. Kandarian, chairman, president and chief executive officer of MetLife, Inc. “We are executing on our strategy, including shifting our business mix toward less capital-intensive products. We’re also growing our presence in emerging markets with our recent agreement to acquire AFP Provida in Chile, as well as our expansion in Central Europe, Turkey and India. Moving ahead, we will continue to take actions that create value for MetLife’s shareholders.”

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