1-15787
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13-4075851
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(Commission File Number)
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(IRS Employer Identification No.)
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200 Park Avenue, New York, New York
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10166-0188
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(Address of Principal Executive Offices)
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(Zip Code)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
|
Common Stock, par value $0.01
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MET
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New York Stock Exchange
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Floating Rate Non-Cumulative Preferred Stock,
Series A, par value $0.01
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METPRA
|
New York Stock Exchange
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Depositary Shares each representing a 1/1000th
interest in a share of 5.625% Non-Cumulative
Preferred Stock, Series E
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METPRE
|
New York Stock Exchange
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METLIFE, INC.
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||||
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By:
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/s/ Tamara L. Schock
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Name:
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Tamara L. Schock
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Title:
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Executive Vice President and
Chief Accounting Officer
|
•
|
Net income
of
$1.7 billion
, or
$1.77
per share, compared to
net income
of
$845 million
, or
$0.83
per share, in the
second quarter of 2018
.
|
•
|
Adjusted earnings of
$1.3 billion
, or
$1.38
per share, compared to adjusted earnings of
$1.3 billion
, or
$1.30
per share in the
second quarter of 2018
.
|
•
|
Book value of
$64.61
per share,
up
29
percent from
$50.28
per share at
June 30, 2018
.
|
•
|
Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of
$47.09
per share,
up
10
percent from
$42.76
per share at
June 30, 2018
.
|
•
|
Return on equity (ROE) of
11.6
percent.
|
•
|
Adjusted ROE, excluding AOCI other than FCTA, of
12.1
percent.
|
($ in millions, except per share data)
|
|
Three months ended
June 30,
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||||
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|
2019
|
|
2018
|
|
Change
|
|
Premiums, fees and other revenues
|
|
$12,019
|
|
$16,998
|
|
(29)%
|
|
Net investment income
|
|
4,693
|
|
4,473
|
|
5%
|
|
Net investment gains (losses)
|
|
61
|
|
(227)
|
|
|
|
Net derivative gains (losses)
|
|
724
|
|
(59)
|
|
|
|
Total revenues
|
|
$17,497
|
|
$21,185
|
|
(17)%
|
|
|
|
|
|
|
|
|
|
Total adjusted revenues
|
|
$16,454
|
|
$21,216
|
|
(22)%
|
|
Adjusted premiums, fees and other revenues
|
|
$11,900
|
|
$16,889
|
|
(30)%
|
|
Adjusted premiums, fees and other revenues, excluding pension risk transfer (PRT)
|
|
$11,344
|
|
$10,937
|
|
4%
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$1,684
|
|
$845
|
|
99%
|
|
Net income (loss) per share
|
|
$1.77
|
|
$0.83
|
|
113%
|
|
|
|
|
|
|
|
|
|
Adjusted earnings
|
|
$1,319
|
|
$1,326
|
|
(1)%
|
|
Adjusted earnings per share
|
|
$1.38
|
|
$1.30
|
|
6%
|
|
|
|
|
|
|
|
|
|
Book value per share
|
|
$64.61
|
|
$50.28
|
|
29%
|
|
Book value per share, excluding AOCI other than FCTA
|
|
$47.09
|
|
$42.76
|
|
10%
|
|
|
|
|
|
|
|
|
|
Expense ratio
|
|
20.3%
|
|
14.6%
|
|
|
|
Direct expense ratio, excluding total notable items related to direct expenses and PRT
|
|
12.3%
|
|
13.0%
|
|
|
|
Adjusted expense ratio, excluding total notable items related to other expenses and PRT
|
|
20.0%
|
|
20.7%
|
|
|
|
|
|
|
|
|
|
|
|
ROE
|
|
11.6%
|
|
6.5%
|
|
|
|
ROE, excluding AOCI other than FCTA
|
|
15.4%
|
|
7.8%
|
|
|
|
Adjusted ROE, excluding AOCI other than FCTA
|
|
12.1%
|
|
12.2%
|
|
|
|
|
Three months ended
June 30, 2019
|
|
Segment
|
Change from
prior-year period
|
Change from
prior-year period
(on a constant
currency basis)
|
U.S.
|
9%
|
|
Asia
|
(1)%
|
2%
|
Latin America
|
10%
|
18%
|
Europe, the Middle East and Africa (EMEA)
|
(10)%
|
—%
|
MetLife Holdings
|
7%
|
|
($ in millions)
|
Three months ended June 30, 2019
|
Three months ended June 30, 2018
|
Change
|
Adjusted earnings
|
$732
|
$671
|
9%
|
Adjusted premiums, fees and other revenues
|
$6,731
|
$11,767
|
(43)%
|
Adjusted premiums, fees and other revenues, excluding PRT
|
$6,175
|
$5,815
|
6%
|
Notable item(s)
|
$0
|
$0
|
|
•
|
Adjusted earnings for the U.S.
were
$732 million
,
up
9
percent, driven by volume growth, lower expenses and favorable underwriting.
|
•
|
Adjusted return on allocated equity
was
27.3
percent, and adjusted return on allocated tangible equity was
31.0
percent.
|
•
|
Adjusted premiums, fees and other revenues
were
$6.7 billion
,
down
43
percent, primarily due to a large pension risk transfer transaction in the prior-year period.
|
•
|
Excluding pension risk transfers, adjusted premiums, fees and other revenues
were
$6.2 billion
, up 6 percent.
|
($ in millions)
|
Three months ended June 30, 2019
|
Three months ended June 30, 2018
|
Change
|
Adjusted
earnings
|
$311
|
$261
|
19%
|
Adjusted premiums, fees and other revenues
|
$4,594
|
$4,378
|
5%
|
Notable item(s)
|
$0
|
$0
|
|
•
|
Adjusted earnings for Group Benefits
were
$311 million
,
up
19
percent, driven by favorable volume growth and expense margin.
|
•
|
Adjusted premiums, fees and other revenues
were
$4.6 billion
,
up
5
percent, driven by strong growth in voluntary products.
|
•
|
Sales for Group Benefits
were up 12 percent year-to-date compared to the first half of 2018.
|
($ in millions)
|
Three months ended June 30, 2019
|
Three months ended June 30, 2018
|
Change
|
Adjusted
earnings
|
$351
|
$347
|
1%
|
Adjusted premiums, fees and other revenues
|
$1,220
|
$6,492
|
(81)%
|
Adjusted premiums, fees and other revenues, excluding PRT
|
$664
|
$540
|
23%
|
Notable item(s)
|
$0
|
$0
|
|
•
|
Adjusted earnings for Retirement and Income Solutions
were
$351 million
,
up
1
percent as favorable variable investment income, underwriting and volume growth were partially offset by lower recurring investment margins.
|
•
|
Adjusted premiums, fees and other revenues
were
$1.2 billion
,
down
81
percent, primarily due to a large pension risk transfer transaction in the prior-year period.
|
•
|
Excluding pension risk transfers, adjusted premiums, fees and other revenues
were
$664 million
, up 23 percent, driven by higher sales in structured settlements.
|
($ in millions)
|
Three months ended June 30, 2019
|
Three months ended June 30, 2018
|
Change
|
Adjusted
earnings
|
$70
|
$63
|
11%
|
Adjusted premiums, fees and other revenues
|
$917
|
$897
|
2%
|
Notable item(s)
|
$0
|
$0
|
|
•
|
Adjusted earnings for Property & Casualty
were
$70 million
,
up
11
percent, driven by favorable underwriting.
|
•
|
Adjusted premiums, fees and other revenues
were
$917 million
,
up
2
percent.
|
•
|
Pre-tax catastrophe losses and prior year development
totaled $73 million, compared to $104 million in the prior-year period.
|
•
|
Sales for Property & Casualty
were $162 million, up 3 percent.
|
($ in millions)
|
Three months ended June 30, 2019
|
Three months ended June 30, 2018
|
Change
|
Adjusted earnings
|
$359
|
$363
|
(1)%
|
Adjusted earnings (constant currency)
|
$359
|
$352
|
2%
|
Adjusted premiums, fees and other revenues
|
$2,063
|
$2,066
|
—%
|
Notable item(s)
|
$0
|
$0
|
|
•
|
Adjusted earnings for Asia
were
$359 million
,
down
1
percent, and
up
2
percent on a constant currency basis, as volume growth was partially offset by less favorable underwriting.
|
•
|
Adjusted return on allocated equity
was
10.1
percent, and adjusted return on allocated tangible equity was
15.3
percent.
|
•
|
Adjusted premiums, fees and other revenues
were
$2.1 billion
, flat compared to the prior-year period, and
up
2
percent on a constant currency basis.
|
•
|
Sales for Asia
were
$605 million
, down
10
percent on a constant currency basis. Japan sales were down 12 percent, primarily driven by lower sales of foreign currency-denominated annuity products, partially offset by higher accident & health product sales. Other Asia sales were down 5 percent, as sales growth in China and India was more than offset by Korea.
|
($ in millions)
|
Three months ended June 30, 2019
|
Three months ended June 30, 2018
|
Change
|
Adjusted earnings
|
$159
|
$145
|
10%
|
Adjusted earnings (constant currency)
|
$159
|
$135
|
18%
|
Adjusted premiums, fees and other revenues
|
$1,064
|
$972
|
9%
|
Notable item(s)
|
$0
|
$0
|
|
•
|
Adjusted earnings for Latin America
were
$159 million
,
up
10
percent, and
up
18
percent on a constant currency basis, driven by capital markets and volume growth.
|
•
|
Adjusted return on allocated equity
was
21.5
percent, and adjusted return on allocated tangible equity was
35.5
percent.
|
•
|
Adjusted premiums, fees and other revenues
were
$1.1 billion
,
up
9
percent, and
up
15
percent on a constant currency basis, primarily driven by higher annuity sales in Chile.
|
•
|
Sales for Latin America
were
$230 million
,
up
14
percent on a constant currency basis, driven by higher sales in Chile and Mexico and by a large group sale in Brazil.
|
($ in millions)
|
Three months ended June 30, 2019
|
Three months ended June 30, 2018
|
Change
|
Adjusted earnings
|
$77
|
$86
|
(10)%
|
Adjusted earnings (constant currency)
|
$77
|
$77
|
—%
|
Adjusted premiums, fees and other revenues
|
$669
|
$673
|
(1)%
|
Notable item(s)
|
$0
|
$0
|
|
•
|
Adjusted earnings for EMEA
were
$77 million
,
down
10
percent, and
unchanged
on a constant currency basis, as investment margins, favorable underwriting, and volume growth were offset by the impact of favorable expense margins in the prior-year period.
|
•
|
Adjusted return on allocated equity
was
11.0
percent, and adjusted return on allocated tangible equity was
19.8
percent.
|
•
|
Adjusted premiums, fees and other revenues
were
$669 million
,
down
1
percent, and
up
5
percent on a constant currency basis.
|
•
|
Sales for EMEA
were
$223 million
,
up
6
percent on a constant currency basis, primarily due to higher volumes in the United Kingdom, Egypt and Turkey.
|
($ in millions)
|
Three months ended June 30, 2019
|
Three months ended June 30, 2018
|
Change
|
Adjusted earnings
|
$299
|
$280
|
7%
|
Adjusted premiums, fees and other revenues
|
$1,275
|
$1,326
|
(4)%
|
Notable item(s)
|
$0
|
$0
|
|
•
|
Adjusted
earnings for MetLife Holdings
were
$299 million
,
up
7
percent, due to lower expenses and favorable variable investment income, partially offset by lower life insurance underwriting results.
|
•
|
Adjusted
return on allocated equity
was
12.5
percent, and adjusted return on allocated tangible equity was
14.0
percent.
|
•
|
Adjusted
premiums, fees and other revenues
were
$1.3 billion
,
down
4
percent.
|
($ in millions)
|
Three months ended June 30, 2019
|
Three months ended June 30, 2018
|
Change
|
Adjusted earnings
|
$(307)
|
$(219)
|
|
Notable item(s)
|
$(70)
|
$(62)
|
|
•
|
Corporate & Other had an adjusted loss
of
$307 million
, compared to an adjusted
loss of
$219 million
in the
second quarter of 2018
. The notable item in both periods is related to the company's previously announced cost saving initiative.
|
•
|
Excluding notable items from both periods,
adjusted loss increased by
$80 million
.
|
($ in millions)
|
Three months ended June 30, 2019
|
Three months ended June 30, 2018
|
Change
|
Net investment income (as reported on an adjusted basis)
|
$4,554
|
$4,327
|
5%
|
•
|
As reported on an adjusted basis, net investment income
was
$4.6 billion
,
up
5
percent. Variable investment income was $334 million ($264 million, after tax), as compared to $176 million ($139 million, after tax) in the
second quarter of 2018
, driven by higher private equity and prepayment income.
|
($ in millions)
|
Adjusted Earnings
|
||||||||
Three months ended June 30, 2019
|
|||||||||
Notable Items
|
U.S.
|
Asia
|
Latin
America
|
EMEA
|
MetLife
Holdings
|
Corporate
&
Other
|
Total
|
||
Group Benefits
|
Retirement and Income Solutions
|
Property &
Casualty
|
|||||||
Expense initiative costs
|
|
|
|
|
|
|
|
$(70)
|
$(70)
|
Total notable items
|
$0
|
$0
|
$0
|
$0
|
$0
|
$0
|
$0
|
$(70)
|
$(70)
|
Any references in this news release (except in this section and the tables that accompany this release) to:
|
|
should be read as, respectively:
|
||
|
|
|
|
|
(i)
|
net income (loss);
|
|
(i)
|
net income (loss) available to MetLife, Inc.’s common shareholders;
|
(ii)
|
net income (loss) per share;
|
|
(ii)
|
net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
|
(iii)
|
adjusted earnings;
|
|
(iii)
|
adjusted earnings available to common shareholders;
|
(iv)
|
adjusted earnings per share;
|
|
(iv)
|
adjusted earnings available to common shareholders per diluted common share;
|
(v)
|
book value per share;
|
|
(v)
|
book value per common share;
|
(vi)
|
book value per share, excluding AOCI other than FCTA;
|
|
(vi)
|
book value per common share, excluding AOCI other than FCTA;
|
(vii)
|
book value per share-tangible common stockholders’ equity;
|
|
(vii)
|
book value per common share-tangible common stockholders’ equity;
|
(viii)
|
premiums, fees and other revenues;
|
|
(viii)
|
premiums, fees and other revenues (adjusted);
|
(ix)
|
return on equity;
|
|
(ix)
|
return on MetLife, Inc.’s common stockholders’ equity;
|
(x)
|
return on equity, excluding AOCI other than FCTA;
|
|
(x)
|
return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI, other than FCTA;
|
(xi)
|
adjusted return on equity, excluding AOCI other than FCTA;
|
|
(xi)
|
adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA;
|
(xii)
|
tangible return on equity; and
|
|
(xii)
|
return on MetLife, Inc.’s tangible common stockholders' equity; and
|
(xiii)
|
adjusted tangible return on equity.
