MetLife Earnings Improve, Uptrend Begins?

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MetLife reported QE March 2017 financial results on May 3

MetLife Earnings Improve, Uptrend Begins?

Summary

● Non-GAAP earnings per share of $1.41 solidly beat the analysts’ estimate of $1.27. GAAP EPS returned to a positive +$0.75, after the prior quarter disastrous loss of -$1.94.

● MET stock reached a closing high of $57.39 on December 9, 2016, has declined almost 10% subsequently, and is negative for 2017. Will this positive earnings report reverse the downtrend?

● Additional solid quarterly financial performances are needed, but a base and possibly an uptrend has been established for the stock price.


Read more analysis and see the financial charts at Seeking Alpha!


About MetLife

MetLife, Inc. is a leading global provider of insurance, annuities, employee benefits and asset management, serving approximately 100 million customers and more than 90 of the top one hundred FORTUNE 500® companies. Through its subsidiaries and affiliates, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.

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MetLife Earnings Preview: A Tale Of Two Companies

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MetLife reports QE March 2017 financial results on May 3

MetLife Earnings Review: A Tale of Two Companies

Summary

● Another average financial performance of $1.27 Non-GAAP earnings per share is expected by MetLife for the quarter ended March 2017. GAAP financial performance has been volatile and created investor uncertainty.

● MET stock reached a closing high of $57.39 on December 9, 2016, has declined almost 10% subsequently, and is negative for 2017.

● CEO Steven Kandarian continues as Chairman and CEO after his mandatory retirement was waived by the Board of Directors in 2016.


Read more and see the charts at Seeking Alpha!


About MetLife

MetLife, Inc. is a leading global provider of insurance, annuities, employee benefits and asset management, serving approximately 100 million customers and more than 90 of the top one hundred FORTUNE 500® companies. Through its subsidiaries and affiliates, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.

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MetLife Reports Respectable Earnings

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MetLife reported QE December 2012 financial results on February 13

MetLife Earnings: Where Do We Go From Here?

Global insurance provider MetLife (MET) reported respectable Non-GAAP financial results in operating earnings per share ($1.25), net revenues ($18.36 billion), operating income ($1.97 billion), and operating earnings ($1.40 billion) for the quarter ending December 2012. This is a beat of $0.07 on Non-GAAP earnings per share. Read more and see the charts at Seeking Alpha.

About MetLife

MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

$MET $XLF

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MetLife to Acquire Pension Administrator Provida in Chile

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MetLife reported QE December 2012 financial results on February 13

MetLife to Acquire BBVA’s Chilean Pension Business for Approximately $2 Billion

Transaction Significantly Contributes to MetLife’s Emerging Market Strategy; Transforms Business in Chile

NEW YORK -- (BUSINESS WIRE) -- Feb. 1, 2013 -- MetLife, Inc. (NYSE: MET) announced today it has entered into a definitive agreement with BBVA to acquire AFP Provida S.A. (“Provida”), the largest private pension fund administrator in Chile. Under the terms of the agreement, MetLife will conduct a public cash tender offer for all of the outstanding shares of Provida, and BBVA has agreed to transfer its 64.3% stake to MetLife. Assuming all publicly-held shares are tendered, the purchase price, which MetLife will fund from its existing cash balances, would be approximately $2 billion.

In addition to the purchase price payable by MetLife in the tender offer, Provida shareholders are expected to receive from Provida, prior to the closing, dividends representing excess cash as well as the proceeds from the sale of Provida’s minority stakes in other businesses in Mexico and Peru, which are not being acquired by MetLife.

The acquisition of Provida aligns with MetLife’s strategic focus, which includes capitalizing on growth opportunities in emerging markets. The transaction also includes a small asset management business in Ecuador.

With this acquisition, MetLife is delivering on a key component of our strategy – expanding our presence in emerging markets,” said Steven A. Kandarian, chairman, president and chief executive officer of MetLife, Inc. “MetLife is a leader in both life insurance and annuities in Chile, and Provida will further strengthen our position by adding the country’s top pension franchise. The acquisition also supports our focus on shifting our business mix to less capital intensive products. We expect it to be immediately accretive to earnings.”

With the acquisition of Provida, MetLife’s operating earnings from emerging markets are expected to grow from 14% today to approximately 17%. At current exchange rates on an unaudited IFRS accounting basis, net income for the businesses to be acquired, based on information publicly filed by Provida, was approximately $189 million for the 12 month period ended September 30, 2012. The transaction, which is anticipated to close in the third quarter of 2013, is expected to provide operating earnings accretion of approximately $0.05 per share in 2013 and $0.15 per share in 2014.

