MetLife, Inc. (NYSE:MET) today reported the following results for the fourth quarter and full year 2013:
Fourth Quarter Results
MetLife reported operating earnings* of $1.6 billion, up 14 percent over the fourth quarter of 2012. On a per share basis, operating earnings were $1.37, up 10 percent over the prior year quarter. Operating earnings in the Americas grew 13 percent. Operating earnings in Asia increased 64 percent on a reported basis and 74 percent on a constant currency basis. Operating earnings in Europe, the Middle East and Africa (EMEA) increased 51 percent on a reported basis and 48 percent on a constant currency basis. Partially offsetting these gains were larger losses in Corporate & Other.
Fourth quarter 2013 operating earnings included the following items:
- variable investment income above the company’s 2013 quarterly plan range by $101 million, or $0.09 per share, after tax and the impact of deferred acquisition costs (DAC)
- as previously announced, strengthening of asbestos claim reserves, which reduced operating earnings by $101 million or $0.09 per share, after tax
- an increase in litigation-related reserves, which reduced operating earnings by $46 million or $0.04 per share, after tax
- favorable catastrophe experience and prior year loss reserve development of $15 million and an $11 million benefit from tax-related items in EMEA, which increased operating earnings by $26 million or $0.02 per share, after tax