|
|
(xiii)
|
adjusted return on MetLife, Inc.’s tangible common stockholders’ equity.
|
•
|
adjusted earnings;
|
•
|
adjusted earnings available to common shareholders;
|
•
|
adjusted earnings available to common shareholders on a constant currency basis;
|
•
|
adjusted earnings available to common shareholders, excluding total notable items;
|
•
|
adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis;
|
•
|
adjusted earnings available to common shareholders per diluted common share;
|
•
|
adjusted earnings available to common shareholders on a constant currency basis per diluted common share;
|
•
|
adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and
|
•
|
adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share.
|
•
|
Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (Unearned revenue adjustments) and certain variable annuity guaranteed minimum income benefits (GMIB) fees (GMIB fees);
|
•
|
Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments but do not qualify for hedge accounting treatment (Investment hedge adjustments), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (Operating joint venture adjustments), (iii) excludes certain amounts related to contractholder-directed equity securities (Unit-linked contract income), (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP (Securitization entities income); and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP (Certain partnership distributions); and
|
•
|
Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (TSA fees).
|
•
|
Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL (PDO adjustments), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments (Inflation and pass-through adjustments), (iii) benefits and hedging costs related to GMIBs (GMIB costs), and (iv) market value adjustments associated with surrenders or terminations of contracts (Market value adjustments);
|
•
|
Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (PAB hedge adjustments) and excludes certain amounts related to net investment income earned on contractholder-directed equity securities (Unit-linked contract costs);
|
•
|
Amortization of DAC and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments;
|
•
|
Amortization of negative VOBA excludes amounts related to Market value adjustments;
|
•
|
Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (Securitization entities debt expense); and
|
•
|
Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (Regulatory implementation costs), and (iii) acquisition, integration and other costs. Other expenses includes TSA fees.
|
•
|
Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
|
•
|
Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), defined benefit plans adjustment components of AOCI and total notable items, net of income tax.
|
•
|
Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.
|
•
|
Return on MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders' equity, excluding AOCI other than FCTA.
|
•
|
Adjusted return on MetLife, Inc.'s common stockholders' equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity.
|
•
|
Adjusted return on MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity, excluding AOCI other than FCTA.
|
•
|
Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.
|
•
|
Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.
|
•
|
Total MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, value of distribution agreements (VODA) and value of customer relationships acquired (VOCRA), all net of income tax.
|
•
|
Total MetLife, Inc.’s tangible common stockholders’ equity, adjusted for total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, value of distribution agreements (VODA), value of customer relationships acquired (VOCRA) and total notable items, all net of income tax.
|
•
|
Return on MetLife, Inc.’s tangible common stockholders' equity: net income (loss) available to MetLife, Inc.’s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders' equity.
|
•
|
Adjusted return on MetLife, Inc.'s tangible common stockholders' equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders' equity.
|
•
|
Allocated tangible equity: Allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
|
•
|
Adjusted return on allocated tangible equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
|
•
|
Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
|
•
|
Direct expense ratio: direct expenses, on an adjusted basis, divided by adjusted premiums, fees and other revenues.
|
•
|
Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, on an adjusted basis, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
|
•
|
Adjusted expense ratio: other expenses, net of capitalization of DAC, both on an adjusted basis, divided by adjusted premiums, fees and other revenues.
|
•
|
Adjusted expense ratio, excluding total notable items related to other expenses and PRT: other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
|
•
|
U.S.:
|
▪
|
Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products.
|
▪
|
Retirement and Income Solutions: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate-owned life insurance.
|
▪
|
Property & Casualty: calculated based on first year direct written premium, net of cancellation and endorsement activity.
|
•
|
Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group).
|
•
|
Volume growth, as discussed in the context of business growth, is the period over period percentage change in adjusted earnings available to common shareholders attributable to adjusted premiums, fees and other revenues and assets under management levels, applying a model in which certain margins and factors are held constant. The most significant of such items are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates.
|
•
|
Asymmetrical and non-economic accounting refers to: (i) the portion of net derivative gains (losses) on embedded derivatives attributable to the inclusion of MetLife’s credit spreads in the liability valuations, (ii) hedging activity that generates net derivative gains (losses) and creates fluctuations in net income because hedge accounting cannot be achieved and the item being hedged does not a have an offsetting gain or loss recognized in earnings, (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments, and (iv) impact of changes in foreign currency exchange rates on the re-measurement of foreign denominated unhedged funding agreements and financing transactions to the U.S. dollar and the re-measurement of certain liabilities from non-functional currencies to functional currencies. MetLife believes that excluding the impact of asymmetrical and non-economic accounting from total GAAP results enhances investor understanding of MetLife’s performance by disclosing how these accounting practices affect reported GAAP results.
|
•
|
MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders.
|
•
|
Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.
|
MetLife, Inc.
|
||||||||
(Unaudited)
|
||||||||
|
||||||||
(1)
|
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal the sum of (i) adjusted earnings available to common shareholders per diluted common share and (ii) total notable items per diluted common share.
|
|||||||
|
|
|
|
|
|
|
|
|
(2)
|
Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively.
|
|||||||
|
|
|
|
|
|
|
|
|
(3)
|
Results on a constant currency basis are not included as constant currency impact is not significant.
|
|||||||
|
|
|
|
|
|
|
|
|
(4)
|
Book values exclude $3,340 million and $3,340 million of equity related to preferred stock at June 30, 2019 and 2018, respectively.
|
|||||||
|
|
|
|
|
|
|
|
|
(5)
|
Annualized using quarter-to-date results.
|
|
||||||
|
|
|
|
|
|
|
|
|
(6)
|
Net income (loss) available to MetLife, Inc.'s common shareholders and adjusted earnings available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended June 30, 2019 and June 30, 2018 of $9 million and $10 million, respectively.
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
METLIFE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
|
||||||||||||||||||||||||||||||
|
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
For the Three Months Ended
|
|
For the Year-to-Date Period Ended
|
|||||||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
September 30, 2018
|
|
December 31, 2018
|
|
March 31, 2019
|
|
June 30, 2019
|
|
|
June 30, 2018
|
|
June 30, 2019
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Premiums
|
|
$
|
15,153
|
|
|
$
|
10,242
|
|
|
$
|
9,267
|
|
|
$
|
9,405
|
|
|
$
|
10,129
|
|
|
|
$
|
24,331
|
|
|
$
|
19,534
|
|
|
|
Universal life and investment-type product policy fees
|
|
1,370
|
|
|
1,343
|
|
|
1,397
|
|
|
1,365
|
|
|
1,412
|
|
|
|
2,762
|
|
|
2,777
|
|
|
|||||||
|
Net investment income
|
|
4,473
|
|
|
4,486
|
|
|
3,462
|
|
|
4,908
|
|
|
4,693
|
|
|
|
8,218
|
|
|
9,601
|
|
|
|||||||
|
Other revenues
|
|
475
|
|
|
479
|
|
|
452
|
|
|
494
|
|
|
478
|
|
|
|
949
|
|
|
972
|
|
|
|||||||
|
Net investment gains (losses)
|
|
(227
|
)
|
|
117
|
|
|
145
|
|
|
15
|
|
|
61
|
|
|
|
(560
|
)
|
|
76
|
|
|
|||||||
|
Net derivative gains (losses)
|
|
(59
|
)
|
|
(378
|
)
|
|
939
|
|
|
115
|
|
|
724
|
|
|
|
290
|
|
|
839
|
|
|
|||||||
|
Total revenues
|
|
21,185
|
|
|
16,289
|
|
|
15,662
|
|
|
16,302
|
|
|
17,497
|
|
|
|
35,990
|
|
|
33,799
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Policyholder benefits and claims
|
|
14,866
|
|
|
10,080
|
|
|
8,992
|
|
|
9,072
|
|
|
9,993
|
|
|
|
23,584
|
|
|
19,065
|
|
|
|||||||
|
Interest credited to policyholder account balances
|
|
1,424
|
|
|
1,334
|
|
|
486
|
|
|
1,961
|
|
|
1,515
|
|
|
|
2,193
|
|
|
3,476
|
|
|
|||||||
|
Policyholder dividends
|
|
309
|
|
|
327
|
|
|
318
|
|
|
300
|
|
|
302
|
|
|
|
606
|
|
|
602
|
|
|
|||||||
|
Capitalization of DAC
|
|
(834
|
)
|
|
(810
|
)
|
|
(814
|
)
|
|
(812
|
)
|
|
(837
|
)
|
|
|
(1,630
|
)
|
|
(1,649
|
)
|
|
|||||||
|
Amortization of DAC and VOBA
|
|
707
|
|
|
732
|
|
|
843
|
|
|
624
|
|
|
689
|
|
|
|
1,400
|
|
|
1,313
|
|
|
|||||||
|
Amortization of negative VOBA
|
|
(16
|
)
|
|
(7
|
)
|
|
(11
|
)
|
|
(10
|
)
|
|
(10
|
)
|
|
|
(38
|
)
|
|
(20
|
)
|
|
|||||||
|
Interest expense on debt
|
|
309
|
|
|
267
|
|
|
260
|
|
|
234
|
|
|
274
|
|
|
|
595
|
|
|
508
|
|
|
|||||||
|
Other expenses
|
|
3,319
|
|
|
3,287
|
|
|
3,117
|
|
|
3,189
|
|
|
3,274
|
|
|
|
6,523
|
|
|
6,463
|
|
|
|||||||
|
Total expenses
|
|
20,084
|
|
|
15,210
|
|
|
13,191
|
|
|
14,558
|
|
|
15,200
|
|
|
|
33,233
|
|
|
29,758
|
|
|
|||||||
|
Income (loss) from continuing operations before provision for income tax
|
|
1,101
|
|
|
1,079
|
|
|
2,471
|
|
|
1,744
|
|
|
2,297
|
|
|
|
2,757
|
|
|
4,041
|
|
|
|||||||
|
Provision for income tax expense (benefit)
|
|
207
|
|
|
164
|
|
|
409
|
|
|
359
|
|
|
551
|
|
|
|
606
|
|
|
910
|
|
|
|||||||
|
Income (loss) from continuing operations, net of income tax
|
|
894
|
|
|
915
|
|
|
2,062
|
|
|
1,385
|
|
|
1,746
|
|
|
|
2,151
|
|
|
3,131
|
|
|
|||||||
|
Income (loss) from discontinued operations, net of income tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Net income (loss)
|
|
894
|
|
|
915
|
|
|
2,062
|
|
|
1,385
|
|
|
1,746
|
|
|
|
2,151
|
|
|
3,131
|
|
|
|||||||
|
Less: Net income (loss) attributable to noncontrolling interests
|
|
3
|
|
|
3
|
|
|
(5
|
)
|
|
4
|
|
|
5
|
|
|
|
7
|
|
|
9
|
|
|
|||||||
|
Net income (loss) attributable to MetLife, Inc.