About MetLife

MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

MetLife to Acquire BBVA’s Chilean Pension Business for Approximately $2 Billion

$MET $XLF

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MetLife No Longer Designated Bank Holding Company

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MetLife reported QE December 2012 financial results on February 13

MetLife Sheds Bank Holding Company Status with Approvals from the Federal Reserve and FDIC

NEW YORK -- (BUSINESS WIRE) -- Feb. 14, 2013 -- MetLife, Inc. (NYSE: MET) announced today that it has received the required approvals from both the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve to deregister as a bank holding company.

MetLife completed its sale of MetLife Bank’s depository business to General Electric Capital on January 11.

About MetLife

MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

MetLife Sheds Bank Holding Company Status with Approvals from the Federal Reserve and FDIC

$MET $XLF

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Federal Reserve Announces $8.5 Billion Mortgage Settlement

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Independent Foreclosure Review to Provide $3.3 Billion in Payments, $5.2 Billion in Mortgage Assistance

(Board of Governors of the Federal Reserve System and Office of the Comptroller of the Currency; January 7, 2013)

WASHINGTON -- Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers.

The sum includes $3.3 billion in direct payments to eligible borrowers and $5.2 billion in other assistance, such as loan modifications and forgiveness of deficiency judgments. The payments involve mortgage servicers operating under enforcement actions issued in April 2011 by the OCC, the Federal Reserve, and the Office of Thrift Supervision. The agreement ensures that more than 3.8 million borrowers whose homes were in foreclosure in 2009 and 2010 with the participating servicers will receive cash compensation in a timely manner.

Eligible borrowers are expected to receive compensation ranging from hundreds of dollars up to $125,000, depending on the type of possible servicer error.

This agreement includes Aurora, Bank of America, Citibank, JPMorgan Chase, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo. For these participating servicers, fulfillment of the agreement would meet the requirements of the enforcement actions that mandated that the servicers retain independent consultants to conduct an Independent Foreclosure Review.

Independent Foreclosure Review to Provide $3.3 Billion in Payments, $5.2 Billion in Mortgage Assistance

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Federal Reserve Fines MetLife for Unsafe, Unsound Mortgage, Foreclosure Processes

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Federal Reserve Board announces issuance of monetary sanctions against MetLife

(Federal Reserve; August 7, 2012)

The Federal Reserve Board on Tuesday announced the issuance of monetary sanctions totaling $3.2 million against MetLife, Inc. for failure to adequately oversee its subsidiary bank's mortgage loan servicing and foreclosure processing operations. The oversight deficiencies represented unsafe and unsound practices at MetLife and corrective measures were required by a formal enforcement action issued against the company on April 13, 2011.

The $3.2 million assessed against MetLife takes into account the maximum amount prescribed for unsafe and unsound practices under the applicable statutory limits, the comparative severity of MetLife's misconduct, and the comparative size of MetLife's foreclosure activities.

The April 2011 action against MetLife was among 14 corrective actions issued against large mortgage servicers or their parent holding companies for unsafe and unsound processes and practices in residential mortgage loans servicing and foreclosure processing. Those deficiencies were identified by examiners during reviews conducted from November 2010 to January 2011.

The Board's assessment order against MetLife contains similar terms to those in the assessment orders issued by the Board in February 2012 imposing monetary sanctions against five other mortgage servicing organizations. The Board's assessments against these five organizations were issued in conjunction with a comprehensive settlement agreement between the organizations and the state attorneys general and the U.S. Department of Justice requiring the organizations to provide payments and designated types of monetary assistance and remediation to residential mortgage borrowers. Although MetLife was not a party to the settlement in February, the Board's monetary sanctions against MetLife contemplate the possibility of a similar settlement under which MetLife agrees to provide borrower assistance or remediation.

In particular, if by June 30, 2013, MetLife enters into a settlement with the attorneys general and Justice Department similar to the February agreement, MetLife must pay the Board the amount not expended by MetLife within two years of its agreement for borrower assistance or remediation in compliance with the settlement agreement. If there is no settlement agreement by June 30, 2013, MetLife will be required to pay to the Board the portion of the $3.2 million that it has not expended by August 6, 2014, on funding to nonprofit organizations for counseling to borrowers who are facing default or foreclosure, or in connection with the independent foreclosure reviews required by the April 2011 enforcement actions.

The Federal Reserve will closely monitor expenditures on borrower assistance and remediation and the counseling program and compliance by MetLife with the requirements of the monetary sanctions issued by the Board. Any money paid by MetLife to the Board will be remitted to the U.S. Treasury.

The Board is taking action against MetLife at this time in light of MetLife's publicly announced decision to sell its subsidiary bank's deposit-taking operations. Because that sale is subject to formal approval by regulators other than the Board and would result in MetLife no longer being a bank holding company, the Board believes it is appropriate to act at this time.

The Board continues to believe that monetary sanctions in the remaining cases are appropriate and plans to announce monetary penalties against those organizations.

Federal Reserve Board announces issuance of monetary sanctions against MetLife

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