|
|
891
|
|
|
912
|
|
|
2,067
|
|
|
1,381
|
|
|
1,741
|
|
|
|
2,144
|
|
|
3,122
|
|
|
|||||||
|
Less: Preferred stock dividends
|
|
46
|
|
|
32
|
|
|
57
|
|
|
32
|
|
|
57
|
|
|
|
52
|
|
|
89
|
|
|
|||||||
|
Net income (loss) available to MetLife, Inc.'s common shareholders
|
|
$
|
845
|
|
|
$
|
880
|
|
|
$
|
2,010
|
|
|
$
|
1,349
|
|
|
$
|
1,684
|
|
|
|
$
|
2,092
|
|
|
$
|
3,033
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Premiums, fees and other revenues
|
|
$
|
16,998
|
|
|
$
|
12,064
|
|
|
$
|
11,116
|
|
|
$
|
11,264
|
|
|
$
|
12,019
|
|
|
|
$
|
28,042
|
|
|
$
|
23,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS |
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
For the Three Months Ended
|
|
For the Year-to-Date Period Ended
|
||||||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total revenues
|
|
$
|
21,185
|
|
|
$
|
16,289
|
|
|
$
|
15,662
|
|
|
$
|
16,302
|
|
|
$
|
17,497
|
|
|
|
$
|
35,990
|
|
|
$
|
33,799
|
|
|
|
Less: Net investment (gains) losses
|
|
(227
|
)
|
|
117
|
|
|
145
|
|
|
15
|
|
|
61
|
|
|
|
(560
|
)
|
|
76
|
|
|
|||||||
|
Less: Net derivative (gains) losses
|
|
(59
|
)
|
|
(378
|
)
|
|
939
|
|
|
115
|
|
|
724
|
|
|
|
290
|
|
|
839
|
|
|
|||||||
|
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses
|
|
(5
|
)
|
|
11
|
|
|
(8
|
)
|
|
—
|
|
|
20
|
|
|
|
(10
|
)
|
|
20
|
|
|
|||||||
|
Less: Other adjustments to revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
GMIB fees
|
|
31
|
|
|
32
|
|
|
27
|
|
|
27
|
|
|
28
|
|
|
|
61
|
|
|
55
|
|
|
|||||||
|
Investment hedge adjustments
|
|
(119
|
)
|
|
(125
|
)
|
|
(121
|
)
|
|
(105
|
)
|
|
(118
|
)
|
|
|
(229
|
)
|
|
(223
|
)
|
|
|||||||
|
Operating joint venture adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
1
|
|
|
—
|
|
|
|||||||
|
Unit-linked contract income
|
|
286
|
|
|
149
|
|
|
(765
|
)
|
|
736
|
|
|
261
|
|
|
|
(67
|
)
|
|
997
|
|
|
|||||||
|
Securitization entities income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Settlement of foreign currency earnings hedges
|
|
5
|
|
|
5
|
|
|
5
|
|
|
2
|
|
|
2
|
|
|
|
9
|
|
|
4
|
|
|
|||||||
|
Certain partnership distributions
|
|
(21
|
)
|
|
(1
|
)
|
|
(27
|
)
|
|
(4
|
)
|
|
(4
|
)
|
|
|
(33
|
)
|
|
(8
|
)
|
|
|||||||
|
TSA fees
|
|
78
|
|
|
78
|
|
|
70
|
|
|
68
|
|
|
69
|
|
|
|
157
|
|
|
137
|
|
|
|||||||
|
Divested businesses
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
7
|
|
|
—
|
|
|
|||||||
|
Total adjusted revenues
|
|
$
|
21,216
|
|
|
$
|
16,400
|
|
|
$
|
15,397
|
|
|
$
|
15,448
|
|
|
$
|
16,454
|
|
|
|
$
|
36,364
|
|
|
$
|
31,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
For the Three Months Ended
|
|
For the Year-to-Date Period Ended
|
||||||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net investment income
|
|
$
|
4,473
|
|
|
$
|
4,486
|
|
|
$
|
3,462
|
|
|
$
|
4,908
|
|
|
$
|
4,693
|
|
|
|
$
|
8,218
|
|
|
$
|
9,601
|
|
|
|
Less: Adjustments to net investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Investment hedge adjustments
|
|
(119
|
)
|
|
(125
|
)
|
|
(121
|
)
|
|
(105
|
)
|
|
(118
|
)
|
|
|
(229
|
)
|
|
(223
|
)
|
|
|||||||
|
Operating joint venture adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
1
|
|
|
—
|
|
|
|||||||
|
Unit-linked contract income
|
|
286
|
|
|
149
|
|
|
(765
|
)
|
|
736
|
|
|
261
|
|
|
|
(67
|
)
|
|
997
|
|
|
|||||||
|
Securitization entities income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Certain partnership distributions
|
|
(21
|
)
|
|
(1
|
)
|
|
(27
|
)
|
|
(4
|
)
|
|
(4
|
)
|
|
|
(33
|
)
|
|
(8
|
)
|
|
|||||||
|
Divested businesses
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Net investment income, as reported on an adjusted basis
|
|
$
|
4,327
|
|
|
$
|
4,462
|
|
|
$
|
4,375
|
|
|
$
|
4,281
|
|
|
$
|
4,554
|
|
|
|
$
|
8,546
|
|
|
$
|
8,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
For the Three Months Ended
|
|
For the Year-to-Date Period Ended
|
||||||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Premiums, fees and other revenues
|
|
$
|
16,998
|
|
|
$
|
12,064
|
|
|
$
|
11,116
|
|
|
$
|
11,264
|
|
|
$
|
12,019
|
|
|
|
$
|
28,042
|
|
|
$
|
23,283
|
|
|
|
Less: Adjustments to premiums, fees and other revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Unearned revenue adjustments
|
|
(5
|
)
|
|
11
|
|
|
(8
|
)
|
|
—
|
|
|
20
|
|
|
|
(10
|
)
|
|
20
|
|
|
|||||||
|
GMIB fees
|
|
31
|
|
|
32
|
|
|
27
|
|
|
27
|
|
|
28
|
|
|
|
61
|
|
|
55
|
|
|
|||||||
|
Settlement of foreign currency earnings hedges
|
|
5
|
|
|
5
|
|
|
5
|
|
|
2
|
|
|
2
|
|
|
|
9
|
|
|
4
|
|
|
|||||||
|
TSA fees
|
|
78
|
|
|
78
|
|
|
70
|
|
|
68
|
|
|
69
|
|
|
|
157
|
|
|
137
|
|
|
|||||||
|
Divested businesses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
7
|
|
|
—
|
|
|
|||||||
|
Adjusted
premiums, fees and other revenues
|
|
$
|
16,889
|
|
|
$
|
11,938
|
|
|
$
|
11,022
|
|
|
$
|
11,167
|
|
|
$
|
11,900
|
|
|
|
$
|
27,818
|
|
|
$
|
23,067
|
|
|
|
Adjusted premiums, fees and other revenues, on a constant currency basis
|
|
$
|
16,757
|
|
|
$
|
11,913
|
|
|
$
|
11,054
|
|
|
$
|
11,152
|
|
|
$
|
11,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED) |
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
For the Three Months Ended
|
|
For the Year-to-Date Period Ended
|
||||||||||||||||||||||||||
|
Unaudited (In millions)
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total expenses
|
$
|
20,084
|
|
|
$
|
15,210
|
|
|
$
|
13,191
|
|
|
$
|
14,558
|
|
|
$
|
15,200
|
|
|
|
$
|
33,233
|
|
|
$
|
29,758
|
|
|
|
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses
|
(10
|
)
|
|
89
|
|
|
44
|
|
|
(24
|
)
|
|
(5
|
)
|
|
|
(24
|
)
|
|
(29
|
)
|
|
|||||||
|
Less: Goodwill impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Less: Other adjustments to expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Inflation and pass-through adjustments
|
—
|
|
|
(13
|
)
|
|
1
|
|
|
79
|
|
|
84
|
|
|
|
41
|
|
|
163
|
|
|
|||||||
|
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs
|
60
|
|
|
187
|
|
|
(10
|
)
|
|
49
|
|
|
36
|
|
|
|
75
|
|
|
85
|
|
|
|||||||
|
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
(4
|
)
|
|
(11
|
)
|
|
|
(1
|
)
|
|
(15
|
)
|
|
|||||||
|
PAB hedge adjustments
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(6
|
)
|
|
|
(2
|
)
|
|
(9
|
)
|
|
|||||||
|
Unit-linked contract costs
|
268
|
|
|
133
|
|
|
(730
|
)
|
|
716
|
|
|
257
|
|
|
|
(79
|
)
|
|
973
|
|
|
|||||||
|
Securitization entities debt expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Noncontrolling interest
|
(5
|
)
|
|
(3
|
)
|
|
5
|
|
|
(6
|
)
|
|
(6
|
)
|
|
|
(12
|
)
|
|
(12
|
)
|
|
|||||||
|
Regulatory implementation costs
|
2
|
|
|
3
|
|
|
5
|
|
|
3
|
|
|
7
|
|
|
|
3
|
|
|
10
|
|
|
|||||||
|
Acquisition, integration and other costs
|
14
|
|
|
13
|
|
|
(14
|
)
|
|
23
|
|
|
6
|
|
|
|
25
|
|
|
29
|
|
|
|||||||
|
TSA fees
|
78
|
|
|
78
|
|
|
70
|
|
|
68
|
|
|
69
|
|
|
|
157
|
|
|
137
|
|
|
|||||||
|
Divested businesses
|
83
|
|
|
24
|
|
|
14
|
|
|
—
|
|
|
6
|
|
|
|
92
|
|
|
6
|
|
|
|||||||
|
Total adjusted expenses
|
$
|
19,596
|
|
|
$
|
14,700
|
|
|
$
|
13,808
|
|
|
$
|
13,657
|
|
|
$
|
14,763
|
|
|
|
$
|
32,958
|
|
|
$
|
28,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
For the Three Months Ended
|
|
For the Year-to-Date Period Ended
|
||||||||||||||||||||||||||
|
Unaudited (In millions)
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Capitalization of DAC
|
$
|
(834
|
)
|
|
$
|
(810
|
)
|
|
$
|
(814
|
)
|
|
$
|
(812
|
)
|
|
$
|
(837
|
)
|
|
|
$
|
(1,630
|
)
|
|
$
|
(1,649
|
)
|
|
|
Less: Divested businesses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(1
|
)
|
|
—
|
|
|
|||||||
|
Capitalization of DAC, as reported on an adjusted basis
|
$
|
(834
|
)
|
|
$
|
(810
|
)
|
|
$
|
(814
|
)
|
|
$
|
(812
|
)
|
|
$
|
(837
|
)
|
|
|
$
|
(1,629
|
)
|
|
$
|
(1,649
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
For the Three Months Ended
|
|
For the Year-to-Date Period Ended
|
||||||||||||||||||||||||||
|
Unaudited (In millions)
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Other expenses
|
$
|
3,319
|
|
|
$
|
3,287
|
|
|
$
|
3,117
|
|
|
$
|
3,189
|
|
|
$
|
3,274
|
|
|
|
$
|
6,523
|
|
|
$
|
6,463
|
|
|
|
Less: Noncontrolling interest
|
(5
|
)
|
|
(3
|
)
|
|
5
|
|
|
(6
|
)
|
|
(6
|
)
|
|
|
(12
|
)
|
|
(12
|
)
|
|
|||||||
|
Less: Regulatory implementation costs
|
2
|
|
|
3
|
|
|
5
|
|
|
3
|
|
|
7
|
|
|
|
3
|
|
|
10
|
|
|
|||||||
|
Less: Acquisition, integration and other costs
|
14
|
|
|
13
|
|
|
(14
|
)
|
|
23
|
|
|
6
|
|
|
|
25
|
|
|
29
|
|
|
|||||||
|
Less: TSA fees
|
78
|
|
|
78
|
|
|
70
|
|
|
68
|
|
|
69
|
|
|
|
157
|
|
|
137
|
|
|
|||||||
|
Less: Divested businesses
|
53
|
|
|
9
|
|
|
(4
|
)
|
|
—
|
|
|
6
|
|
|
|
63
|
|
|
6
|
|
|
|||||||
|
Other expenses, as reported on an adjusted basis
|
$
|
3,177
|
|
|
$
|
3,187
|
|
|
$
|
3,055
|
|
|
$
|
3,101
|
|
|
$
|
3,192
|
|
|
|
$
|
6,287
|
|
|
$
|
6,293
|
|
|
|
Other expenses, as reported on an adjusted basis, on a constant currency basis
|
$
|
3,112
|
|
|
$
|
3,179
|
|
|
$
|
3,065
|
|
|
$
|
3,089
|
|
|
$
|
3,192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
METLIFE
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
|
September 30, 2018
|
|
|
|
December 31, 2018
|
|
|
|
March 31, 2019
|
|
|
|
June 30, 2019
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Fixed maturity securities available-for-sale, at estimated fair value
|
|
$
|
306,331
|
|
|
|
$
|
304,840
|
|
|
|
$
|
298,265
|
|
|
|
$
|
308,410
|
|
|
|
$
|
318,689
|
|
|
|
Equity securities, at estimated fair value
|
|
1,483
|
|
|
|
1,479
|
|
|
|
1,440
|
|
|
|
1,432
|
|
|
|
1,476
|
|
|
|||||
|
Contractholder-directed equity securities and fair value option securities, at estimated fair value
|
|
13,848
|
|
|
|
13,540
|
|
|
|
12,616
|
|
|
|
13,245
|
|
|
|
13,000
|
|
|
|||||
|
Mortgage loans
|
|
70,852
|
|
|
|
72,461
|
|
|
|
75,752
|
|
|
|
78,601
|
|
|
|
77,997
|
|
|
|||||
|
Policy loans
|
|
9,702
|
|
|
|
9,703
|
|
|
|
9,699
|
|
|
|
9,670
|
|
|
|
9,705
|
|
|
|||||
|
Real estate and real estate joint ventures
|
|
9,741
|
|
|
|
9,977
|
|
|
|
9,698
|
|
|
|
10,022
|
|
|
|
10,326
|
|
|
|||||
|
Other limited partnership interests
|
|
5,985
|
|
|
|
6,374
|
|
|
|
6,613
|
|
|
|
6,787
|
|
|
|
7,054
|
|
|
|||||
|
Short-term investments, principally at estimated fair value
|
|
3,853
|
|
|
|
5,231
|
|
|
|
3,937
|
|
|
|
4,524
|
|
|
|
2,811
|
|
|
|||||
|
Other invested assets
|
|
17,017
|
|
|
|
16,336
|
|
|
|
18,190
|
|
|
|
18,175
|
|
|
|
20,036
|
|
|
|||||
|
Total investments
|
|
438,812
|
|
|
|
439,941
|
|
|
|
436,210
|
|
|
|
450,866
|
|
|
|
461,094
|
|
|
|||||
|
Cash and cash equivalents, principally at estimated fair value
|
|
16,312
|
|
|
|
12,490
|
|
|
|
15,821
|
|
|
|
14,506
|
|
|
|
18,435
|
|
|
|||||
|
Accrued investment income
|
|
3,512
|
|
|
|
3,691
|
|
|
|
3,582
|
|
|
|
3,569
|
|
|
|
3,535
|
|
|
|||||
|
Premiums, reinsurance and other receivables
|
|
19,608
|
|
|
|
19,820
|
|
|
|
19,644
|
|
|
|
20,615
|
|
|
|
20,425
|
|
|
|||||
|
Deferred policy acquisition costs and value of business acquired
|
|
19,013
|
|
|
|
19,160
|
|
|
|
18,895
|
|
|
|
18,349
|
|
|
|
17,880
|
|
|
|||||
|
Current income tax recoverable
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
97
|
|
|
|||||
|
Goodwill
|
|
9,499
|
|
|
|
9,440
|
|
|
|
9,422
|
|
|
|
9,418
|
|
|
|
9,408
|
|
|
|||||
|
Other assets
|
|
8,230
|
|
|
|
8,493
|
|
|
|
8,408
|
|
|
|
10,100
|
|
|
|
10,029
|
|
|
|||||
|
Separate account assets
|
|
191,347
|
|
|
|
185,416
|
|
|
|
175,556
|
|
|
|
185,765
|
|
|
|
191,264
|
|
|
|||||
|
Total assets
|
|
$
|
706,333
|
|
|
|
$
|
698,451
|
|
|
|
$
|
687,538
|
|
|
|
$
|
713,188
|
|
|
|
$
|
732,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Future policy benefits
|
|
$
|
184,461
|
|
|
|
$
|
185,476
|
|
|
|
$
|
186,780
|
|
|
|
$
|
187,508
|
|
|
|
$
|
191,139
|
|
|
|
Policyholder account balances
|
|
182,493
|
|
|
|
184,094
|
|
|
|
183,693
|
|
|
|
187,333
|
|
|
|
190,033
|
|
|
|||||
|
Other policy-related balances
|
|
15,908
|
|
|
|
16,207
|
|
|
|
16,529
|
|
|
|
16,967
|
|
|
|
16,815
|
|
|
|||||
|
Policyholder dividends payable
|
|
695
|
|
|
|
709
|
|
|
|
677
|
|
|
|
671
|
|
|
|
689
|
|
|
|||||
|
Policyholder dividend obligation
|
|
792
|
|
|
|
456
|
|
|
|
428
|
|
|
|
1,116
|
|
|
|
1,834
|
|
|
|||||
|
Payables for collateral under securities loaned and other transactions
|
|
27,030
|
|
|
|
26,075
|
|
|
|
24,794
|
|
|
|
25,084
|
|
|
|
25,354
|
|
|
|||||
|
Short-term debt
|
|
479
|
|
|
|
290
|
|
|
|
268
|
|
|
|
289
|
|
|
|
158
|
|
|
|||||
|
Long-term debt
|
|
14,536
|
|
|
|
13,408
|
|
|
|
12,829
|
|
|
|
12,850
|
|
|
|
13,346
|
|
|
|||||
|
Collateral financing arrangements
|
|
1,085
|
|
|
|
1,073
|
|
|
|
1,060
|
|
|
|
1,048
|
|
|
|
1,026
|
|
|
|||||
|
Junior subordinated debt securities
|
|
3,146
|
|
|
|
3,146
|
|
|
|
3,147
|
|
|
|
3,148
|
|
|
|
3,149
|
|
|
|||||
|
Current income tax payable
|
|
222
|
|
|
|
166
|
|
|
|
441
|
|
|
|
505
|
|
|
|
—
|
|
|
|||||
|
Deferred income tax liability
|
|
5,377
|
|
|
|
4,924
|
|
|
|
5,414
|
|
|
|
7,075
|
|
|
|
8,766
|
|
|
|||||
|
Other liabilities
|
|
24,930
|
|
|
|
25,202
|
|
|
|
22,964
|
|
|
|
25,091
|
|
|
|
24,548
|
|
|
|||||
|
Separate account liabilities
|
|
191,347
|
|
|
|
185,416
|
|
|
|
175,556
|
|
|
|
185,765
|
|
|
|
191,264
|
|
|
|||||
|
Total liabilities
|
|
652,501
|
|
|
|
646,642
|
|
|
|
634,580
|
|
|
|
654,450
|
|
|
|
668,121
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Preferred stock, at par value
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
|
Common stock, at par value
|
|
12
|
|
|
|
12
|
|
|
|
12
|
|
|
|
12
|
|
|
|
12
|
|
|
|||||
|
Additional paid-in capital
|
|
32,454
|
|
|
|
32,475
|
|
|
|
32,474
|
|
|
|
32,535
|
|
|
|
32,602
|
|
|
|||||
|
Retained earnings
|
|
26,870
|
|
|
|
27,331
|
|
|
|
28,926
|
|
|
|
29,944
|
|
|
|
31,209
|
|
|
|||||
|
Treasury stock, at cost
|
|
(8,557
|
)
|
|
|
(9,193
|
)
|
|
|
(10,393
|
)
|
|
|
(10,893
|
)
|
|
|
(11,643
|
)
|
|
|||||
|
Accumulated other comprehensive income (loss)
|
|
2,854
|
|
|
|
1,000
|
|
|
|
1,722
|
|
|
|
6,911
|
|
|
|
11,631
|
|
|
|||||
|
Total MetLife, Inc.'s stockholders' equity
|
|
53,633
|
|
|
|
51,625
|
|
|
|
52,741
|
|
|
|
58,509
|
|
|
|
63,811
|
|
|
|||||
|
Noncontrolling interests
|
|
199
|
|
|
|
184
|
|
|
|
217
|
|
|
|
229
|
|
|
|
235
|
|
|
|||||
|
Total equity
|
|
53,832
|
|
|
|
51,809
|
|
|
|
52,958
|
|
|
|
58,738
|
|
|
|
64,046
|
|
|
|||||
|
Total liabilities and equity
|
|
$
|
706,333
|
|
|
|
$
|
698,451
|
|
|
|
$
|
687,538
|
|
|
|
$
|
713,188
|
|
|
|
$
|
732,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
U.S.
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
|
||||||||||||||||||||||||||||
|
|
For the Three Months Ended
|
|
|
For the Year-to-Date Period Ended
|
||||||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Premiums
|
|
$
|
11,302
|
|
|
$
|
6,431
|
|
|
$
|
5,236
|
|
|
$
|
5,567
|
|
|
$
|
6,234
|
|
|
|
$
|
16,519
|
|
|
$
|
11,801
|
|
|
|
Universal life and investment-type product policy fees
|
|
262
|
|
|
252
|
|
|
281
|
|
|
270
|
|
|
274
|
|
|
|
520
|
|
|
544
|
|
|
|||||||
|
Net investment income
|
|
1,719
|
|
|
1,787
|
|
|
1,809
|
|
|
1,719
|
|
|
1,795
|
|
|
|
3,381
|
|
|
3,514
|
|
|
|||||||
|
Other revenues
|
|
203
|
|
|
206
|
|
|
208
|
|
|
221
|
|
|
223
|
|
|
|
407
|
|
|
444
|
|
|
|||||||
|
Total adjusted revenues
|
|
13,486
|
|
|
8,676
|
|
|
7,534
|
|
|
7,777
|
|
|
8,526
|
|
|
|
20,827
|
|
|
16,303
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Policyholder benefits and claims and policyholder dividends
|
|
11,233
|
|
|
6,219
|
|
|
5,175
|
|
|
5,373
|
|
|
6,101
|
|
|
|
16,371
|
|
|
11,474
|
|
|
|||||||
|
Interest credited to policyholder account balances
|
|
439
|
|
|
457
|
|
|
487
|
|
|
501
|
|
|
504
|
|
|
|
846
|
|
|
1,005
|
|
|
|||||||
|
Capitalization of DAC
|
|
(114
|
)
|
|
(116
|
)
|
|
(113
|
)
|
|
(114
|
)
|
|
(127
|
)
|
|
|
(220
|
)
|
|
(241
|
)
|
|
|||||||
|
Amortization of DAC and VOBA
|
|
114
|
|
|
128
|
|
|
120
|
|
|
114
|
|
|
117
|
|
|
|
229
|
|
|
231
|
|
|
|||||||
|
Amortization of negative VOBA
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Interest expense on debt
|
|
4
|
|
|
2
|
|
|
4
|
|
|
2
|
|
|
3
|
|
|
|
6
|
|
|
5
|
|
|
|||||||
|
Other expenses
|
|
965
|
|
|
982
|
|
|
994
|
|
|
993
|
|
|
1,009
|
|
|
|
1,926
|
|
|
2,002
|
|
|
|||||||
|
Total adjusted expenses
|
|
12,641
|
|
|
7,672
|
|
|
6,667
|
|
|
6,869
|
|
|
7,607
|
|
|
|
19,158
|
|
|
14,476
|
|
|
|||||||
|
Adjusted earnings before provision for income tax
|
|
845
|
|
|
1,004
|
|
|
867
|
|
|
908
|
|
|
919
|
|
|
|
1,669
|
|
|
1,827
|
|
|
|||||||
|
Provision for income tax expense (benefit)
|
|
174
|
|
|
209
|
|
|
182
|
|
|
184
|
|
|
187
|
|
|
|
345
|
|
|
371
|
|
|
|||||||
|
Adjusted earnings
|
|
671
|
|
|
795
|
|
|
685
|
|
|
724
|
|
|
732
|
|
|
|
1,324
|
|
|
1,456
|
|
|
|||||||
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Adjusted earnings available to common shareholders
|
|
$
|
671
|
|
|
$
|
795
|
|
|
$
|
685
|
|
|
$
|
724
|
|
|
$
|
732
|
|
|
|
$
|
1,324
|
|
|
$
|
1,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Adjusted premiums, fees and other revenues
|
|
$
|
11,767
|
|
|
$
|
6,889
|
|
|
$
|
5,725
|
|
|
$
|
6,058
|
|
|
$
|
6,731
|
|
|
|
$
|
17,446
|
|
|
$
|
12,789
|
|
|
|
Less: PRT
|
|
5,952
|
|
|
1,018
|
|
|
(76
|
)
|
|
(2
|
)
|
|
556
|
|
|
|
5,952
|
|
|
554
|
|
|
|||||||
|
Adjusted premiums, fees and other revenues, excluding PRT
|
|
$
|
5,815
|
|
|
$
|
5,871
|
|
|
$
|
5,801
|
|
|
$
|
6,060
|
|
|
$
|
6,175
|
|
|
|
$
|
11,494
|
|
|
$
|
12,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
U.S.
GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
|||||||||||||||||||||||||||||
|
|
For the Three Months Ended
|
|
For the Year-to-Date Period Ended
|
|||||||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Premiums
|
|
$
|
4,051
|
|
|
$
|
3,988
|
|
|
$
|
3,949
|
|
|
$
|
4,208
|
|
|
$
|
4,247
|
|
|
|
$
|
8,145
|
|
|
$
|
8,455
|
|
|
|
Universal life and investment-type product policy fees
|
|
199
|
|
|
200
|
|
|
202
|
|
|
194
|
|
|
203
|
|
|
|
402
|
|
|
397
|
|
|
|||||||
|
Net investment income
|
|
277
|
|
|
296
|
|
|
275
|
|
|
280
|
|
|
292
|
|
|
|
556
|
|
|
572
|
|
|
|||||||
|
Other revenues
|
|
128
|
|
|
129
|
|
|
132
|
|
|
143
|
|
|
144
|
|
|
|
254
|
|
|
287
|
|
|
|||||||
|
Total adjusted revenues
|
|
4,655
|
|
|
4,613
|
|
|
4,558
|
|
|
4,825
|
|
|
4,886
|
|
|
|
9,357
|
|
|
9,711
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Policyholder benefits and claims and policyholder dividends
|
|
3,659
|
|
|
3,455
|
|
|
3,577
|
|
|
3,711
|
|
|
3,812
|
|
|
|
7,403
|
|
|
7,523
|
|
|
|||||||
|
Interest credited to policyholder account balances
|
|
36
|
|
|
37
|
|
|
39
|
|
|
39
|
|
|
39
|
|
|
|
69
|
|
|
78
|
|
|
|||||||
|
Capitalization of DAC
|
|
(8
|
)
|
|
(6
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
(6
|
)
|
|
|
(15
|
)
|
|
(14
|
)
|
|
|||||||
|
Amortization of DAC and VOBA
|
|
10
|
|
|
22
|
|
|
10
|
|
|
9
|
|
|
8
|
|
|
|
21
|
|
|
17
|
|
|
|||||||
|
Amortization of negative VOBA
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Interest expense on debt
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
|
1
|
|
|
1
|
|
|
|||||||
|
Other expenses
|
|
622
|
|
|
631
|
|
|
640
|
|
|
641
|
|
|
639
|
|
|
|
1,260
|
|
|
1,280
|
|
|
|||||||
|
Total adjusted expenses
|
|
4,320
|
|
|
4,139
|
|
|
4,261
|
|
|
4,392
|
|
|
4,493
|
|
|
|
8,739
|
|
|
8,885
|
|
|
|||||||
|
Adjusted earnings before provision for income tax
|
|
335
|
|
|
474
|
|
|
297
|
|
|
433
|
|
|
393
|
|
|
|
618
|
|
|
826
|
|
|
|||||||
|
Provision for income tax expense (benefit)
|
|
74
|
|
|
104
|
|
|
67
|
|
|
91
|
|
|
82
|
|
|
|
139
|
|
|
173
|
|
|
|||||||
|
Adjusted earnings
|
|
261
|
|
|
370
|
|
|
230
|
|
|
342
|
|
|
311
|
|
|
|
479
|
|
|
653
|
|
|
|||||||
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Adjusted earnings available to common shareholders
|
|
$
|
261
|
|
|
$
|
370
|
|
|
$
|
230
|
|
|
$
|
342
|
|
|
$
|
311
|
|
|
|
$
|
479
|
|
|
$
|
653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted premiums, fees and other revenues
|
|
$
|
4,378
|
|
|
$
|
4,317
|
|
|
$
|
4,283
|
|
|
$
|
4,545
|
|
|
$
|
4,594
|
|
|
|
$
|
8,801
|
|
|
$
|
9,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
U.S.
RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
|||||||||||||||||||||||||||||
|
|
For the Three Months Ended
|
|
For the Year-to-Date Period Ended
|
|||||||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Premiums
|
|
$
|
6,359
|
|
|
$
|
1,535
|
|
|
$
|
373
|
|
|
$
|
461
|
|
|
$
|
1,075
|
|
|
|
$
|
6,603
|
|
|
$
|
1,536
|
|
|
|
Universal life and investment-type product policy fees
|
|
63
|
|
|
52
|
|
|
79
|
|
|
76
|
|
|
71
|
|
|
|
118
|
|
|
147
|
|
|
|||||||
|
Net investment income
|
|
1,400
|
|
|
1,444
|
|
|
1,492
|
|
|
1,395
|
|
|
1,458
|
|
|
|
2,740
|
|
|
2,853
|
|
|
|||||||
|
Other revenues
|
|
70
|
|
|
71
|
|
|
71
|
|
|
72
|
|
|
74
|
|
|
|
142
|
|
|
146
|
|
|
|||||||
|
Total adjusted revenues
|
|
7,892
|
|
|
3,102
|
|
|
2,015
|
|
|
2,004
|
|
|
2,678
|
|
|
|
9,603
|
|
|
4,682
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Policyholder benefits and claims and policyholder dividends
|
|
6,938
|
|
|
2,144
|
|
|
998
|
|
|
1,071
|
|
|
1,647
|
|
|
|
7,744
|
|
|
2,718
|
|
|
|||||||
|
Interest credited to policyholder account balances
|
|
403
|
|
|
420
|
|
|
448
|
|
|
462
|
|
|
465
|
|
|
|
777
|
|
|
927
|
|
|
|||||||
|
Capitalization of DAC
|
|
(1
|
)
|
|
(2
|
)
|
|
(7
|
)
|
|
(8
|
)
|
|
(12
|
)
|
|
|
(6
|
)
|
|
(20
|
)
|
|
|||||||
|
Amortization of DAC and VOBA
|
|
6
|
|
|
5
|
|
|
7
|
|
|
5
|
|
|
7
|
|
|
|
12
|
|
|
12
|
|
|
|||||||
|
Amortization of negative VOBA
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Interest expense on debt
|
|
3
|
|
|
2
|
|
|
3
|
|
|
2
|
|
|
2
|
|
|
|
5
|
|
|
4
|
|
|
|||||||
|
Other expenses
|
|
107
|
|
|
107
|
|
|
116
|
|
|
114
|
|
|
127
|
|
|
|
209
|
|
|
241
|
|
|
|||||||
|
Total adjusted expenses
|
|
7,456
|
|
|
2,676
|
|
|
1,565
|
|
|
1,646
|
|
|
2,236
|
|
|
|
8,741
|
|
|
3,882
|
|
|
|||||||
|
Adjusted earnings before provision for income tax
|
|
436
|
|
|
426
|
|
|
450
|
|
|
358
|
|
|
442
|
|
|
|
862
|
|
|
800
|
|
|
|||||||
|
Provision for income tax expense (benefit)
|
|
89
|
|
|
87
|
|
|
94
|
|
|
73
|
|
|
91
|
|
|
|
176
|
|
|
164
|
|
|
|||||||
|
Adjusted earnings
|
|
347
|
|
|
339
|
|
|
356
|
|
|
285
|
|
|
351
|
|
|
|
686
|
|
|
636
|
|
|
|||||||
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Adjusted earnings available to common shareholders
|
|
$
|
347
|
|
|
$
|
339
|
|
|
$
|
356
|
|
|
$
|
285
|
|
|
$
|
351
|
|
|
|
$
|
686
|
|
|
$
|
636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted premiums, fees and other revenues
|
|
$
|
6,492
|
|
|
$
|
1,658
|
|
|
$
|
523
|
|
|
$
|
609
|
|
|
$
|
1,220
|
|
|
|
$
|
6,863
|
|
|
$
|
1,829
|
|
|
|
Less: PRT
|
|
5,952
|
|
|
1,018
|
|
|
(76
|
)
|
|
(2
|
)
|
|
556
|
|
|
|
5,952
|
|
|
554
|
|
|
|||||||
|
Adjusted premiums, fees and other revenues, excluding PRT
|
|
$
|
540
|
|
|
$
|
640
|
|
|
$
|
599
|
|
|
$
|
611
|
|
|
$
|
664
|
|
|
|
$
|
911
|
|
|
$
|
1,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
U.S.
PROPERTY & CASUALTY STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
|||||||||||||||||||||||||||||
|
|
|
For the Three Months Ended
|
|
|
For the Year-to-Date Period Ended
|
|||||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Premiums
|
|
$
|
892
|
|
|
$
|
908
|
|
|
$
|
914
|
|
|
$
|
898
|
|
|
$
|
912
|
|
|
|
$
|
1,771
|
|
|
$
|
1,810
|
|
|
|
Universal life and investment-type product policy fees
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Net investment income
|
|
42
|
|
|
47
|
|
|
42
|
|
|
44
|
|
|
45
|
|
|
|
85
|
|
|
89
|
|
|
|||||||
|
Other revenues
|
|
5
|
|
|
6
|
|
|
5
|
|
|
6
|
|
|
5
|
|
|
|
11
|
|
|
11
|
|
|
|||||||
|
Total adjusted revenues
|
|
939
|
|
|
961
|
|
|
961
|
|
|
948
|
|
|
962
|
|
|
|
1,867
|
|
|
1,910
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Policyholder benefits and claims and policyholder dividends
|
|
636
|
|
|
620
|
|
|
600
|
|
|
591
|
|
|
642
|
|
|
|
1,224
|
|
|
1,233
|
|
|
|||||||
|
Interest credited to policyholder account balances
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Capitalization of DAC
|
|
(105
|
)
|
|
(108
|
)
|
|
(100
|
)
|
|
(98
|
)
|
|
(109
|
)
|
|
|
(199
|
)
|
|
(207
|
)
|
|
|||||||
|
Amortization of DAC and VOBA
|
|
98
|
|
|
101
|
|
|
103
|
|
|
100
|
|
|
102
|
|
|
|
196
|
|
|
202
|
|
|
|||||||
|
Amortization of negative VOBA
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Interest expense on debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Other expenses
|
|
236
|
|
|
244
|
|
|
238
|
|
|
238
|
|
|
243
|
|
|
|
457
|
|
|
481
|
|
|
|||||||
|
Total adjusted expenses
|
|
865
|
|
|
857
|
|
|
841
|
|
|
831
|
|
|
878
|
|
|
|
1,678
|
|
|
1,709
|
|
|
|||||||
|
Adjusted earnings before provision for income tax
|
|
74
|
|
|
104
|
|
|
120
|
|
|
117
|
|
|
84
|
|
|
|
189
|
|
|
201
|
|
|
|||||||
|
Provision for income tax expense (benefit)
|
|
11
|
|
|
18
|
|
|
21
|
|
|
20
|
|
|
14
|
|
|
|
30
|
|
|
34
|
|
|
|||||||
|
Adjusted earnings
|
|
63
|
|
|
86
|
|
|
99
|
|
|
97
|
|
|
70
|
|
|
|
159
|
|
|
167
|
|
|
|||||||
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Adjusted earnings available to common shareholders
|
|
$
|
63
|
|
|
$
|
86
|
|
|
$
|
99
|
|
|
$
|
97
|
|
|
$
|
70
|
|
|
|
$
|
159
|
|
|
$
|
167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted premiums, fees and other revenues
|
|
$
|
897
|
|
|
$
|
914
|
|
|
$
|
919
|
|
|
$
|
904
|
|
|
$
|
917
|
|
|
|
$
|
1,782
|
|
|
$
|
1,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
U.S.
GROUP BENEFITS |
|
|||||||||||||||||||||
|
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
|
|
|||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
|
|
|
For the Three Months Ended
|
|
|||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
|
June 30, 2019
|
|
|
|||||
|
Balance, beginning of period
|
|
$
|
18,958
|
|
|
$
|
18,909
|
|
|
$
|
18,904
|
|
|
$
|
18,924
|
|
|
|
$
|
18,926
|
|
|
|
Premiums and deposits
|
|
4,876
|
|
|
4,784
|
|
|
4,764
|
|
|
5,019
|
|
|
|
5,081
|
|
|
|||||
|
Surrenders and withdrawals
|
|
(617
|
)
|
|
(611
|
)
|
|
(599
|
)
|
|
(597
|
)
|
|
|
(619
|
)
|
|
|||||
|
Benefit payments
|
|
(3,786
|
)
|
|
(3,541
|
)
|
|
(3,691
|
)
|
|
(3,836
|
)
|
|
|
(3,887
|
)
|
|
|||||
|
Net flows
|
|
473
|
|
|
632
|
|
|
474
|
|
|
586
|
|
|
|
575
|
|
|
|||||
|
Net transfers from (to) separate account
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
1
|
|
|
|
—
|
|
|
|||||
|
Interest
|
|
142
|
|
|
145
|
|
|
147
|
|
|
145
|
|
|
|
152
|
|
|
|||||
|
Policy charges
|
|
(150
|
)
|
|
(147
|
)
|
|
(147
|
)
|
|
(147
|
)
|
|
|
(150
|
)
|
|
|||||
|
Other
|
|
(514
|
)
|
|
(634
|
)
|
|
(453
|
)
|
|
(583
|
)
|
|
|
(538
|
)
|
|
|||||
|
Balance, end of period
|
|
$
|
18,909
|
|
|
$
|
18,904
|
|
|
$
|
18,924
|
|
|
$
|
18,926
|
|
|
|
$
|
18,965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
SEPARATE ACCOUNT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
For the Three Months Ended
|
|
|||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
|
June 30, 2019
|
|
|
|||||
|
Balance, beginning of period
|
|
$
|
880
|
|
|
$
|
898
|
|
|
$
|
935
|
|
|
$
|
813
|
|
|
|
$
|
902
|
|
|
|
Premiums and deposits
|
|
62
|
|
|
63
|
|
|
64
|
|
|
64
|
|
|
|
64
|
|
|
|||||
|
Surrenders and withdrawals
|
|
(16
|
)
|
|
(16
|
)
|
|
(14
|
)
|
|
(18
|
)
|
|
|
(18
|
)
|
|
|||||
|
Benefit payments
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
|
(1
|
)
|
|
|||||
|
Net flows
|
|
45
|
|
|
46
|
|
|
49
|
|
|
45
|
|
|
|
45
|
|
|
|||||
|
Investment performance
|
|
27
|
|
|
44
|
|
|
(117
|
)
|
|
101
|
|
|
|
34
|
|
|
|||||
|
Net transfers from (to) general account
|
|
—
|
|
|
1
|
|
|
1
|
|
|
(1
|
)
|
|
|
—
|
|
|
|||||
|
Policy charges
|
|
(52
|
)
|
|
(53
|
)
|
|
(52
|
)
|
|
(53
|
)
|
|
|
(54
|
)
|
|
|||||
|
Other
|
|
(2
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|
|
(2
|
)
|
|
|||||
|
Balance, end of period
|
|
$
|
898
|
|
|
$
|
935
|
|
|
$
|
813
|
|
|
$
|
902
|
|
|
|
$
|
925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
U.S.
RETIREMENT AND INCOME SOLUTIONS |
|
||||||||||||||||||||||||
|
OTHER EXPENSES BY MAJOR CATEGORY
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
|
|
For the Three Months Ended
|
|
||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
|
September 30, 2018
|
|
|
|
December 31, 2018
|
|
|
|
March 31, 2019
|
|
|
|
June 30, 2019
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Direct and allocated expenses
|
|
$
|
63
|
|
|
|
$
|
59
|
|
|
|
$
|
63
|
|
|
|
$
|
62
|
|
|
|
$
|
64
|
|
|
|
Pension, postretirement and postemployment benefit costs
|
|
2
|
|
|
|
2
|
|
|
|
1
|
|
|
|
3
|
|
|
|
3
|
|
|
|||||
|
Premium taxes, other taxes, and licenses & fees
|
|
6
|
|
|
|
5
|
|
|
|
11
|
|
|
|
5
|
|
|
|
9
|
|
|
|||||
|
Commissions and other variable expenses
|
|
36
|
|
|
|
41
|
|
|
|
41
|
|
|
|
44
|
|
|
|
51
|
|
|
|||||
|
Other expenses, as reported on an adjusted basis
|
|
$
|
107
|
|
|
|
$
|
107
|
|
|
|
$
|
116
|
|
|
|
$
|
114
|
|
|
|
$
|
127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
SPREAD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
For the Three Months Ended
|
|
||||||||||||||||||||||
|
Unaudited
|
|
June 30, 2018
|
|
|
|
September 30, 2018
|
|
|
|
December 31, 2018
|
|
|
|
March 31, 2019
|
|
|
|
June 30, 2019
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Investment income yield excluding variable investment income
|
|
4.73
|
%
|
|
|
4.70
|
%
|
|
|
4.80
|
%
|
|
|
4.52
|
%
|
|
|
4.50
|
%
|
|
|||||
|
Variable investment income yield
|
|
0.16
|
%
|
|
|
0.21
|
%
|
|
|
0.27
|
%
|
|
|
0.15
|
%
|
|
|
0.35
|
%
|
|
|||||
|
Total investment income yield
|
|
4.89
|
%
|
|
|
4.91
|
%
|
|
|
5.07
|
%
|
|
|
4.67
|
%
|
|
|
4.85
|
%
|
|
|||||
|
Average crediting rate
|
|
3.60
|
%
|
|
|
3.66
|
%
|
|
|
3.77
|
%
|
|
|
3.71
|
%
|
|
|
3.66
|
%
|
|
|||||
|
Annualized general account spread
|
|
1.29
|
%
|
|
|
1.25
|
%
|
|
|
1.30
|
%
|
|
|
0.96
|
%
|
|
|
1.19
|
%
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Annualized general account spread excluding variable investment income yield
|
|
1.13
|
%
|
|
|
1.04
|
%
|
|
|
1.03
|
%
|
|
|
0.81
|
%
|
|
|
0.84
|
%
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
|||||||||||||||||||||||||||||
|
|
For the Three Months Ended
|
|
For the Year-to-Date Period Ended
|
|||||||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Premiums
|
|
$
|
1,654
|
|
|
$
|
1,689
|
|
|
$
|
1,675
|
|
|
$
|
1,699
|
|
|
$
|
1,631
|
|
|
|
$
|
3,402
|
|
|
$
|
3,330
|
|
|
|
Universal life and investment-type product policy fees
|
|
399
|
|
|
428
|
|
|
409
|
|
|
406
|
|
|
419
|
|
|
|
793
|
|
|
825
|
|
|
|||||||
|
Net investment income
|
|
839
|
|
|
830
|
|
|
853
|
|
|
880
|
|
|
944
|
|
|
|
1,634
|
|
|
1,824
|
|
|
|||||||
|
Other revenues
|
|
13
|
|
|
12
|
|
|
11
|
|
|
16
|
|
|
13
|
|
|
|
28
|
|
|
29
|
|
|
|||||||
|
Total adjusted revenues
|
|
2,905
|
|
|
2,959
|
|
|
2,948
|
|
|
3,001
|
|
|
3,007
|
|
|
|
5,857
|
|
|
6,008
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Policyholder benefits and claims and policyholder dividends
|
|
1,237
|
|
|
1,354
|
|
|
1,392
|
|
|
1,319
|
|
|
1,279
|
|
|
|
2,580
|
|
|
2,598
|
|
|
|||||||
|
Interest credited to policyholder account balances
|
|
362
|
|
|
381
|
|
|
371
|
|
|
403
|
|
|
424
|
|
|
|
713
|
|
|
827
|
|
|
|||||||
|
Capitalization of DAC
|
|
(495
|
)
|
|
(478
|
)
|
|
(477
|
)
|
|
(479
|
)
|
|
(472
|
)
|
|
|
(960
|
)
|
|
(951
|
)
|
|
|||||||
|
Amortization of DAC and VOBA
|
|
313
|
|
|
366
|
|
|
309
|
|
|
307
|
|
|
312
|
|
|
|
627
|
|
|
619
|
|
|
|||||||
|
Amortization of negative VOBA
|
|
(12
|
)
|
|
(4
|
)
|
|
(8
|
)
|
|
(9
|
)
|
|
(7
|
)
|
|
|
(27
|
)
|
|
(16
|
)
|
|
|||||||
|
Interest expense on debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Other expenses
|
|
976
|
|
|
943
|
|
|
969
|
|
|
955
|
|
|
955
|
|
|
|
1,928
|
|
|
1,910
|
|
|
|||||||
|
Total adjusted expenses
|
|
2,381
|
|
|
2,562
|
|
|
2,556
|
|
|
2,496
|
|
|
2,491
|
|
|
|
4,861
|
|
|
4,987
|
|
|
|||||||
|
Adjusted earnings before provision for income tax
|
|
524
|
|
|
397
|
|
|
392
|
|
|
505
|
|
|
516
|
|
|
|
996
|
|
|
1,021
|
|
|
|||||||
|
Provision for income tax expense (benefit)
|
|
161
|
|
|
131
|
|
|
111
|
|
|
149
|
|
|
157
|
|
|
|
306
|
|
|
306
|
|
|
|||||||
|
Adjusted earnings
|
|
363
|
|
|
266
|
|
|
281
|
|
|
356
|
|
|
359
|
|
|
|
690
|
|
|
715
|
|
|
|||||||
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Adjusted earnings available to common shareholders
|
|
$
|
363
|
|
|
$
|
266
|
|
|
$
|
281
|
|
|
$
|
356
|
|
|
$
|
359
|
|
|
|
$
|
690
|
|
|
$
|
715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted premiums, fees and other revenues
|
|
$
|
2,066
|
|
|
$
|
2,129
|
|
|
$
|
2,095
|
|
|
$
|
2,121
|
|
|
$
|
2,063
|
|
|
|
$
|
4,223
|
|
|
$
|
4,184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
|||||||||||||||||||||||||||||
|
|
For the Three Months Ended
|
|
For the Year-to-Date Period Ended
|
|||||||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Premiums
|
|
$
|
688
|
|
|
$
|
692
|
|
|
$
|
681
|
|
|
$
|
646
|
|
|
$
|
773
|
|
|
|
$
|
1,387
|
|
|
$
|
1,419
|
|
|
|
Universal life and investment-type product policy fees
|
|
275
|
|
|
229
|
|
|
264
|
|
|
284
|
|
|
280
|
|
|
|
557
|
|
|
564
|
|
|
|||||||
|
Net investment income
|
|
327
|
|
|
339
|
|
|
297
|
|
|
296
|
|
|
360
|
|
|
|
603
|
|
|
656
|
|
|
|||||||
|
Other revenues
|
|
9
|
|
|
7
|
|
|
11
|
|
|
12
|
|
|
11
|
|
|
|
17
|
|
|
23
|
|
|
|||||||
|
Total adjusted revenues
|
|
1,299
|
|
|
1,267
|
|
|
1,253
|
|
|
1,238
|
|
|
1,424
|
|
|
|
2,564
|
|
|
2,662
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Policyholder benefits and claims and policyholder dividends
|
|
660
|
|
|
670
|
|
|
626
|
|
|
597
|
|
|
790
|
|
|
|
1,306
|
|
|
1,387
|
|
|
|||||||
|
Interest credited to policyholder account balances
|
|
95
|
|
|
102
|
|
|
99
|
|
|
94
|
|
|
86
|
|
|
|
193
|
|
|
180
|
|
|
|||||||
|
Capitalization of DAC
|
|
(91
|
)
|
|
(97
|
)
|
|
(95
|
)
|
|
(94
|
)
|
|
(100
|
)
|
|
|
(185
|
)
|
|
(194
|
)
|
|
|||||||
|
Amortization of DAC and VOBA
|
|
71
|
|
|
5
|
|
|
73
|
|
|
78
|
|
|
79
|
|
|
|
131
|
|
|
157
|
|
|
|||||||
|
Amortization of negative VOBA
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Interest expense on debt
|
|
1
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
|
3
|
|
|
2
|
|
|
|||||||
|
Other expenses
|
|
363
|
|
|
351
|
|
|
369
|
|
|
366
|
|
|
352
|
|
|
|
701
|
|
|
718
|
|
|
|||||||
|
Total adjusted expenses
|
|
1,099
|
|
|
1,032
|
|
|
1,073
|
|
|
1,042
|
|
|
1,208
|
|
|
|
2,149
|
|
|
2,250
|
|
|
|||||||
|
Adjusted earnings before provision for income tax
|
|
200
|
|
|
235
|
|
|
180
|
|
|
196
|
|
|
216
|
|
|
|
415
|
|
|
412
|
|
|
|||||||
|
Provision for income tax expense (benefit)
|
|
55
|
|
|
65
|
|
|
43
|
|
|
62
|
|
|
57
|
|
|
|
130
|
|
|
119
|
|
|
|||||||
|
Adjusted earnings
|
|
145
|
|
|
170
|
|
|
137
|
|
|
134
|
|
|
159
|
|
|
|
285
|
|
|
293
|
|
|
|||||||
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Adjusted earnings available to common shareholders
|
|
$
|
145
|
|
|
$
|
170
|
|
|
$
|
137
|
|
|
$
|
134
|
|
|
$
|
159
|
|
|
|
$
|
285
|
|
|
$
|
293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted premiums, fees and other revenues
|
|
$
|
972
|
|
|
$
|
928
|
|
|
$
|
956
|
|
|
$
|
942
|
|
|
$
|
1,064
|
|
|
|
$
|
1,961
|
|
|
$
|
2,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
LATIN AMERICA
|
|
||||||||||||||||||||||||
|
OTHER EXPENSES BY MAJOR CATEGORY
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
|
|
For the Three Months Ended
|
|
||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
|
September 30, 2018
|
|
|
|
December 31, 2018
|
|
|
|
March 31, 2019
|
|
|
|
June 30, 2019
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Direct and allocated expenses
|
|
$
|
142
|
|
|
|
$
|
128
|
|
|
|
$
|
148
|
|
|
|
$
|
148
|
|
|
|
$
|
134
|
|
|
|
Pension, postretirement and postemployment benefit costs
|
|
1
|
|
|
|
1
|
|
|
|
1
|
|
|
|
1
|
|
|
|
1
|
|
|
|||||
|
Premium taxes, other taxes, and licenses & fees
|
|
15
|
|
|
|
16
|
|
|
|
18
|
|
|
|
15
|
|
|
|
14
|
|
|
|||||
|
Commissions and other variable expenses
|
|
205
|
|
|
|
206
|
|
|
|
202
|
|
|
|
202
|
|
|
|
203
|
|
|
|||||
|
Other expenses, as reported on an adjusted basis
|
|
$
|
363
|
|
|
|
$
|
351
|
|
|
|
$
|
369
|
|
|
|
$
|
366
|
|
|
|
$
|
352
|
|
|
|
Other expenses, as reported on an adjusted basis, net of capitalization of DAC
|
|
$
|
272
|
|
|
|
$
|
254
|
|
|
|
$
|
274
|
|
|
|
$
|
272
|
|
|
|
$
|
252
|
|
|
|
Other expenses, as reported on an adjusted basis, on a constant currency basis
|
|
$
|
336
|
|
|
|
$
|
345
|
|
|
|
$
|
372
|
|
|
|
$
|
361
|
|
|
|
$
|
352
|
|
|
|
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis
|
|
$
|
250
|
|
|
|
$
|
250
|
|
|
|
$
|
276
|
|
|
|
$
|
268
|
|
|
|
$
|
252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
SALES ON A CONSTANT CURRENCY BASIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
|
|
For the Three Months Ended
|
|
||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
|
September 30, 2018
|
|
|
|
December 31, 2018
|
|
|
|
March 31, 2019
|
|
|
|
June 30, 2019
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Mexico
|
|
$
|
79
|
|
|
|
$
|
76
|
|
|
|
$
|
85
|
|
|
|
$
|
110
|
|
|
|
$
|
84
|
|
|
|
Chile
|
|
78
|
|
|
|
84
|
|
|
|
81
|
|
|
|
74
|
|
|
|
95
|
|
|
|||||
|
All other
|
|
45
|
|
|
|
45
|
|
|
|
58
|
|
|
|
38
|
|
|
|
51
|
|
|
|||||
|
Total sales
|
|
$
|
202
|
|
|
|
$
|
205
|
|
|
|
$
|
224
|
|
|
|
$
|
222
|
|
|
|
$
|
230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
OTHER STATISTICAL INFORMATION
|
|
||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
|
|
For the Three Months Ended
|
|
||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
|
September 30, 2018
|
|
|
|
December 31, 2018
|
|
|
|
March 31, 2019
|
|
|
|
June 30, 2019
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Adjusted premiums, fees and other revenues
|
|
$
|
972
|
|
|
|
$
|
928
|
|
|
|
$
|
956
|
|
|
|
$
|
942
|
|
|
|
$
|
1,064
|
|
|
|
Adjusted earnings available to common shareholders
|
|
$
|
145
|
|
|
|
$
|
170
|
|
|
|
$
|
137
|
|
|
|
$
|
134
|
|
|
|
$
|
159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Adjusted premiums, fees and other revenues, on a constant currency basis
|
|
$
|
922
|
|
|
|
$
|
911
|
|
|
|
$
|
968
|
|
|
|
$
|
932
|
|
|
|
$
|
1,064
|
|
|
|
Adjusted earnings available to common shareholders, on a constant currency basis
|
|
$
|
135
|
|
|
|
$
|
166
|
|
|
|
$
|
140
|
|
|
|
$
|
132
|
|
|
|
$
|
159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
|||||||||||||||||||||||||||||
|
|
For the Three Months Ended
|
|
For the Year-to-Date Period Ended
|
|||||||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Premiums
|
|
$
|
546
|
|
|
$
|
514
|
|
|
$
|
520
|
|
|
$
|
542
|
|
|
$
|
551
|
|
|
|
$
|
1,097
|
|
|
$
|
1,093
|
|
|
|
Universal life and investment-type product policy fees
|
|
107
|
|
|
105
|
|
|
107
|
|
|
103
|
|
|
105
|
|
|
|
219
|
|
|
208
|
|
|
|||||||
|
Net investment income
|
|
73
|
|
|
73
|
|
|
72
|
|
|
74
|
|
|
73
|
|
|
|
148
|
|
|
147
|
|
|
|||||||
|
Other revenues
|
|
20
|
|
|
15
|
|
|
15
|
|
|
14
|
|
|
13
|
|
|
|
36
|
|
|
27
|
|
|
|||||||
|
Total adjusted revenues
|
|
746
|
|
|
707
|
|
|
714
|
|
|
733
|
|
|
742
|
|
|
|
1,500
|
|
|
1,475
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Policyholder benefits and claims and policyholder dividends
|
|
286
|
|
|
281
|
|
|
266
|
|
|
284
|
|
|
292
|
|
|
|
580
|
|
|
576
|
|
|
|||||||
|
Interest credited to policyholder account balances
|
|
26
|
|
|
24
|
|
|
25
|
|
|
24
|
|
|
23
|
|
|
|
51
|
|
|
47
|
|
|
|||||||
|
Capitalization of DAC
|
|
(121
|
)
|
|
(109
|
)
|
|
(120
|
)
|
|
(117
|
)
|
|
(126
|
)
|
|
|
(239
|
)
|
|
(243
|
)
|
|
|||||||
|
Amortization of DAC and VOBA
|
|
108
|
|
|
110
|
|
|
110
|
|
|
92
|
|
|
107
|
|
|
|
214
|
|
|
199
|
|
|
|||||||
|
Amortization of negative VOBA
|
|
(4
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
|
(10
|
)
|
|
(4
|
)
|
|
|||||||
|
Interest expense on debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Other expenses
|
|
339
|
|
|
333
|
|
|
355
|
|
|
338
|
|
|
350
|
|
|
|
690
|
|
|
688
|
|
|
|||||||
|
Total adjusted expenses
|
|
634
|
|
|
637
|
|
|
633
|
|
|
620
|
|
|
643
|
|
|
|
1,286
|
|
|
1,263
|
|
|
|||||||
|
Adjusted earnings before provision for income tax
|
|
112
|
|
|
70
|
|
|
81
|
|
|
113
|
|
|
99
|
|
|
|
214
|
|
|
212
|
|
|
|||||||
|
Provision for income tax expense (benefit)
|
|
26
|
|
|
15
|
|
|
26
|
|
|
27
|
|
|
22
|
|
|
|
47
|
|
|
49
|
|
|
|||||||
|
Adjusted earnings
|
|
86
|
|
|
55
|
|
|
55
|
|
|
86
|
|
|
77
|
|
|
|
167
|
|
|
163
|
|
|
|||||||
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Adjusted earnings available to common shareholders
|
|
$
|
86
|
|
|
$
|
55
|
|
|
$
|
55
|
|
|
$
|
86
|
|
|
$
|
77
|
|
|
|
$
|
167
|
|
|
$
|
163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted premiums, fees and other revenues
|
|
$
|
673
|
|
|
$
|
634
|
|
|
$
|
642
|
|
|
$
|
659
|
|
|
$
|
669
|
|
|
|
$
|
1,352
|
|
|
$
|
1,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
EMEA
|
|
|||||||||||||||||||||||||
|
OTHER EXPENSES BY MAJOR CATEGORY
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
For the Three Months Ended
|
|
||||||||||||||||||||||
|
Unaudited (In millions)
|
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Direct and allocated expenses
|
|
|
$
|
113
|
|
|
|
$
|
127
|
|
|
|
$
|
135
|
|
|
|
$
|
122
|
|
|
|
$
|
128
|
|
|
|
Pension, postretirement and postemployment benefit costs
|
|
|
3
|
|
|
|
2
|
|
|
|
2
|
|
|
|
1
|
|
|
|
2
|
|
|
|||||
|
Premium taxes, other taxes, and licenses & fees
|
|
|
6
|
|
|
|
10
|
|
|
|
10
|
|
|
|
8
|
|
|
|
7
|
|
|
|||||
|
Commissions and other variable expenses
|
|
|
217
|
|
|
|
194
|
|
|
|
208
|
|
|
|
207
|
|
|
|
213
|
|
|
|||||
|
Other expenses, as reported on an adjusted basis
|
|
|
$
|
339
|
|
|
|
$
|
333
|
|
|
|
$
|
355
|
|
|
|
$
|
338
|
|
|
|
$
|
350
|
|
|
|
Other expenses, as reported on an adjusted basis, net of capitalization of DAC
|
|
|
$
|
218
|
|
|
|
$
|
224
|
|
|
|
$
|
235
|
|
|
|
$
|
221
|
|
|
|
$
|
224
|
|
|
|
Other expenses, as reported on an adjusted basis, on a constant currency basis
|
|
|
$
|
322
|
|
|
|
$
|
327
|
|
|
|
$
|
352
|
|
|
|
$
|
335
|
|
|
|
$
|
350
|
|
|
|
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis
|
|
|
$
|
208
|
|
|
|
$
|
220
|
|
|
|
$
|
233
|
|
|
|
$
|
219
|
|
|
|
$
|
224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
OTHER STATISTICAL INFORMATION
|
|
|||||||||||||||||||||||||
|
|
|
|
For the Three Months Ended
|
|
||||||||||||||||||||||
|
Unaudited (In millions)
|
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Adjusted premiums, fees and other revenues
|
|
|
$
|
673
|
|
|
|
$
|
634
|
|
|
|
$
|
642
|
|
|
|
$
|
659
|
|
|
|
$
|
669
|
|
|
|
Adjusted earnings available to common shareholders
|
|
|
$
|
86
|
|
|
|
$
|
55
|
|
|
|
$
|
55
|
|
|
|
$
|
86
|
|
|
|
$
|
77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Adjusted premiums, fees and other revenues, on a constant currency basis
|
|
|
$
|
637
|
|
|
|
$
|
623
|
|
|
|
$
|
638
|
|
|
|
$
|
653
|
|
|
|
$
|
669
|
|
|
|
Adjusted earnings available to common shareholders, on a constant currency basis
|
|
|
$
|
77
|
|
|
|
$
|
54
|
|
|
|
$
|
54
|
|
|
|
$
|
85
|
|
|
|
$
|
77
|
|
|
|
Total sales on a constant currency basis
|
|
|
$
|
211
|
|
|
|
$
|
183
|
|
|
|
$
|
198
|
|
|
|
$
|
252
|
|
|
|
$
|
223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
METLIFE HOLDINGS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
|||||||||||||||||||||||||||||
|
|
For the Three Months Ended
|
|
For the Year-to-Date Period Ended
|
|||||||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Premiums
|
|
$
|
957
|
|
|
$
|
949
|
|
|
$
|
1,023
|
|
|
$
|
927
|
|
|
$
|
924
|
|
|
|
$
|
1,907
|
|
|
$
|
1,851
|
|
|
|
Universal life and investment-type product policy fees
|
|
301
|
|
|
286
|
|
|
317
|
|
|
274
|
|
|
286
|
|
|
|
615
|
|
|
560
|
|
|
|||||||
|
Net investment income
|
|
1,329
|
|
|
1,375
|
|
|
1,323
|
|
|
1,287
|
|
|
1,338
|
|
|
|
2,681
|
|
|
2,625
|
|
|
|||||||
|
Other revenues
|
|
68
|
|
|
70
|
|
|
45
|
|
|
67
|
|
|
65
|
|
|
|
135
|
|
|
132
|
|
|
|||||||
|
Total adjusted revenues
|
|
2,655
|
|
|
2,680
|
|
|
2,708
|
|
|
2,555
|
|
|
2,613
|
|
|
|
5,338
|
|
|
5,168
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Policyholder benefits and claims and policyholder dividends
|
|
1,706
|
|
|
1,766
|
|
|
1,811
|
|
|
1,648
|
|
|
1,703
|
|
|
|
3,256
|
|
|
3,351
|
|
|
|||||||
|
Interest credited to policyholder account balances
|
|
235
|
|
|
238
|
|
|
235
|
|
|
226
|
|
|
227
|
|
|
|
471
|
|
|
453
|
|
|
|||||||
|
Capitalization of DAC
|
|
(10
|
)
|
|
(8
|
)
|
|
(8
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
|
(20
|
)
|
|
(14
|
)
|
|
|||||||
|
Amortization of DAC and VOBA
|
|
101
|
|
|
13
|
|
|
118
|
|
|
63
|
|
|
80
|
|
|
|
201
|
|
|
143
|
|
|
|||||||
|
Amortization of negative VOBA
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Interest expense on debt
|
|
2
|
|
|
2
|
|
|
3
|
|
|
2
|
|
|
2
|
|
|
|
4
|
|
|
4
|
|
|
|||||||
|
Other expenses
|
|
275
|
|
|
264
|
|
|
266
|
|
|
227
|
|
|
237
|
|
|
|
551
|
|
|
464
|
|
|
|||||||
|
Total adjusted expenses
|
|
2,309
|
|
|
2,275
|
|
|
2,425
|
|
|
2,160
|
|
|
2,241
|
|
|
|
4,463
|
|
|
4,401
|
|
|
|||||||
|
Adjusted earnings before provision for income tax
|
|
346
|
|
|
405
|
|
|
283
|
|
|
395
|
|
|
372
|
|
|
|
875
|
|
|
767
|
|
|
|||||||
|
Provision for income tax expense (benefit)
|
|
66
|
|
|
78
|
|
|
60
|
|
|
78
|
|
|
73
|
|
|
|
170
|
|
|
151
|
|
|
|||||||
|
Adjusted earnings
|
|
280
|
|
|
327
|
|
|
223
|
|
|
317
|
|
|
299
|
|
|
|
705
|
|
|
616
|
|
|
|||||||
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Adjusted earnings available to common shareholders
|
|
$
|
280
|
|
|
$
|
327
|
|
|
$
|
223
|
|
|
$
|
317
|
|
|
$
|
299
|
|
|
|
$
|
705
|
|
|
$
|
616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted premiums, fees and other revenues
|
|
$
|
1,326
|
|
|
$
|
1,305
|
|
|
$
|
1,385
|
|
|
$
|
1,268
|
|
|
$
|
1,275
|
|
|
|
$
|
2,657
|
|
|
$
|
2,543
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
|||||||||||||||||||||||||||||
|
|
For the Three Months Ended
|
|
For the Year-to-Date Period Ended
|
|||||||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
Adjusted revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Premiums
|
|
$
|
6
|
|
|
$
|
(33
|
)
|
|
$
|
132
|
|
|
$
|
24
|
|
|
$
|
16
|
|
|
|
$
|
19
|
|
|
$
|
40
|
|
|
|
Universal life and investment-type product policy fees
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
|
—
|
|
|
1
|
|
|
|||||||
|
Net investment income
|
|
40
|
|
|
58
|
|
|
21
|
|
|
25
|
|
|
44
|
|
|
|
99
|
|
|
69
|
|
|
|||||||
|
Other revenues
|
|
79
|
|
|
86
|
|
|
87
|
|
|
94
|
|
|
82
|
|
|
|
160
|
|
|
176
|
|
|
|||||||
|
Total adjusted revenues
|
|
125
|
|
|
111
|
|
|
240
|
|
|
144
|
|
|
142
|
|
|
|
278
|
|
|
286
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Policyholder benefits and claims and policyholder dividends
|
|
3
|
|
|
(38
|
)
|
|
118
|
|
|
20
|
|
|
18
|
|
|
|
—
|
|
|
38
|
|
|
|||||||
|
Interest credited to policyholder account balances
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Capitalization of DAC
|
|
(3
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
|
(5
|
)
|
|
(6
|
)
|
|
|||||||
|
Amortization of DAC and VOBA
|
|
1
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
|
3
|
|
|
3
|
|
|
|||||||
|
Amortization of negative VOBA
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Interest expense on debt
|
|
272
|
|
|
246
|
|
|
234
|
|
|
229
|
|
|
268
|
|
|
|
552
|
|
|
497
|
|
|
|||||||
|
Other expenses
|
|
259
|
|
|
314
|
|
|
102
|
|
|
222
|
|
|
289
|
|
|
|
491
|
|
|
511
|
|
|
|||||||
|
Total adjusted expenses
|
|
532
|
|
|
522
|
|
|
454
|
|
|
470
|
|
|
573
|
|
|
|
1,041
|
|
|
1,043
|
|
|
|||||||
|
Adjusted earnings before provision for income tax
|
|
(407
|
)
|
|
(411
|
)
|
|
(214
|
)
|
|
(326
|
)
|
|
(431
|
)
|
|
|
(763
|
)
|
|
(757
|
)
|
|
|||||||
|
Provision for income tax expense (benefit)
|
|
(234
|
)
|
|
(206
|
)
|
|
(226
|
)
|
|
(165
|
)
|
|
(181
|
)
|
|
|
(393
|
)
|
|
(346
|
)
|
|
|||||||
|
Adjusted earnings
|
|
(173
|
)
|
|
(205
|
)
|
|
12
|
|
|
(161
|
)
|
|
(250
|
)
|
|
|
(370
|
)
|
|
(411
|
)
|
|
|||||||
|
Preferred stock dividends
|
|
46
|
|
|
32
|
|
|
57
|
|
|
32
|
|
|
57
|
|
|
|
52
|
|
|
89
|
|
|
|||||||
|
Adjusted earnings available to common shareholders
|
|
$
|
(219
|
)
|
|
$
|
(237
|
)
|
|
$
|
(45
|
)
|
|
$
|
(193
|
)
|
|
$
|
(307
|
)
|
|
|
$
|
(422
|
)
|
|
$
|
(500
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted premiums, fees and other revenues
|
|
$
|
85
|
|
|
$
|
53
|
|
|
$
|
219
|
|
|
$
|
119
|
|
|
$
|
98
|
|
|
|
$
|
179
|
|
|
$
|
217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
For the Three Months Ended
|
|
For the Year-to-Date Period Ended
|
|||||||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Business activities
|
|
$
|
12
|
|
|
$
|
13
|
|
|
$
|
10
|
|
|
$
|
13
|
|
|
$
|
12
|
|
|
|
$
|
18
|
|
|
$
|
25
|
|
|
|
Net investment income
|
|
50
|
|
|
107
|
|
|
49
|
|
|
29
|
|
|
46
|
|
|
|
107
|
|
|
75
|
|
|
|||||||
|
Interest expense on debt
|
|
(282
|
)
|
|
(256
|
)
|
|
(245
|
)
|
|
(239
|
)
|
|
(280
|
)
|
|
|
(575
|
)
|
|
(519
|
)
|
|
|||||||
|
Corporate initiatives and projects
|
|
(97
|
)
|
|
(132
|
)
|
|
(137
|
)
|
|
(100
|
)
|
|
(117
|
)
|
|
|
(136
|
)
|
|
(217
|
)
|
|
|||||||
|
Other
|
|
(90
|
)
|
|
(101
|
)
|
|
(90
|
)
|
|
(29
|
)
|
|
(92
|
)
|
|
|
(177
|
)
|
|
(121
|
)
|
|
|||||||
|
Provision for income tax expense (benefit) and other tax-related items
|
|
234
|
|
|
164
|
|
|
425
|
|
|
165
|
|
|
181
|
|
|
|
393
|
|
|
346
|
|
|
|||||||
|
Preferred stock dividends
|
|
(46
|
)
|
|
(32
|
)
|
|
(57
|
)
|
|
(32
|
)
|
|
(57
|
)
|
|
|
(52
|
)
|
|
(89
|
)
|
|
|||||||
|
Adjusted earnings available to common shareholders
|
|
$
|
(219
|
)
|
|
$
|
(237
|
)
|
|
$
|
(45
|
)
|
|
$
|
(193
|
)
|
|
$
|
(307
|
)
|
|
|
$
|
(422
|
)
|
|
$
|
(500
|
)
|
|
|
INVESTMENTS
|
|
|
|
||||||||||||||||||||||||||||||||||
|
SUMMARY OF MORTGAGE LOANS
|
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
September 30, 2018
|
|
December 31, 2018
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Commercial mortgage loans
|
|
$
|
46,075
|
|
|
|
|
$
|
47,460
|
|
|
|
|
$
|
48,463
|
|
|
|
|
$
|
49,960
|
|
|
|
|
|
$
|
49,570
|
|
|
|
|
|||||
|
Agricultural mortgage loans
|
|
13,293
|
|
|
|
|
13,677
|
|
|
|
|
14,905
|
|
|
|
|
15,130
|
|
|
|
|
|
15,334
|
|
|
|
|
||||||||||
|
Residential mortgage loans
|
|
11,809
|
|
|
|
|
11,660
|
|
|
|
|
12,726
|
|
|
|
|
13,861
|
|
|
|
|
|
13,450
|
|
|
|
|
||||||||||
|
Total Mortgage Loans
|
|
71,177
|
|
|
|
|
72,797
|
|
|
|
|
76,094
|
|
|
|
|
78,951
|
|
|
|
|
|
78,354
|
|
|
|
|
||||||||||
|
Valuation allowances
|
|
(325
|
)
|
|
|
|
(336
|
)
|
|
|
|
(342
|
)
|
|
|
|
(350
|
)
|
|
|
|
|
(357
|
)
|
|
|
|
||||||||||
|
Total Mortgage Loans, net
|
|
$
|
70,852
|
|
|
|
|
$
|
72,461
|
|
|
|
|
$
|
75,752
|
|
|
|
|
$
|
78,601
|
|
|
|
|
|
$
|
77,997
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE
|
|
|
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
June 30, 2018
|
|
September 30, 2018
|
|
December 31, 2018
|
|
March 31, 2019
|
|
|
June 30, 2019
|
|
|||||||||||||||||||||||||
|
Unaudited (In millions, except ratios)
|
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
|
|
Amount
|
|
% of Total
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Pacific
|
|
$
|
10,695
|
|
|
23.2
|
%
|
|
$
|
10,878
|
|
|
22.9
|
%
|
|
$
|
10,884
|
|
|
22.5
|
%
|
|
$
|
10,683
|
|
|
21.4
|
%
|
|
|
$
|
10,511
|
|
|
21.2
|
%
|
|
|
Non-U.S.
|
|
8,869
|
|
|
19.2
|
%
|
|
9,497
|
|
|
20.0
|
%
|
|
9,281
|
|
|
19.1
|
%
|
|
9,727
|
|
|
19.5
|
%
|
|
|
9,463
|
|
|
19.1
|
%
|
|
|||||
|
Middle Atlantic
|
|
7,455
|
|
|
16.2
|
%
|
|
7,434
|
|
|
15.7
|
%
|
|
7,911
|
|
|
16.3
|
%
|
|
7,873
|
|
|
15.7
|
%
|
|
|
7,952
|
|
|
16.0
|
%
|
|
|||||
|
South Atlantic
|
|
5,534
|
|
|
12.0
|
%
|
|
5,789
|
|
|
12.2
|
%
|
|
6,347
|
|
|
13.1
|
%
|
|
6,427
|
|
|
12.9
|
%
|
|
|
6,459
|
|
|
13.0
|
%
|
|
|||||
|
West South Central
|
|
3,775
|
|
|
8.2
|
%
|
|
4,001
|
|
|
8.4
|
%
|
|
3,951
|
|
|
8.1
|
%
|
|
4,299
|
|
|
8.6
|
%
|
|
|
4,386
|
|
|
8.9
|
%
|
|
|||||
|
East North Central
|
|
2,573
|
|
|
5.6
|
%
|
|
2,768
|
|
|
5.8
|
%
|
|
2,840
|
|
|
5.9
|
%
|
|
3,269
|
|
|
6.5
|
%
|
|
|
3,245
|
|
|
6.6
|
%
|
|
|||||
|
Mountain
|
|
1,364
|
|
|
3.0
|
%
|
|
1,378
|
|
|
2.9
|
%
|
|
1,387
|
|
|
2.9
|
%
|
|
1,501
|
|
|
3.0
|
%
|
|
|
1,729
|
|
|
3.5
|
%
|
|
|||||
|
New England
|
|
1,127
|
|
|
2.4
|
%
|
|
1,141
|
|
|
2.4
|
%
|
|
1,481
|
|
|
3.1
|
%
|
|
1,479
|
|
|
3.0
|
%
|
|
|
1,628
|
|
|
3.3
|
%
|
|
|||||
|
West North Central
|
|
598
|
|
|
1.3
|
%
|
|
596
|
|
|
1.3
|
%
|
|
594
|
|
|
1.2
|
%
|
|
594
|
|
|
1.2
|
%
|
|
|
593
|
|
|
1.2
|
%
|
|
|||||
|
East South Central
|
|
968
|
|
|
2.1
|
%
|
|
1,072
|
|
|
2.3
|
%
|
|
564
|
|
|
1.2
|
%
|
|
563
|
|
|
1.1
|
%
|
|
|
563
|
|
|
1.1
|
%
|
|
|||||
|
Multi-Region and Other
|
|
3,117
|
|
|
6.8
|
%
|
|
2,906
|
|
|
6.1
|
%
|
|
3,223
|
|
|
6.6
|
%
|
|
3,545
|
|
|
7.1
|
%
|
|
|
3,041
|
|
|
6.1
|
%
|
|
|||||
|
Total
|
|
$
|
46,075
|
|
|
100.0
|
%
|
|
$
|
47,460
|
|
|
100.0
|
%
|
|
$
|
48,463
|
|
|
100.0
|
%
|
|
$
|
49,960
|
|
|
100.0
|
%
|
|
|
$
|
49,570
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Office
|
|
$
|
23,295
|
|
|
50.5
|
%
|
|
$
|
24,096
|
|
|
50.8
|
%
|
|
$
|
23,995
|
|
|
49.5
|
%
|
|
$
|
24,514
|
|
|
49.1
|
%
|
|
|
$
|
23,755
|
|
|
47.9
|
%
|
|
|
Retail
|
|
8,462
|
|
|
18.4
|
%
|
|
8,701
|
|
|
18.3
|
%
|
|
9,089
|
|
|
18.7
|
%
|
|
9,387
|
|
|
18.8
|
%
|
|
|
9,577
|
|
|
19.3
|
%
|
|
|||||
|
Apartment
|
|
6,397
|
|
|
13.9
|
%
|
|
6,416
|
|
|
13.5
|
%
|
|
7,018
|
|
|
14.5
|
%
|
|
6,943
|
|
|
13.9
|
%
|
|
|
6,960
|
|
|
14.1
|
%
|
|
|||||
|
Industrial
|
|
3,736
|
|
|
8.1
|
%
|
|
3,775
|
|
|
8.0
|
%
|
|
3,719
|
|
|
7.7
|
%
|
|
3,761
|
|
|
7.5
|
%
|
|
|
3,748
|
|
|
7.6
|
%
|
|
|||||
|
Hotel
|
|
3,317
|
|
|
7.2
|
%
|
|
3,327
|
|
|
7.0
|
%
|
|
3,479
|
|
|
7.2
|
%
|
|
3,716
|
|
|
7.4
|
%
|
|
|
3,688
|
|
|
7.4
|
%
|
|
|||||
|
Other
|
|
868
|
|
|
1.9
|
%
|
|
1,145
|
|
|
2.4
|
%
|
|
1,163
|
|
|
2.4
|
%
|
|
1,639
|
|
|
3.3
|
%
|
|
|
1,842
|
|
|
3.7
|
%
|
|
|||||
|
Total
|
|
$
|
46,075
|
|
|
100.0
|
%
|
|
$
|
47,460
|
|
|
100.0
|
%
|
|
$
|
48,463
|
|
|
100.0
|
%
|
|
$
|
49,960
|
|
|
100.0
|
%
|
|
|
$
|
49,570
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
APPENDIX
METLIFE
RECONCILIATION DETAIL
|
|
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
For the Three Months Ended
|
|
|
For the Year-to-Date Period Ended
|
||||||||||||||||||||||||||
|
Unaudited (In millions)
|
|
June 30, 2018
|
|
|
September 30, 2018
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
|
June 30, 2019
|
|
|
|
June 30, 2018
|
|
|
June 30, 2019
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Reconciliation to Adjusted Earnings Available to Common Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net income (loss) available to MetLIfe, Inc.'s common shareholders
|
|
$
|
845
|
|
|
$
|
880
|
|
|
$
|
2,010
|
|
|
$
|
1,349
|
|
|
|
$
|
1,684
|
|
|
|
$
|
2,092
|
|
|
$
|
3,033
|
|
|
|
Add: Preferred stock dividends
|
|
46
|
|
|
32
|
|
|
57
|
|
|
32
|
|
|
|
57
|
|
|
|
52
|
|
|
89
|
|
|
|||||||
|
Add: Net Income (loss) attributable to noncontrolling interests
|
|
3
|
|
|
3
|
|
|
(5
|
)
|
|
4
|
|
|
|
5
|
|
|
|
7
|
|
|
9
|
|
|
|||||||
|
Less: Income (loss) from discontinued operations, net of income tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Income (loss) from continuing operations, net of income tax
|
|
894
|
|
|
915
|
|
|
2,062
|
|
|
1,385
|
|
|
|
1,746
|
|
|
|
$
|
2,151
|
|
|
$
|
3,131
|
|
|
|||||
|
Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net investment gains (losses)
|
|
(227
|
)
|
|
117
|
|
|
145
|
|
|
15
|
|
|
|
61
|
|
|
|
(560
|
)
|
|
76
|
|
|
|||||||
|
Net derivative gains (losses)
|
|
(59
|
)
|
|
(378
|
)
|
|
939
|
|
|
115
|
|
|
|
724
|
|
|
|
290
|
|
|
839
|
|
|
|||||||
|
Premiums -
Divested businesses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Universal life and investment-type product policy fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Unearned revenue adjustments
|
|
(5
|
)
|
|
11
|
|
|
(8
|
)
|
|
—
|
|
|
|
20
|
|
|
|
(10
|
)
|
|
20
|
|
|
|||||||
|
GMIB fees
|
|
31
|
|
|
32
|
|
|
27
|
|
|
27
|
|
|
|
28
|
|
|
|
61
|
|
|
55
|
|
|
|||||||
|
Divested businesses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
7
|
|
|
—
|
|
|
|||||||
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Investment hedge adjustments
|
|
(119
|
)
|
|
(125
|
)
|
|
(121
|
)
|
|
(105
|
)
|
|
|
(118
|
)
|
|
|
(229
|
)
|
|
(223
|
)
|
|
|||||||
|
Operating joint venture adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
—
|
|
|
|||||||
|
Unit-linked contract income
|
|
286
|
|
|
149
|
|
|
(765
|
)
|
|
736
|
|
|
|
261
|
|
|
|
(67
|
)
|
|
997
|
|
|
|||||||
|
Securitization entities income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Certain partnership distributions
|
|
(21
|
)
|
|
(1
|
)
|
|
(27
|
)
|
|
(4
|
)
|
|
|
(4
|
)
|
|
|
(33
|
)
|
|
(8
|
)
|
|
|||||||
|
Divested businesses
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Other revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Settlement of foreign currency earnings hedges
|
|
5
|
|
|
5
|
|
|
5
|
|
|
2
|
|
|
|
2
|
|
|
|
9
|
|
|
4
|
|
|
|||||||
|
TSA fees
|
|
78
|
|
|
78
|
|
|
70
|
|
|
68
|
|
|
|
69
|
|
|
|
157
|
|
|
137
|
|
|
|||||||
|
Divested businesses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Policyholder benefits and claims and policyholder dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
PDO adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Inflation and pass-through adjustments
|
|
—
|
|
|
13
|
|
|
(1
|
)
|
|
(79
|
)
|
|
|
(84
|
)
|
|
|
(41
|
)
|
|
(163
|
)
|
|
|||||||
|
GMIB costs
|
|
(51
|
)
|
|
(168
|
)
|
|
78
|
|
|
(56
|
)
|
|
|
(39
|
)
|
|
|
(56
|
)
|
|
(95
|
)
|
|
|||||||
|
Market value adjustments
|
|
1
|
|
|
—
|
|
|
1
|
|
|
4
|
|
|
|
11
|
|
|
|
—
|
|
|
15
|
|
|
|||||||
|
Divested businesses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Interest credited to policyholder account balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
PAB hedge adjustments
|
|
1
|
|
|
1
|
|
|
1
|
|
|
3
|
|
|
|
6
|
|
|
|
2
|
|
|
9
|
|
|
|||||||
|
Unit-linked contract costs
|
|
(268
|
)
|
|
(133
|
)
|
|
730
|
|
|
(716
|
)
|
|
|
(257
|
)
|
|
|
79
|
|
|
(973
|
)
|
|
|||||||
|
Divested businesses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Capitalization of DAC -
Divested businesses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
—
|
|
|
|||||||
|
Amortization of DAC and VOBA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Related to NIGL and NDGL
|
|
10
|
|
|
(89
|
)
|
|
(44
|
)
|
|
24
|
|
|
|
5
|
|
|
|
24
|
|
|
29
|
|
|
|||||||
|
Related to GMIB fees and GMIB costs
|
|
(9
|
)
|
|
(19
|
)
|
|
(68
|
)
|
|
7
|
|
|
|
3
|
|
|
|
(19
|
)
|
|
10
|
|
|
|||||||
|
Related to market value adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Divested businesses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Amortization of negative VOBA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Related to market value adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
—
|
|
|
|||||||
|
Divested businesses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Interest expense on debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Securitization entities debt expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Divested businesses
|
|
(30
|
)
|
|
(15
|
)
|
|
(18
|
)
|
|
—
|
|
|
|
—
|
|
|
|
(30
|
)
|
|
—
|
|
|
|||||||
|
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Noncontrolling interest
|
|
5
|
|
|
3
|
|
|
(5
|
)
|
|
6
|
|
|
|
6
|
|
|
|
12
|
|
|
12
|
|
|
|||||||
|
Regulatory implementation costs
|
|
(2
|
)
|
|
(3
|
)
|
|
(5
|
)
|
|
(3
|
)
|
|
|
(7
|
)
|
|
|
(3
|
)
|
|
(10
|
)
|
|
|||||||
|
Acquisition, integration and other costs
|
|
(14
|
)
|
|
(13
|
)
|
|
14
|
|
|
(23
|
)
|
|
|
(6
|
)
|
|
|
(25
|
)
|
|
(29
|
)
|
|
|||||||
|
TSA fees
|
|
(78
|
)
|
|
(78
|
)
|
|
(70
|
)
|
|
(68
|
)
|
|
|
(69
|
)
|
|
|
(157
|
)
|
|
(137
|
)
|
|
|||||||
|
Divested businesses
|
|
(53
|
)
|
|
(9
|
)
|
|
4
|
|
|
—
|
|
|
|
(6
|
)
|
|
|
(63
|
)
|
|
(6
|
)
|
|
|||||||
|
Goodwill impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|||||||
|
Provision for income tax (expense) benefit
|
|
41
|
|
|
128
|
|
|
(213
|
)
|
|
(24
|
)
|
|
|
(236
|
)
|
|
|
(1
|
)
|
|
(260
|
)
|
|
|||||||
|
Adjusted earnings
|
|
1,372
|
|
|
1,408
|
|
|
1,393
|
|
|
1,456
|
|
|
|
1,376
|
|
|
|
2,801
|
|
|
2,832
|
|
|
|||||||
|
Less: Preferred stock dividends
|
|
46
|
|
|
32
|
|
|
57
|
|
|
32
|
|
|
|
57
|
|
|
|
52
|
|
|
89
|
|
|
|||||||
|
Adjusted earnings available to common shareholders
|
|
$
|
1,326
|
|
|
$
|
1,376
|
|
|
$
|
1,336
|
|
|
$
|
1,424
|
|
|
|
$
|
1,319
|
|
|
|
$
|
2,749
|
|
|
$
|
2,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
|
|||
|
Adjusted revenues and adjusted expenses
|
|||
|
These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (“Divested businesses”). Divested businesses also includes the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes NIGL and NDGL. Adjusted expenses also excludes goodwill impairments.
|
|||
|
|
|||
|
The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:
|
|||
|
•
|
Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity GMIB fees (“GMIB fees”);
|
||
|
•
|
Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Operating joint venture adjustments”), (iii) excludes certain amounts related to contractholder-directed equity securities (“Unit-linked contract income”), (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities income”), and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP ("Certain partnership distributions"); and
|
||
|
•
|
Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements ("TSA fees").
|
||
|
|
|||
|
The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:
|
|||
|
•
|
Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments (“Inflation and pass-through adjustments”), (iii) benefits and hedging costs related to GMIBs (“GMIB costs”), and (iv) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);
|
||
|
•
|
Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (“PAB hedge adjustments”) and excludes certain amounts related to net investment income earned on contractholder-directed equity securities (“Unit-Linked contract costs”);
|
||
|
•
|
Amortization of DAC and VOBA excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments;
|
||
|
•
|
Amortization of negative VOBA excludes amounts related to Market value adjustments;
|
||
|
•
|
Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities debt expense”); and
|
||
|
•
|
Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”) and (iii) acquisition, integration and other costs. Other expenses includes TSA fees.
|
||
|
|
|
|
|
|
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.
The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.
|
|||
|
Investment portfolio gains (losses) and derivative gains (losses)
These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, goodwill impairment or changes in estimated fair value. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
|
|||
|
Return on equity, allocated equity, tangible equity and related measures
|
|||
|
•
|
Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
|
||
|
•
|
Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
|
||
|
•
|
Return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA : net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
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Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
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Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
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Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA): adjusted earnings available to common shareholders divided by MetLife, Inc.’s average common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA).
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Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.
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Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.
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The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of adjusted earnings and other financial measures based on adjusted earnings mentioned above.
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Total MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
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Return on MetLife, Inc.’s tangible common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders’ equity.
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Adjusted return on MetLife, Inc.’s tangible common stockholders’ equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.
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Allocated tangible equity: Allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
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Adjusted return on allocated tangible equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
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The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.
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Expense ratio, direct expense ratio, adjusted expense ratio and related measures
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Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
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Direct expense ratio: direct expenses, on an adjusted basis, divided by adjusted premiums, fees and other revenues.
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Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, on an adjusted basis, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
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Adjusted expense ratio: other expenses, net of capitalization of DAC, both on an adjusted basis, divided by adjusted premiums, fees and other revenues.
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Adjusted expense ratio, excluding total notable items related to other expenses and PRT: other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
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General account assets under management and related measures
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GA AUM are comprised of general account total investments and cash and cash equivalents, excluding policy loans, other invested assets, contractholder-directed equity securities and fair value option securities, as substantially all of those assets are not actively managed in MetLife’s general account investment portfolio. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from GA AUM. GA AUM are used by MetLife to describe assets in its general account investment portfolio which are actively managed and stated at estimated fair value. MetLife believes the use of GA AUM enhances the understanding and comparability of its general account investment portfolio.
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GA AUM (excluding FVA) excludes the following FVA: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans and real estate and real estate joint ventures. MetLife believes that the use of GA AUM (excluding FVA) enhances the understanding of the value of GA AUM without regard to the impact of market volatility. |
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Other items
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The following additional information is relevant to an understanding of our performance results:
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Statistical sales information for Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
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